Hellaby Holdings Limited ("Hellaby") notifies that the "strike price" used to calculate entitlements under its Dividend Reinvestment Plan ("Plan") has been set at $1.52.

Hellaby has confirmed that shareholders holding 35.1% of issued shares in the Company have elected to take shares in lieu of dividend.  Of the total Hellaby dividend of $1.5 million approximately $0.5 million will be satisfied by the issue of shares and the balance of $1.0 million will be paid in cash.

Hellaby further confirms that the shares to be allocated pursuant to the Plan will be from the issuance of new ordinary shares.

The strike price has been calculated in accordance with the formula in the Offer Document for the Plan and represents the $1.6268 weighted average price of all sales of ordinary shares in Hellaby which took place through NZX in the five trading days immediately preceding 9 April 2010, less 3 cents (being the fully imputed dividend declared and payable on 16 April 2010), less a 5% discount.

Those shareholders who have elected to participate in the Dividend Reinvestment Plan will have their new shares allocated to them on 16 April 2010.

For further information please contact:

John Williamson                                                       Richard Jolly
Chief Executive Officer                                           Company Secretary
Phone:     (09) 307 6844                                         Phone:     (09) 307 6844
Mobile:    (021) 271 4960                                       Mobile:    (027) 497 6710