Fletcher Challenge Forests Share Price

AUCKLAND, 20 April 2000 – In response to the 14 cent increase in the price of the Fletcher Challenge Forests share, to 80 cents, over the past two days, the Chief Executive Officer of Fletcher Challenge Limited, Mr Michael Andrews, advised the New Zealand Stock Exchange today that the Company knew of no reason for the movement.

While reiterating the Board’s commitment to dismantling the Fletcher Challenge Group’s targeted share structure by the end of Calendar 2000, Mr Andrews said that “while considerable work was being progressed in Building, Energy and Forests, there was nothing imminent to be announced in relation to any of these shares. We undertake to keep shareholders informed of progress” he said.

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