06 June 2007

Mainfreight Limited (Mainfreight) completes sale of Pan Orient Project Logistics

Mainfreight Limited (Mainfreight) has completed the sale of its Pan Orient Project Logistics business and its 75% interest in LEP (New Zealand and Australia) to global logistics company Agility Group for A$83 million and subject to closing adjustments in relation to working capital. The purchase price was paid in full on completion of the sale with A$1.5 million to be held subject to an escrow arrangement and payable in instalments if certain project contracts commence, and A$5.7 million to be held subject to an escrow arrangement and payable upon all necessary government approval being obtained in Papua New Guinea.