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Rubicon responds to GPG’s partial Offer

Auckland, 27 September 2002 – In response to GPG Forests (GPG) partial takeover Offer (for 40% of the shares in Rubicon that it does not already own, to take it to a 50% control position in Rubicon) released today, Rubicon advises that the Independent Directors of Rubicon unanimously recommend that Rubicon Shareholders DO NOT ACCEPT THE OFFER.

As required under the takeovers code, an independent Appraisal Report has been prepared by Grant Samuel & Associates Limited (Grant Samuel) on behalf of Rubicon shareholders. Grant Samuel’s report concludes:

“In Grant Samuel’s opinion the full underlying value of Rubicon shares is in the range of $0.98 to $1.28 per share. The value is for 100% of Rubicon and includes a premium for control. As GPG’s Offer of $0.75 per share is below the range it is considered not fair…In some takeovers there are factors that might suggest that even if an offer is not fair, shareholders should consider accepting the offer. In this instance there does not appear to be any compelling reason for Rubicon shareholders to accept a takeover offer that is significantly below full underlying value.”

Rubicon’s Target Company Response Statement (including the Grant Samuel Report) will be despatched to Rubicon shareholders this weekend. The reasons for the Independent Directors recommending against the GPG Offer are outlined in paragraphs 14 and 15 of Rubicon’s Response Statement.

Unless GPG extends its Offer, Rubicon shareholders have until 5.00pm, 24 October 2002 to accept the Offer.


The Rubicon Response Statement and Grant Samuel report is available from the ‘Downloads’ section of Rubicon’s website ( Shareholders with any queries can call 0800 RUBICON (0800 782 4266).

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