31st July 2009

Matariki Forests To Be Retained By Current Shareholders

The sale process of Matariki Forests has concluded with the shareholders making the decision to retain the assets.

Paul Nicholls, Managing Director of Rayonier New Zealand Ltd forest managers for Matariki, said the sale process attracted strong interest from a broad range of parties. “However the shareholders believed that the continued weakness in the capital markets created uncertainty around funding.

“They remain committed to Matariki Forests and are confident about future growth opportunities for the NZ forestry sector particularly with the signs of improvement in the global timber markets,” concluded Nicholls.

ends