Decision Summary - Rubicon Limited

Decision number	200820002
Application number	200810066
Date	7 July 2008
Offeror/applicant	Rubicon Limited
Ultimate applicant beneficial ownership	82 percent - United States of America, United States Public 18 percent - New Zealand, New Zealand Public
Beneficial overseas ownership
- Asset current	N/A
- Asset proposed	N/A
- Share current	63.294 percent
- Share proposed	82 percent
Offeree(s)/seller(s)	Existing shareholders in Tenon Limited (other than Rubicon Limited) 62.17 percent - New Zealand, New Zealand Public 29.93 percent - United States of America, United States Public 5.23 percent - United Kingdom, United Kingdom Public 2.67 percent - Various, Other overseas shareholders in Tenon Limited
Business activities	Manufacturing - Wood & Paper Products
Details of land involved	None
Regions involved	Various
Total consideration	To be advised
Consent sought	To acquire up to 100 percent of the shares of Tenon Limited.
Rationale	The application has been approved as it met the criteria. The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987. Background to the Investment: Tenon was formerly called Fletcher Challenge Forests Limited and is a New Zealand company listed on the New Zealand Stock Exchange. It is in the business of processing, marketing and distributing wood products and has assets valued at more than $100 million. In 2004, the Applicant sought and gained consent to acquire shares in Tenon, pursuant to which it has since acquired its current holding of 57.65% in the company. Outline of the Investment: The Applicant now wishes to be able to acquire the other 42.35% of Tenon that it doesn't already own, thereby increasing its total holding in Tenon to up to 100% of the company. Rationale for the Investment: Securing consent will assist the Applicant to: add value to the Applicant's businesses in wood products; and better influence Tenon's future business direction and conduct.
Contact	John Strowger/Adrien Hunter Chapman Tripp P O Box 2206 AUCKLAND

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