TENON ANNOUNCES SUBSTANTIAL COMPLETION
OF FOREST SALE PROCESS
Auckland, 20 October 2004 – Tenon Limited advised that it had now received consents for the transfer of non-freehold
forests to the Kiwi Consortium amounting to approximately NZ$198 million, being 95% of the NZ$208 million in value to be
Tenon also advised today that it had reached agreement with Maori Investments Limited (MIL) to implement the transfer to
MIL of the freehold land owned by Tenon’s subsidiary, Tarawera Forests Limited, and acquire MIL’s minority interest in
the subsidiary. There are pre-conditions, relating to the transfer of certain contracts with the land, which the Company
anticipates will be satisfied.
The proposal to dispose of the Tarawera freehold land and acquire the interests of minority shareholders in Tarawera
Forests Limited, was disclosed in Tenon’s Notice of Special Meeting and Explanatory Memorandum circulated to
shareholders earlier this calendar year.