Rubicon Limited

The company was formed out of the separation of New Zealand’s largest industrial company at that time, Fletcher Challenge Limited. As part of this separation, Rubicon began life with a portfolio of energy and forestry assets. All the energy assets have been subsequently disposed for NZ$118 million, with NZ$92 million being returned to shareholders by way of on-market share buyback programs, and the residual being retained for subsequent investment in its forestry portfolio. The Company now only has two forestry investments: Tenon Limited, a NZ-domiciled US-focused company, which is also listed on the main board of the New Zealand Stock Exchange and in which Rubicon has a 59.5% ownership interest; and ArborGen Inc, a private US-based company, in which Rubicon has a 31.7% ownership interest.