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Correspondence

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[copy typed from PDF of letter received from Kirkcaldie & Stains Limited]

KIRKCALDIE & STAINS LTD 
165 – 177 Lambton Quay,
P.O. Box 1494, Wellington 6015
 
 
 
1 July 2009
 
The Chairman
New Zealand Shareholders’ Association Inc
P O Box 6310
Auckland City
 
Dear Sir
 
Thank you for your letter of 9 June 2009 and your invitation to comment on it.
 
We have no comment to make with respect to the first three paragraphs of your letter.
 
With respect, your table and subsequent comments are in our view misleading as they tend to create the impression that the covenants to which you refer are those applicable to Kirkcaldie & Stains Limited. Of particular concern is that your members may gain the impression from the last line of your table that the Company is in default of its bank covenants.
 
While your table may be of use in respect of companies which have not published the actual bank covenants by which they are bound, where those covenants are published, then we believe the primary focus of your letter (given it appears to be intended for internet publication) should be our compliance with those actual covenants. Indeed you appear to concede this point at paragraph 2.
 
We do not believe that this adverse impression is adequately cured by the subsequent paragraphs and we ask that you re-draft your letter prior to publication in order to clarify the position.
 
We would ask that we be given a further opportunity to comment and correct any error of fact. We undertake to respond promptly.
 
To the extent that your present letter (or indeed your re-drafted letter) reflects inferences drawn by the Association or opinions with respect to those inferences we do not propose to comment.
 
The reason for this is we feel to engage in discussion through such correspondence risks imbalances of information arising. We are conscious of our legal obligations with respect to the release of information and as and when we feel there is ‘material information’ to release to the market, we will do so.
 
We nevertheless welcome informed analysis and opinion in relation to Kirkcaldie & Stains and, of course, also the opportunity to correct any error of fact or misleading material.
 
Yours faithfully
 
 
 
 
D Thom
Chairman