Olam

Olam: NZ Farming is considering raising US$120m from existing sh/h through a pro rate non-renounceable rights issue. Olam owns approx 85.9% of NZ Farming and consent by Olam's sh/h is needed for Olam to participate. NZ Farming has indicated that if shareholder approval is not obtained it will seek an alternative approval to increase an existing short-term loan from $85m to $110m from Olam and an extension from the repayment date of 31 Dec 2011. NZ Farming most recently posted a full yr loss of US$1.6m up from US$11.3m in 2010. Olam is valued at approx 14.0x compared to Noble at 10.2x