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Rubicon approves GPG “variation”

Auckland, 24 September 2002 – On 19 September 2002, the Special Committee of the Board of Rubicon Limited (Rubicon) advised GPG Forests Limited (GPG) that it was prepared to agree to GPG’s request to amend the form of the partial takeover offer attached to GPG’s notice of intention to make an offer dated 28 August 2002. GPG has today advised Rubicon that (if it determines to make the offer) it will despatch it to Rubicon shareholders on Friday 27 September 2002.

On this basis, Rubicon has advised GPG that it approves the variations sought by GPG.

GPG’s revised offer (if made) would be for 40% of the outstanding Rubicon shares that GPG does not already own at a price of 75 cents per share, conditional on achieving acceptances which would leave GPG holding more than 50% of Rubicon.

Rubicon said that its Response Statement and an independent report from Grant Samuel & Associates Limited would be available for dispatch to Rubicon shareholders on Friday.


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