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Rubicon to look to alternatives

Auckland, 14 August 2002 – Commenting on the Fletcher Challenge Forests Special Shareholders’ (FCF) Meeting held yesterday, where FCF shareholders voted against the proposal put forward by the independent directors of FCF to acquire the assets of the Central North Island Forest Partnership (CNIFP), Mr Michael Andrews, the Chairman of Rubicon, said:

“The transaction put to us by FCF was a good one, in that the disposal of our FCF shareholding in exchange for cash and the Tahorakuri forest estate, would have increased Rubicon’s net asset value to over $1.00 per Rubicon share.

“However, we now need to put this FCF shareholder vote behind us, and look to other ways in which we can bring value to our strategic 17.6% shareholding interest in FCF. We will obviously be looking at alternatives over the coming period.”

Rubicon said that as a major shareholder in FCF it would continue to play a constructive role in the company’s future.

As a result of the FCF shareholder vote the Rubicon Special Shareholders’ Meeting planned for 27th August 2002 has now been cancelled. A letter advising this will be sent to all shareholders.

END


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