Santa Fe (EAC Moving & Relocations Services) offers to acquire Wridgways, Australia's leading removal company

• Santa Fe will double its revenue and create a market-leading industry player
in fast growing economies with a strong platform for continued growth 
• Santa Fe's offer to acquire all of the shares in Wridgways at AUD 2.80 per
share is unanimously recommended by the Board of Directors of Wridgways 
• Santa Fe and Wridgways have a good strategic fit with complementary
geographical footprints and service concepts 
• EAC will host a telewebcast today at 10:00 AM CET.

Santa Fe today made a binding offer to acquire Wridgways Australia Limited,
which is listed on the Australian Securities Exchange. Wridgways is Australia's
leading moving and relocation company. Santa Fe's offer follows a customary due
diligence process and is unanimously recommended by the Board of Directors of
Wridgways. 

The offer
Santa Fe offers to acquire all of the shares in Wridgways at AUD 2.80 per
share, corresponding to a total of AUD 89.6m (DKK 478m). In addition to the
offered price Wridgways' shareholders will receive an ordinary dividend already
announced of AUD 0.11 per share prior to completion of the transaction. 

About the transaction 
The offer is structured in the form of a scheme of arrangement as provided for
under Australian law and requires approval by a 75% majority among Wridgways'
shareholders. The entire process, which is expected to take 2 - 3 months, will
be managed by Wridgways under the supervision of the courts of Australia. The
transaction is scheduled to be completed by mid-December 2010 and will only
have a minor effect on EAC's full-year results for 2010. The acquisition will
be financed by Santa Fe through a combination of equity and debt. 

About Wridgways
Wridgways traces its history back to 1892 and has grown to become Australia's
leading moving and relocation company with revenue of AUD 116m (DKK 619m) in
2009/10 and EBITDA of AUD 10m (DKK 53m). Wridgways has built a strong
reputation for setting international benchmarks in household and commercial
relocations and manages removals throughout Australia for a large number of
domestic, corporate and government organisations, offering comprehensive
solutions in the fields packaging, storage and removal. Headquartered in
Melbourne, Wridgways has a strong presence throughout Australia with 30 offices
and 470 employees. 

About Santa Fe
Santa Fe (EAC Moving & Relocation Services) is a leading provider of moving,
value-added relocation and records management services to corporate and
individual clients in Asia and the Middle East, and - through a global network
of partners - in the rest of the world. Earnings are driven by high-margin
relocation services, which provides in- and outbound expatriates with a full
range of services, including immigration/visa, home/school search,
language/cultural training and domestic services. Headquartered in Hong Kong,
Santa Fe is represented in 41 cities and in 14 countries and has 1,650
employees. 

Strategic rationale
EAC pursues an ambitious growth strategy for its businesses based on organic
growth as well as acquisitions. There are significant scale benefits to be
derived by combining the businesses of Wridgways and Santa Fe. Australian
companies invest increasing resources in Asia, including the frequent transfer
of executives between Australia and Asian countries. Furthermore, Asian-based
companies and individuals similarly pursue opportunities in Australia. 

When completed, the acquisition of Wridgways will be an important step in
consolidating Santa Fe as a market leader in the Asia-Pacific region. It will
double Santa Fe's revenue and establish a unique market position for the
combined businesses in the fast growing economies of Asia-Pacific and the
Middle-East with operations in 15 countries through 71 offices and with over
2,100 employees. The combined businesses will handle some 42,000 relocations
annually with total revenue of approx. DKK 1.3bn and an EBITDA margin of around
10% (2010 pro forma estimate). 

Management comments - EAC President & CEO Niels Henrik Jensen:
“The dynamic economies of Asia and Australia are progressively integrating, and
as market leaders in Asia we have a unique opportunity to reap the benefits of
this integration through the acquisition of the Australian market leader. We
will create a strong foundation for continued growth and improve our ability to
service our global customers. 

The strategic fit between Santa Fe and Wridgways is attractive. Santa Fe's
strategy is to expand its activities geographically to provide corporate
clients around the world with complete Asia-Pacific coverage. Australia
constitutes an important market, and Wridgways, who has been a trusted business
partner for 20 years, is the market leader in Australia. In terms of both
values, culture, clients and service concepts, a combination of the two
businesses offers attractive synergies and new business opportunities across
the region.” 

Telewebcast today 
EAC will host a telewebcast today at 10:00 AM CET. 
Information regarding dial-in details etc., see EAC's website: www.eac.dk


Further information
President & CEO Niels Henrik Jensen
+45 3525 4300
nhj@eac.dk

Group CFO Michael Østerlund Madsen
+45 3525 4300
mom@eac.dk

Websites:
www.eac.dk
www.santaferelo.com
www.wridgways.com.au