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Fletcher comments on inquiry into share trading

Fletcher Challenge comments on inquiry into share trading in May 1999 by the Securities Commission

AUCKLAND, 20 October 2000 – Commenting upon the report released today by the NZ Securities Commission into trading in the shares of the company in May 1999, the Chief Executive Officer of Fletcher Challenge Limited, Michael Andrews noted the Commission’s recommendation that no action should be taken against anyone involved.

Mr Andrews said, “We are disappointed that it appears those involved will not be subject to any form of sanction. They have not been named in the Report and the Commission believes no action should be taken against them”.

“However, I am very pleased to see that the Commission considered we acted promptly and responsibly when our people discovered the leak and that no director or employee of Fletcher Challenge was involved in insider trading. Our people did a great job in investigating the leak and providing information and assistance to the Serious Fraud Office and the Commission”, he said.


ENDS

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