The board of Waterman is pleased to announce that on 2nd November 2009 Toll Holdings acquired the business of Express Logistics Group for approximately $62.5 million. Waterman invested $3.5 million in Express and after debt repayment, the proceeds will be approximately $12.5 million. The transaction delivers an annualised return in excess of 40%.

Whilst we had not been contemplating a sale, this is a very successful outcome for Waterman and it puts the group in a strong position going forward.

For further information contact:

Matt Riley or Chris Marshall
+64 9 3620522