Shareholder vote in favour of Forests Rights Issue

Shareholder vote in favour of Forests Rights Issue

AUCKLAND, 2 November 2000 – Shareholders of Fletcher Challenge have voted in favour of the proposed offering of Fletcher Challenge Forests Rights and Preference Shares.

A resolution seeking approval of the offering was passed at the Annual Shareholders’ Meeting in Auckland today, with over 93% voting in favour.

Fletcher Challenge Chairman, Roderick Deane, welcomed the positive vote, noting that “In voting for the Rights Issue, shareholders have recognised the potential value that can be unlocked by recapitalising the Division in this way. It is a vote of confidence in Forests’ strategy.”

Shareholders of record on 10 November 2000 will qualify for the preference share entitlement. Documentation will be distributed to shareholders on 13 November 2000. The closing date for receipt of acceptances is 8 December 2000.

ENDS

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