Fletcher Challenge Forests – CNIFP Update
Auckland, 30 May 2002 – Fletcher Challenge Forests Limited notes that the Receivers of the Central North Island Forest Partnership (CNIFP) have today announced that the agreement between the Receivers and Vela CNI Forests in relation to the CNIFP has been terminated by mutual agreement, after the Velas decided they did not wish to pursue the purchase any further.
Fletcher Challenge Forests Limited confirms that it continues to be in discussion with the Receivers, CITIC and Rubicon Limited about a possible purchase of the CNIFP assets and associated shareholding arrangements. The basis of those discussions was outlined by Fletcher Challenge Forests Limited in its announcement of 20 May 2002.
No agreement has been concluded at this stage.