Tenon Confirms Capital Return Of NZ$ 349 Million

Tenon Confirms Initial Capital Return Of NZ$ 349 Million

Auckland, 5 March, 2004 – Tenon announced today that the High Court had granted final orders approving the share cancellation and associated return of capital that had been authorised by Tenon shareholders at the special meeting of the Company held on 20 February 2004.

One out of every two Ordinary shares and one out of every two Preference shares will be cancelled, and NZ$1.25 paid to shareholders for every share cancelled. To the extent a shareholder does not have a number of Ordinary or Preference shares exactly divisible by two, the surplus share excluded from the division will also be cancelled and a payment made in respect of that share. The payment to shareholders equates to NZ 62.5 cents for each share that existed prior to the cancellation.

The total amount of the capital return is approximately NZ$349 million.

The “record date” for determining those shareholders that will participate in the share cancellation and return of capital is those Tenon shareholders registered as at 5.00 pm on Friday, 26 March 2004 (local time in the jurisdiction in which the company's share register or branch register is located).

Payment of the capital return will be made by cheque, except in the case of New Zealand shareholders who have previously provided bank account details to the Company’s share registrar, Computershare, who will receive the payment by way of direct bank credit. The payment will be made in New Zealand dollars other than to shareholders registered on the Australian branch register, who will receive their payments in Australian dollars based on the New Zealand-Australian dollar exchange rate on the record date.

The payment of the return of capital is expected to be made on or around 31 March 2004. Revised shareholder holding statements will be sent to shareholders with the relevant payment, or confirmation of the relevant payment for those who received payment by direct credit.

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