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CNIFP Purchase Does Not Achieve Required 75%

STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).


CNIFP Purchase Does Not Achieve Required 75% Shareholder Approval


Auckland, 13 August 2002 – Fletcher Challenge Forests announced today that the proposal to purchase the assets of the Central North Island Forest Partnership was not approved at the Special Shareholders’ Meeting held on 13 August 2002.

The Chairman of Fletcher Challenge Forests, Sir Dryden Spring, said the Board of FFS was naturally disappointed at the result, as the Board was strongly of the view that the proposal was in the best long term interests of the company.

Sir Dryden thanked all Fletcher Challenge Forests shareholders for their participation in what had been an intense and demanding debate. He noted that although supported by a majority of shareholders, the proposal did not pass the demanding 75% threshold for a successful Special Resolution.

“Today we have probably lost an important future opportunity, but we have an excellent business which we will continue to maximise.

“The future of the CNIFP is now very uncertain, and a number of contending proposals could come forward in the near future. Fletcher Challenge Forests will watch that process with great interest, and will carefully evaluate any further opportunities that might arise” Sir Dryden said.


Ends

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