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Fletcher Challenge Obtains Court Orders

Fletcher Challenge Obtains Court Orders
On Proposal To Sell Fletcher Challenge Paper

AUCKLAND, 26 May 2000 – Fletcher Challenge today received initial orders and directions from the High Court of New Zealand in relation to the proposed sale of its Paper Division to Norske Skogindustrier ASA.

These initial orders set down the procedural steps the Court requires Fletcher Challenge to take in order to proceed by way of a Court-sanctioned arrangement.

The company is to hold a special meeting of its shareholders at 10.00am on 4 July 2000 at the Ellerslie Convention Centre, Auckland, at which its shareholders will vote on the proposed arrangement between Fletcher Challenge, Norske Skog (through a wholly owned subsidiary) and Fletcher Challenge’s shareholders.

Two resolutions of Fletcher Challenge shareholders will be required to approve the arrangement:

(a) a special resolution (requiring a 75% majority of those voting) passed by the holders of the Fletcher Challenge Paper shares; and

(b) an ordinary resolution (requiring a simple majority of those voting) passed by the holders of all shares in Fletcher Challenge.

Those holders of Fletcher Challenge shares whose names appear in the Register of Shareholders at 5.00pm on 30 June 2000 will be entitled to vote at the special meeting.

Fletcher Challenge will shortly be commencing distribution of shareholder materials, including a notice of meeting and an explanatory memorandum explaining the proposal in detail.

Subject to Fletcher Challenge shareholder approvals, final Court approvals and satisfaction of certain regulatory and other conditions, it is currently anticipated that the transaction will close on 28 July 2000.


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