Turners & Growers Limited

Registered Office Address
T & G Group Head Office Building  
Mt Wellington Markets Complex  
2 Monahan Road  
Mt Wellington, Auckland  

Directors
TURNER, Donald Harvey
TREGIDGA, Mark Graeme


History
Incorporated: 20-JAN-1921


Major Shareholders
Guiness Peat Group - 45%
Bartel Holdings - 26%


Website
www.turgrow.co.nz


News

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13th December 2002 - NBR Personal Investor
GROWERS WELCOME TURNERS' MOVE ON ENZA  

By Hugh Stringleman

Vegetable growers could benefit from increased export opportunities following the purchase of
Enza by Turners & Growers, Vegetable and Potato Growers' Federation vice-president Russell   
Jordan says.                                                                                 

Turners & Growers' shareholders have voted to buy the apple marketer Enza for about $100     
million by issuing 44.2 million new shares.                                                  

The main beneficiary will be listed investment company Guinness Peat Group which bought Enza 
from apple and pear growers earlier in the year, and also owned 46% of Turners & Growers, an 
unlisted company with a previous history of Turner family ownership.                         

GPG executive director Tony Gibbs proposed the latest moves and said Turners & Growers and   
Enza fitted together like a "horse and carriage." He is chairman of both companies and       
managing director is Michael Dossor.                                                         

GPG's takeover of Enza valued the former producer board at $72 million. The latest move will 
return a handsome profit when plans to seek a full board listing on the Stock Exchange for   
Turners & Growers and raise between $50 million and $100 million are actioned next year.     

GPG now holds about 80% of the enlarged Turners & Growers, the largest fruit and vegetable   
wholesaler, which also owns the largest New Zealand tomato-growing company, Status. Another  
significant shareholder is Naboa, Ecuador's biggest banana exporter, plus about 700 growers  
as small shareholders. GPG plans to reduce its holding to less than 50% and Mr Dossor said he
hoped suppliers would take up the new shares.                                                

Mr Jordan, a herb grower from New Plymouth, said carrot and capsicum growers might be among  
the first to benefit from the greatly enlarged Turners & Growers export division. Its smaller
export business pre-merger was not profitable, according to the 2002 annual report.          

"This opens up export opportunities to Asia in particular for a whole range of vegetables    
that growers did not have before," he said.                                                  

Enza has a worldwide sales network, with representation in all the major pipfruit markets. It
also manufactures and sells the Just Juice beverages. The Enza name and brands will be       
retained under Turners & Growers and Enza is expected to enter the domestic apple market.    

Mr Jordan said growers often needed corporate assistance to expand production and attempt    
exporting. Corporate investment in growing, as Turners & Growers had done with Status, was a 
fact of life, he said. Mr Dossor said the enlarged company would be in a good position to    
help growers foster new export markets, and to ease Enza suppliers into domestic fruit       
marketing.                                                                                   

Nevertheless the president of Vegfed, Brian Gargiulo of Christchurch, declined to comment on 
the Turners & Growers moves on the grounds that he is a large tomato-growing competitor.     

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20 Jun 2002 - NZUM
TURNERS & GROWERS AND ENZA TO MERGE?

It would appear that the speculation regarding a takeover or merging of Turners & Growers by 
ENZA was correct, with Tony Gibbs, NZ Director of Guiness Peat Group (GPG), advising that    
Turners & Growers (46% owned by GPG) and ENZA (100% owned by GPG) have formed a joint team of
management representatives to commence formal feasibility discussions with a view to a full  
merger of the two companies. Such a move would be subject to shareholder approval and any    
requisite regulatory consents.                                                               

Preliminary study shows that while the two operate without any significant areas of business 
duplication there are a number of synergies which, if released, could add value to           
shareholders, suppliers and customers. These include shipping, transport, container          
management, sourcing, overseas importer networks, warehouse facilities, coolstores, & shared 
services such as finance and IT.                                                             

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16.04.02 - COMPANY ANNOUNCEMENT

Turners & Growers Limited announced that at a Special Meeting held on Friday 12/04           
shareholders voted overwhelmingly in favour of a 1 for 5 share buyback which will result in  
the separation from the group of Turners Auctions Limited and its subsidiary Turners Fleet   
Limited.                                                                                     

The scheme of arrangement remains subject to High Court approval and a separate share        
register for Turners Auctions Limited is to be established with Turners & Growers            
shareholders holding shares in the same proportion to their holding in Turners & Growers Ltd.

Thereafter Turners Auctions Ltd shares will trade independently on the unlisted securities   
market through the mechanism of the NZSE's FASTER system. This is expected to occur in early 
May.                                                                                         

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05.04.02 - NZSE
TUR ACQUIRES STATUS

Turners & Growers have announced the completion of the acquisition of the business of Status 
Produce Limited, a major producer of tomatoes and other covered crops by its subsidiary      
Sholto Investments Ltd, a Mangere based tomato production company.                           

The combined operation is to adopt the Status Produce Ltd name. The ownership change is      
retrospective to 01/04/02.                                                                   

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26.02.2002 - NZUM

Turners & Growers has reported a net surplus of $3.72 million (after tax) for the half year  
to December. A 10c per share fully imputed interim dividend will be paid in April.           

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Monday, December 18, 2000 - NBR Briefs

Pipfruit exporter Enza, in the midst of a legal dispute over its attempts to control export  
permits for rival marketers, has changed its chief executive. David Geor, appointed only last
May, has resigned and has been replaced by Michael Dossor, general manager of the            
international division of Turners & Growers, which is 43% owned by GPG, also a major         
shareholder in Enza.                                                                         

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