Fletcher Challenge Forests Limited – ASX Listing
Fletcher Challenge Forests Limited – ASX Listing: ASX Foreign Exempt Category
Auckland, 12 April 2002 – Fletcher Challenge Forests has been advised by the Australian Stock Exchange that the ASX intends to proceed with its proposed listing rule amendments which alter certain thresholds for continuing listing under the Foreign Exempt Category. These rules currently relieve certain qualified New Zealand companies, such as Fletcher Challenge Forests, from compliance with most of the ASX’s listing rules, on the basis that such companies comply with the listing rules of the New Zealand Stock Exchange.
Following such amendments, Fletcher Challenge Forests will not meet the new thresholds requiring either net tangible assets of A$2 billion or operating profit for each of the past three years of at least A$200 million.
In order to maintain the company’s ASX listing, Fletcher Challenge Forests proposes to apply for full listing on the ASX.