Rubicon announces details of share buy-back

MEDIA RELEASE

Rubicon announces details of share buy-back and small shareholdings programme

Auckland, 13 July 2001 - Rubicon today released details of the $60 million share buy-back announced last month, and also outlined terms of a small shareholdings programme.

The Chief Executive Officer of Rubicon Limited, Mr Luke Moriarty, said, “The Company will effect the buyback by purchasing up to 95 million Rubicon shares “on-market” on the New Zealand Stock Exchange (NZSE). A Disclosure Document outlining the details of the buyback has been sent to all shareholders today. Under the Companies Act, the buyback cannot commence until 10 working days following the despatch of the Disclosure Document to shareholders – which means that Monday 30 July 2001 is the earliest date we could start buying back Rubicon shares. We have today given the NZSE notice that the offer will open on that day, which means that Rubicon can acquire shares at any time after Monday 30 July 2001. The Company can hold the offer open for up to 12 months from the date of this notice to the NZSE.”

Rubicon also announced a small shareholdings programme, open until 30 November 2001, whereby shareholders holding less than 500 shares (the minimum holding under the NZSE listing rules) who wish to dispose of their Rubicon shares, will be able to do so without incurring brokerage fees. A letter outlining the terms of the programme has, today, been sent to all shareholders holding less than 500 shares.

ENDS

© Scoop Media