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Rubicon In Discussions With Fletcher Forests

Rubicon In Discussions With Fletcher Challenge Forests

Auckland, 20 May, 2002 - Rubicon Limited today confirmed that it is in discussions with Fletcher Challenge Forests Limited (FCF) in relation to FCF’s declared interest in acquiring the assets of the Central North Island Forest Partnership (CNIFP).

The substance of the discussions is a proposal to buy back most of Rubicon’s 17.6% shareholding interest in FCF in return for Rubicon acquiring part of FCF’s forest estate. The proposal with Rubicon would only proceed if the conditional agreement between Vela Forestry and the Receivers of the CNIFP terminates and FCF can negotiate a purchase transaction with the Receivers.

Any agreement between Rubicon and FCF would be subject to the satisfaction of shareholder and regulatory approvals, and also FCF completing its transaction with the Receivers.

END

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