High Court Rules That Rubicon Can Vote

High Court Rules That Rubicon Can Vote

Auckland, 12 August 2002 – Fletcher Challenge Forests announced today that the High Court in Auckland had confirmed that the Company’s largest shareholder, Rubicon, could vote on the Special Resolution at the Special Shareholders’ Meeting on 13 August 2002. The High Court rejected arguments from Xylem Investments that Rubicon should be precluded from voting.

Terry McFadgen, the company’s Chief Executive, said “We are pleased to have obtained clarity on this issue, prior to our Special Shareholders’ Meeting tomorrow. The Court ruling is consistent with the legal advice we had received, and with the prior ruling of the New Zealand Stock Exchange’s Market Surveillance Panel on this issue.”

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