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The yacht had activated its EPIRB and life raft, and everyone was off the boat and had been accounted for.
His PLB, which had been flashing red and white, started to flash green, meaning satellites had received the signal and were processing it.
The crew recovered the survivors and safely returned them, coordinating with local authorities.
Police have urged the public to remember the importance of always wearing a life jacket and carrying a registered EPIRB.
They had sent distress signals for help as their vessel had malfunctioned due to technical troubles.
Some bystanders had loaned him a personal locator beacon to alert emergency services and wrapped him warmly while his rescuers arrived.
Southern Lakes Helicopters responded, locating and winching the man, 74, to safety before reuniting him with his hunting party.
The alert was raised through a personal locator beacon (PLB) with a short description of the injury.
The specialist rescue team was called after an alert from a personal locator beacon, and 5 team members were flown in by Heliworks.
