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18 March 1997

News release

Savannah Ostrich Processing Company NZ Limited - advertisements prohibited

The Securities Commission, acting under the authority of section 44A of the Securities Act 1978, has made an order prohibiting the distribution of advertisements of Savannah Ostrich Processing Company NZ Limited.

The Commission is of the opinion that the company is offering securities to the public in these advertisements and has not complied with section 33 of the Securities Act 1978. This section applies to offers of securities to the public for subscription. It requires the company to make its offer in a registered prospectus or in an "authorised advertisement" and to appoint a trustee or statutory supervisor as appropriate.

Savannah Ostrich Processing Company NZ Limited has been promoting investment in the ostrich industry. It is an Auckland company and its director and shareholder is Victor John Jodie Lagettie of Orakei.

Members of the public should exercise caution before paying or committing money to the company or any associated company.

Norman F. Miller
Senior Executive (Compliance)