Fletcher Realises Part Of Capstone Holding

Fletcher Challenge Realises Part Of Capstone Holding

AUCKLAND, 17 November 2000 – Fletcher Challenge Limited today confirmed that it had participated in the secondary offering of Capstone Turbine shares. The offering, which was announced by Capstone last week, released approximately 700,000 primary shares and 4.3 million secondary shares (from the founding Capstone shareholders’ current holdings) into the market.

Michael Andrews, Chief Executive of Fletcher Challenge said: “We have sold our full participation entitlement of approximately 900,000 shares from our 8.1 million shares in Capstone at the offer price of US$30. This move continues and facilitates our progress towards separation of the remaining Fletcher Challenge Divisions, and the funding of Rubicon needs to meet is acquisition and underwriting commitments under the Group separation announced last month.”

Fletcher Challenge has agreed to lock up its residual Capstone shareholding for 90 days following this offering. The 90-day period expires well ahead of the anticipated completion of the separation process early next year.

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