Peet Limited Raises Appriximately $64.4 Million Through Institutional Entitlement Offer

Peet Managing Director and Chief Executive Officer, Brendan Gore, said the equity raising received a high level of support from existing institutional Shareholders and keen interest from a significant number of new institutional investors.

Eligible Institutional Shareholders took up more than 94% of the entitlement shares available to them as part of the Institutional Entitlement Offer (excluding Peet Directors and related parties). The shortfall was well oversubscribed based on additional demand from existing eligible Institutional Shareholders and new institutional investors.

“Our institutional investors, both existing and new, have shown confidence in Peet’s ability to navigate current difficult market conditions and have provided Peet with greater financial flexibility at a time of increased opportunity,” said Mr Gore.

“While we are very pleased with the high level of support the offer has received from our existing Institutional Shareholders, we are also pleased that the raising has enabled us to welcome a significant number of new, high-quality institutional investors to our register,” he said.

The Entitlement Offer was announced to the market on 27 March 2009. The New Shares to be issued as part of the Institutional Entitlement Offer are expected to be allotted on 15 April 2009 and commence normal trading on ASX on the same day.

The Institutional Entitlement Offer is underwritten by UBS AG, Australia Branch, except in relation to the participation by Directors and related parties.

With the launch of the Entitlement Offer, the Directors of the Company suspended the Dividend Reinvestment Plan in respect of the interim dividend. All shareholders on the register on the dividend record date of 30 March 2009 will receive a $0.03 per share fully franked dividend in cash. The new shares issued under the Entitlement Offer will not participate in this dividend, however rank pari passu for all future dividends.

Commencement of Retail Entitlement Offer

The retail component of the entitlement offer (“Retail Entitlement Offer”) opens on 6 April 2009 and is expected to close at 5.00pm (AWST) on 30 April 2009. Eligible retail Shareholders will have the opportunity to participate at the same price and offer ratio as under the Institutional Entitlement Offer.

Peet shares are expected to resume trading on ASX on 30 March 2009.

This announcement is not a prospectus and does not constitute an offer of securities.

Eligible Retail Shareholders wishing to acquire New Shares will need to complete the Entitlement and Acceptance Form that will be sent to them, which is expected to be mailed to shareholders and will be available on our website at www.peet.com.au on or around 6 April 2009.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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