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Voting at Rubicon Special Meeting to be challenged

Monday, 12 August 2002 - Rubicon confirmed today that its 19.99% shareholder, Guinness Peat Group plc (GPG), had filed claims in the High Court, to which Rubicon is named as a defendant.

The first claim seeks to have the court order that the resolution that is to be considered at Rubicon’s Special Shareholders’ Meeting on 27th August 2002 in relation to the sale of its FCF shareholding requires a 75% majority of shares voted, rather than a 50% majority as is the disclosed level in Rubicon’s notice of meeting.

The second claim seeks to achieve a court order restraining Rubicon’s second largest shareholder, Perry Corporation (Perry) which owns a 15.98% shareholding in Rubicon, from voting its Rubicon shares, and also an order requiring the forfeiture of Perry’s shares on the basis that Perry has allegedly not complied with the substantial security holder notice requirements of the Securities Amendment Act.

A court hearing date has not yet been set down.

END

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