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CRANSWICK PREMIUM WINES LIMITED (CEW)

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delisted following acquisition of the company by Evans and Tate Limited pursuant to scheme of arrangement

18/03/2003

we understand Cranswick shareholders received 2 fully paid ordinary Evans & Tate shares and $2.50 cash for every 5 Cranswick shares held - Evans & Tate assumed the rights and obligations of Cranswick under the Convertible Note Trust Deed and the maturity of the notes were extended from 29 October 2004 to 29 October 2007 - the annual coupon of 8.25% paid semi-annually will continue - for every 5 Cranswick convertible notes held, noteholders will also receive one option to acquire 1 fully paid share in Evans & Tate at $1.50, expiring on 29 October 2007 - Evans & Tate will seek quotation of these options - Cranswick optionholders were offered a choice of either the Primary Offer, whereby 1 fully paid ordinary share in Evans & Tate will be issued instead of 1 fully paid Cranswick share upon the exercise of the option; or the Cash Offer, whereby optionholders will receive a cash payment in consideration for the cancellation of their options

18/03/2003

name changed from Cranswick Estate Wines Limited

14/10/1999

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