New Zealand Exchange Limited
P.O. Box 2959
8 April 2011
Widespread Portfolios Net Asset Backing
We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 8 a.m. today is 61.8 cents.
Effect of Proposed Restructure
As previously advised, the re-arrangement of assets held by Widespread Portfolios and associate company Widespread Energy has, combined with the independently supported revaluation of the Chatham Rise project, had a marked beneficial effect on the value of Widespread Energy shares and options. This has translated into a significant increase in the asset backing of Widespread Portfolios.
Diluted Net Assets per share
The fully diluted NTA per WID share is $1.02 assuming the listed warrants are exercised @ $2.982 and the unlisted director-held warrants are exercised @ $3.282. All warrants expire on 30 June 2012.
For and on behalf of the Board,
Chris D Castle
Wellington, 8 April 2011