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CEO merger update - 16 November 2011

Last Updated : 14 Dec 2011

In September 2011 we advised members that we had made a decision to explore whether AGEST should merge with another fund. The process of identifying a potential partner, and evaluating the costs and benefits to members of any merger is underway. We are very pleased to report that the response from potential merger partners, arising from the tender process, has been positive, and preliminary cost/benefit analysis has commenced.

The AGEST Board will not proceed with any merger unless it is confident, after a comprehensive cost/benefit analysis that the benefits arising out of any merger, are convincingly in the best interests of our members.

We expect this assessment to take until mid 2012 when a decision will be made as to whether to proceed. The AGEST Board will be guided solely by the objective of delivering increased value to members and any decision will require the support of AGEST’s shareholders.

Regards

Cath Bowtell
Chief Executive Officer