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FCL - Securities Commission on Insider Trading

Fletcher Challenge Comments on the
Securities Commission Report on Insider Trading

AUCKLAND, 6 June 2000 – The New Zealand Securities Commission finding that the former Fletcher Challenge Chairman Kerry Hoggard clearly breached an important law reinforced the Board’s decision to accept his resignation, the Chairman of the Company, Dr Roderick Deane said today. The Securities Commission made the finding in its just released report into dealing in Fletcher Challenge shares by Mr Hoggard in December 1999.

Dr Deane added that Fletcher Challenge will not be taking any action against Mr Hoggard as it was quite clear from the Securities Commission Report that he had offered compensation to shareholders who had suffered loss.

ENDS

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