Bid Process For Central NI Forest Partnership

Thursday, 13 December 2001, 3:10 pm
Press Release: Fletcher Challenge Forests Ltd.

Bid Process For Central North Island Forest Partnership (In Receivership)

AUCKLAND, 13 December 2001 - Fletcher Challenge Forests confirmed that it had submitted today a proposal to Morgan Stanley, representing the Receivers of the Central North Island Forest Partnership, pursuant to the sale process initiated earlier this year.

Chief Executive, Terry McFadgen, said, “We are subject to confidentiality restraints which preclude us from commenting further on the nature or content of our proposal at this time. Nor are we able to comment on the likely timing of further developments, as the process is under the control of Morgan Stanley and the Receivers.”

He confirmed that the proposal, which involves a third party, does not contemplate the company raising additional equity capital. He also said the company would make further information available in due course, subject to the confidentiality constraints around the bid process.

ENDS

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