Tenon Receives Favourable Ruling From IRD
Auckland, 17 December 2004 - Tenon announced today that it had received a binding ruling from the Inland Revenue
Department confirming that, if the Company’s proposed $321 million capital return and merger of the current two classes
of shares (ordinary and preference) are approved by shareholders (at the Company’s upcoming annual meeting of
shareholders to be held on 22 December 2004) and by the High Court, then the “available subscribed capital” of the two
share classes would merge and be aggregated across the merged shares.