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Rubicon increases shareholding in FCF to 19.997%

Rubicon increases shareholding
in FCF to 19.997%


19 February 2003 – Rubicon Limited announced today that its subsidiary, Rubicon Forests Investments Limited had acquired 13.1 million shares in Fletcher Challenge Forests (FCF) at an average price of $1.10 per share, for a total cost of $14.4 million. This represents 2.348% of FCF shares on issue.

As Rubicon’s subsidiary, Rubicon Forests Holdings Limited, already owns a 17.649% interest in FCF, this means that the Rubicon Group has now moved to a 19.997% total ownership position in FCF.

The Company said today, “This move strengthens the Group’s investment in FCF, and is consistent with Rubicon’s desire to create value from its strategic shareholding”.

END

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