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6 January 2015

New Britain Palm Oil Limited

("NBPOL", the "Group" or the "Company")

UPDATE ON CASH TAKEOVER OFFER FROM SIME DARBY PLANTATION

New Britain Palm Oil Limited (LSE: NBPO; POMSoX: NBO), one of the world's largest fully integrated producers of sustainable palm oil, provides the following update regarding the cash offer by Sime Darby Plantation Sdn Bhd ("Sime Darby Plantation") for all the issued and to be issued shares in NBPOL at a price of GBP 7.15 or PGK 28.79 per share (the "Offer").

Notice of Variation

The Company today received a notice of variation from Sime Darby Plantation ("Variation Notice") further extending the Offer Period.  The Variation Notice was issued by Sime Darby Plantation in accordance with Rule 15(1)(d) of the Takeovers Code 1998 of Papua New Guinea ("Takeovers Code") and in accordance with an exemption granted by the Securities Commission of PNG pursuant to Rule 15(1)(e) of the Takeovers Code.

The Variation Notice provides that Sime Darby Plantation is extending the Offer Period from its current 90 days to 149 days.  The Offer will now remain open until 5.00 pm on 20 March 2015 (PNG time) for acceptances received within PNG or 1.00 pm (UK time) on 20 March 2015 for acceptances received within the UK, unless the Offer is withdrawn or the Offer Period is further extended in accordance with the Takeovers Code.  The Offer may now become unconditional by no later than 27 March 2015 (previously 27 January 2015).

Reason for Variation Notice

This further extension is to accommodate the decision of the European Commission ("EU Commission"), being one of the remaining conditions for the completion of the Offer, which is only expected by 26 January 2015.  It is a precautionary measure against the possibility that the EU Commission decision could be delayed by any potential requests for additional information. 

In the event that the EU Commission makes any such request, Sime Darby Plantation and/or NBPOL may require time to respond and this is likely to extend any decision by the EU Commission beyond 27 January 2015.  Further details regarding the background to the extension to the Offer Period are set out in the Variation Notice.

The Variation Notice also states that as soon as the Offer becomes unconditional in all respects, Sime Darby Plantation may settle the consideration to which any NBPOL shareholder who has accepted the Offer is entitled and without waiting for the end of the Offer Period (as extended).

A hard copy of the Variation Notice has been despatched to all NBPOL shareholders, depositary interest holders and LTIP participants.  A copy of the Variation Notice can also be downloaded at www.simedarby.com and www.nbpol.com.pg.

The Company will continue to update its shareholders of any further material developments in connection with the Offer.

Enquiries:

Website: www.nbpol.com.pg

Notes to editors:

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea ('PNG'). It has over 79,800 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; twelve oil mills; two refineries, one in PNG, and one in Liverpool, UK; and a seed production and plant breeding facility. The Company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.

NBPOL is fully vertically integrated, producing its own seed (which it also sells globally), planting, cultivating and harvesting its own land, and processing and refining palm oil (both in PNG and the UK). It also contracts directly with its end customers in the EU and arranges shipping of its products.

NBPOL has high regard for the importance of its sustainability credentials. It has achieved 100% certification of all estates, mills and smallholders to the Roundtable on Sustainable Palm Oil ('RSPO') standard. NBPOL continues to be active in proving its performance through its certification to ISO 14001 and its close involvement with other innovative initiatives. The Company is a certified supplier of sustainable palm oil from its entire production base in PNG and Solomon Islands, under the RSPO guidelines.

Important Notice

A copy of this announcement will be available at www.nbpol.com.pg.  The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.  This announcement is for information purposes only.  Except as otherwise provided, terms defined in the Offer Document dated 23 October 2014 have the same meaning when used in this announcement.

The distribution of this document, in or into some jurisdictions, may be restricted by law or regulation.  Accordingly, persons who come into possession of this document should inform themselves of, and observe, those restrictions.

This announcement is for information purposes only and does not constitute a prospectus or prospectus equivalent document. It is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

This document contains forward looking statements, including statements of current intentions, statements of opinion and predictions as to possible future events.  Forward looking statements are not based on historical facts, but are based on NBPOL's current expectations of future results or events.  These forward looking statements are subject to known and unknown risks, uncertainties and assumptions which could cause actual results or events to differ materially from the expectations described in such forward looking statements.  Those risks, uncertainties, assumptions and other important factors are not all within the control of NBPOL and cannot be predicted by NBPOL.  While NBPOL believes that the expectations reflected in the forward looking statements in this document are reasonable, no assurance can be given that such expectations will prove to be correct.  Matters as yet not known to NBPOL or not currently considered material by NBPOL may cause actual results or events to be materially different from those expressed, implied or projected in any forward looking statements.

None of NBPOL, its officers, any persons named in this document with their consent or any person involved in the preparation of this document makes any representation, assurance or guarantee as to the accuracy or likelihood of fulfilment of any forward looking statement or any outcomes expressed or implied in any forward looking statements.  Any forward looking statement contained in this document is qualified by this cautionary statement.

Subject to any continuing obligations under the laws of PNG, the LSE Listing Rules or the POMSoX Listing Rules, NBPOL and its officers disclaim any obligation or undertaking to disseminate after the date of this document any updates or revisions to any forward looking statements to reflect any change in expectations in relation to any forward looking statements or any change in events, conditions or circumstances on which such statements are based.

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