Takeovers Panel meetings on offer by GPG Forests Limited for Rubicon shares

30 August 2002

The Takeovers Panel met today to consider GPG Forests Limited's proposed partial offer for Rubicon Limited's shares described in the takeover notice sent to Rubicon Limited on 28 August 2002.

The Panel considers that GPG may not have acted or may not be acting or may intend not to act in compliance with the Takeovers Code by making a partial offer that may not comply with the Code in a number of respects.

The Panel has decided to convene two meetings (one at the request of Perry Corporation) under section 32(1) of the Takeovers Act 1993 to determine whether to exercise its powers under that section.

The meetings will be held concurrently at 10.00 a.m. on Thursday 5 September 2002 at Auckland. The meeting will be a private meeting.

The Notices of Meeting will be available on the website of the Takeovers Panelwww.takeovers.govt.nz on Saturday morning.