TEXT-NZ's F&P Appliances closes rights issue

(The following statement was released by the company)

WELLINGTON, June 26 - Fisher & Paykel Appliances Holdings Limited (FPA) advises that it has successfully raised $142.9 million in new equity capital through its pro-rata renounceable rights issue (Rights Issue) which closed on 25 June 2009.

Chairman Gary Paykel commented that he was pleased with the strong level of take-up under the Rights Issue. "I am delighted that our shareholders have, to an overwhelming extent, participated in the successful recapitalisation of FPA."

For the purposes of NZSX Listing Rule 7.14.1 and Appendix 7A of the ASX Listing Rules, FPA advises the following in respect of the Rights Issue for 348,451,188 new shares:

- Subscriptions received: 331,403,052 ordinary shares totalling NZ$135.9 million, representing a take-up of approximately 95.1%;

- Under subscription: 17,048,136 ordinary shares totalling NZ$7 million, representing a shortfall of approximately 4.9%.

In accordance with the terms of the underwriting agreement between First NZ Capital and Deutsche Bank AG (together, the Underwriters) and FPA dated 27 May 2009, the 4.9% under subscription will be taken up in full by the Underwriters and sub-underwriters.

The new shares are to be issued on 1 July 2009 with holding statements expected to be dispatched to shareholders shortly thereafter.

Haier Group took up its full entitlement under the Rights Issue and will be issued a further 27,332,786 new shares in FPA to increase its shareholding to 20% in accordance with the Haier Top Up Placement arrangements described in the Rights Issue Offer Document.

Following the issue to Haier under the Haier Top Up Placement, FPA will have raised gross proceeds of $200.5 million in new equity capital, from a combination of the $142.9 million Rights Issue, the $46.5 million Haier Initial Placement and the $11.2 million Haier Top Up Placement.