New Zealand Exchange Limited
P.O. Box 2959
18 March 2011
Widespread Portfolios Net Asset Backing
We wish to advise that the unaudited net asset backing per Widespread Portfolios share, as at 9 a.m. today is 49.3 cents.
Effect of Proposed Restructure
As announced yesterday, the proposed re-arrangement of assets held by Widespread Portfolios and associate company Widespread Energy will, if approved by shareholders on 30 March 2011, have a marked beneficial effect on the asset backing of Widespread Portfolios.
This can be seen clearly from the table below.
The fully diluted NTA per WID share is 95 cents 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, 18 March 2011