May 02, 2006. /Lesprom Network/. Amcor Limited, Australia, announced on May 1, 2006, the issue of 8,187,171 shares upon the conversion of 565,264 PACRS1 convertible notes on 30 April 2006. PACRS1 are the Perpetual Amcor Convertible Reset Securities issued by Amcor Investments (New Zealand) Limited (“AINZL”) in May 2001. A separate announcement by AINZL details the successful completion of its repurchase offer for the PACRS1 and the conversion to Amcor ordinary shares of those PACRS1 notes not repurchased. Amcor has applied to the Australian Stock Exchange to have the ordinary shares issued on conversion quoted on a deferred settlement basis. Deferred settlement trading is expected to commence from Tuesday, 2 May 2006 pending despatch of holding statements. Holding statements will be despatched on Thursday, 4 May 2006. CHESS holders will also receive a holding statement from the ASX Settlement and Transfer Corporation in due course. Shares sold on a deferred settlement basis on the ASX before Friday, 5 May 2006 will generally settle on Wednesday, 10 May 2006. Shareholders wishing to sell the newly issued shares should consult their brokers for further information. Normal trading on a T+3 basis for shares issued on conversion of PACRS1 is expected to commence on Friday, 5 May 2006. As previously announced, Amcor Limited has commenced an on-market buy back of ordinary shares to acquire shares equivalent to the number arising on conversion of the remaining PACRS1. Accordingly, Amcor intends to repurchase a further 5.1 million ordinary shares on-market, equivalent to the 8.2 million ordinary shares issued on conversion of the PACRS1 less the 3.1 million ordinary shares already bought back under the on-market buy-back program to date. Amcor is one of the world's top 3 global packaging companies, based on market capitalisation, sales and profits. Headquartered in Melbourne, Australia, Amcor has manufacturing sites in 39 countries, and derives about 80% of its earnings from outside Australasia. Amcor has approximately 27,000 employees, 135,000 shareholders and in excess of AU $11.0 billion in annual sales. The company has substantial packaging businesses in five geographic areas - Australasia, North America, Latin America, Europe and Asia.