Milford Funds Limited has released a Substantial Security Holders notice to the NZX showing it has acquired 3,445,100 shares in the company from Hubbard Churcher Trust Management Limited at 70 cents a share in a private off-market transaction. Milford Funds now holds 3,480,100 Salvus shares or 16.92% of the company.

The shares are held by the Milford Aggressive Fund, which is also the Milford KiwiSaver Fund. The investment in Salvus represents 3.3% of the current Net Asset Value of the Milford Aggressive Fund.

Brian Gaynor, the portfolio manager of the Milford Aggressive Fund, said that the purchase from Hubbard Churcher represented good value for the Aggressive Fund as the 70 cents purchase price was 29.0% below Salvus’ most recent Net Asset Value of 98.65 cents a share.

Contact Brian Gaynor, Executive Director, Milford Asset Management
Phone: 021 599 853


Value of funds as at 28 February 2010
Milford Aggressive Fund @ unit price of $1.3222                      $72.7 million
Salvus Strategic Investments @ NAV of $0.9605                       $19.8 million

Performance of Funds from 1 October 2007 to 28 February 2010*
Milford Aggressive Fund                                                           +32.2%
Salvus Strategic Investments’ NAV                                            (30.9%)
*Since the beginning of the PIE regime and the launch of the Milford Aggressive Fund

Discount of Listed Investment Company share prices to NAV
Barramundi Limited                                                                  (18.7%)
Kingfish Limited                                                                        (18.6%)
Marlin Global Limited                                                                (17.1%)
Salvus Strategic Investments Limited                                        (29.0%)