Fletcher Challenge Forests

Date established
1993
Date closed
2004
History
Fletcher Challenge Forests Share Division was established on the 25 November 1993 when the shareholders of Fletcher Challenge Ltd approved a proposal to create a targeted share designed to reflect the performance of the Group's Forests Division.

The newshare division was an amalgamation of Tasman Forestry Ltd, Tasman Lumber Company Ltd and Fobio. Fletcher Challenge Forests head office was located in Penrose, Auckland.

1996 Forestry Corporation of New Zealand (FCNZ) was acquired by Fletcher Challenge Limited and its partners Citifor and Brierly Investments Limited.
Forests on the East Coast of the North Island were sold to Glenealy Plantations Berhad, of Malaysia

1997 Fletcher Challenge Forests divested Nelson and South Auckland forest estates

1999 Fletcher Challenge Board resolved to dismantle the Group's targeted share structure and establish separate entities. The target for the separation process was the end of the year 2000.

2000 Paul Fowler, the Chief Executive Officer of FC Forests leaves the company.

October 10, 2000 the programme to complete the Fletcher Challenge Group restructuring and separation of the remaining three targeted share Divisions was announced by Dr Roderick Deane, Chairman of Fletcher Challenge Limited. Recommendation to shareholders was:
a) Building Division will be separated as a stand-alone publicly listed entity named Fletcher Building
b) Forests Division: will be a stand-alone publicly listed entity named Fletcher Challenge Forests
c) Energy Division will be sold to Shell Oil Comapny and Apache Corporation for total transaction value of $4.6 billion (US$1.84 billion)
d) A new New Zealand-based company, Rubicon will be established to commercialise selected emerging technologies will play a key role in facilitating the Group restructuring process.

Terry McFadgen is appointed CEO of FC Forests (formerly CEO FC Building)

2000 Fletcher Challenge Forests and Scientific Certification Systems announced that Forest Stewardship Council (FSC) accreditation has been granted for the company's New Zealand forest s estate management.

On November 1 Fletcher Challenge Limited confirmed that it had rejected the offer made by CITIC in September to buy Fletcher Challenge Forests out of the Central North Island Forestry Partnership.

On November 14 2000 Fletcher Challenge Limited confirmed that Xylem Investments Inc, a US based specialist forestry investment fund manager, and the largest shareholder in Fletcher Challenge Forests, has announced today that it will be taking up its full rights entitlements to 135.5 million shares

0n December 11 2000 Fletcher Challenge Limited announced that the Fletcher Challenge Forests Rights Offer will be fully subscribed through a combination of shareholders taking up 61 percent of their entitlements and the underwriters taking up 39 percent.

2001 Fletcher Challenge Limited announced that the directors of Fletcher Challenge Forests, which will become a separate entity when the separation process is completed are: Chairman Sir Dryden Spring and board members; Rodger Fisher, Stephen Hurley, Warren Larsen, Michael Andrews, Michael Walls and Terry

Fletcher Challenge Forests (FC Forests) changed its name to Tenon Ltd on the 24 February 2004.
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