Forum Archive Index - October 2000

[richard hermans <r.m.hermans@xtra.co.nz>]

Thankyou for that Mike, Whats your feeling re FFS ???It was aluded to me
by a broker that they felt the payment by Rubcon for the biotech/Sth
American portions of FFS was grossly undervalued ??? Any comments on
this ?? It certainly seems we FFS shareholders have been shafted c/f to
other sectors  its been a LONG HOLD awaiting what is now a very
deppressed share price (from highs of 1.14 , some time last year,)&
along with it a very deppressed NZSE !!!!!! I can now only see a LONG
wait yet for some return on ones initial outlay !!!!all very SAD for
want of a better word !!!******  
Disc own too many FFS & ought to have headed comments of some
sharechatters weeks ago !!!!     Margie

Mike Hudson wrote:
> 
> This is the full text of the Fletchers News Release. It is very long but you
> may find it interesting, especially the FFS pro forma balance sheet.
> 
> Fletcher Challenge sets course for its three Divisions
> 
> October 10, 2000
> 
> A programme to complete the Fletcher Challenge Group restructuring and
> separation of the remaining three targeted share Divisions was announced
> today by Dr Roderick Deane, Chairman of Fletcher Challenge Limited.
> 
> In announcing the outcome, Dr Deane said "We indicated when we announced the
> sale of the Paper Division in April that the Board would continue to
> evaluate all potential outcomes for the Building, Energy and Forests
> Divisions, and this has now been completed. The Directors, together with the
> senior management and external advisors, have been involved in a
> comprehensive review and evaluation process to determine the announcements
> we are making today.  Our over-riding goal in the process has been to
> maximise value over time for shareholders whilst adhering to a tight
> timeframe.  I can say unequivocally that the Board is unanimous in
> recommending these restructuring outcomes, as the best value for
> shareholders, and a good outcome for New Zealand."
> 
> Recommendations to Shareholders:
> 
> Building Division
> *       Will be separated as a stand-alone publicly listed entity named
> Fletcher Building
> 
> Forests Division
> *       Will be a stand-alone publicly listed entity named Fletcher
> Challenge Forests
> 
> Energy Division
> *             Will be sold to Shell and Apache Corporation for total
> transaction value of $4.6 billion (US$1.84 billion)
> 
> And 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
> 
> To:     BUSINESS EDITOR                 From:   GINNY RADFORD
>                         TRANSITION COMMUNICATIONS MANAGER
> Fax:    AUTO    Telephone:      64-9-571 9812 - Office
>                 Mobile: 021 968 935
>                 Fax:    64-9-571 9871
> Please Note: If you do not receive  page(s) including this page, or if any
> page is not readable, please call the sender immediately on telephone
> 64-9-525 9000. Further information on Fletcher Challenge Limited can be
> viewed at the Fletcher Challenge World Wide Web site, at
> http://www.fcl.co.nz
> It is intended that full information and disclosures on each of the
> recommendations will be provided to shareholders in December in preparation
> for the shareholder approvals in late January, 2001.
> 
> Impacts:
> 
> For Building Division shareholders
> 
> *       A stand-alone listed company, with a clear focus on the New Zealand
> building arena
> 
> *       Realignment of the portfolio towards core activities, including 'new
> growth' opportunities refocused on New Zealand
> 
> *       A final dividend of eight cents per share is declared to
> shareholders of record on 27 October, payable on 9 November, 2000
> 
>         For Forests Division shareholders
> 
> *       A stand-alone listed company, targeted to the marketing, processing
> and management of  New Zealand-grown Radiata plantation forestry
> 
> *       A re-capitalisation of the company, through a fully underwritten
> pro-rata 2:1 rights issue of Forests preference shares at $0.25 per share,
> raising $427 million of new equity, with cash to be paid in full in December
> 2000.
> 
> *       Rubicon will also subscribe for a placement of $90 million of
> Forests ordinary and preference shares
> 
> *       Forests' biotechnology and South American assets will be sold to
> Rubicon for $80 million
> 
> For Energy Division shareholders
> 
> *       Receipt of
>                 NZ$ value
> -       US$3.34 per share (NZ$8.30 at Monday's foreign exchange rate of
> 0.4025) in cash         8.30
> -       An entitlement to receive 1 Capstone share for every 70 Fletcher
> Challenge Energy shares held (equating to $1.72 per Fletcher Challenge
> Energy share at a foreign exchange rate of 0.4025 and Friday's Capstone
> share price of US$48.50)                1.72
> -       1 share in the new entity - Rubicon - for every Fletcher Challenge
> Energy share held (valued at approximately $1.20 each)          1.20
> 
>         Total value
>         11.22
> 
> The total value of the transaction represents a premium of 43% over
> yesterday's Fletcher Challenge Energy closing share price.
> 
> *       There will be no final Fletcher Challenge Energy dividend
> 
> *       The acquisition by Shell and Apache is subject to regulatory
> consents in New Zealand (including the Overseas Investment Commission and
> Commerce Commission), Australia, Canada, the United States, and Brunei.
> The new company, Rubicon
> 
> *       Will be established, on separation, as an active business with a
> defined strategy to commercialise emerging new technologies that have
> high-growth, high-margin potential.
> 
> *       Will play an important role in the restructuring process, by
> supporting the recapitalisation of the Forests Division, and acquiring some
> Energy assets.
> 
> *       Will initially consist of:
> *       The biotechnology assets and South American forestry assets acquired
> from the Forests Division for a combined price of $80 million
> *       The Challenge! service station network of strong New Zealand small
> businesses, and the Brisbane, Timaru and New Plymouth terminals which
> support them, acquired for $20 million
> *       14% of New Zealand Refining Company shares
> *       $20 million in cash
> *       An alliance with Genesis Research and Development in relation to
> bioremediation
> *       Commitments to subscribe for a placement of $90 million of Forests
> shares and also to sub-underwrite $170 million of the Forests rights issue
> 
> Timetable:
> 
> The indicative timetable, which may change as regulatory and Court processes
> require, is shown below.  Shareholders will be kept informed of any changes.
> 
> Mid-October     Commerce Commission decision on the Shell application in
> relation to Energy
> 
> 2 November      Annual Shareholders' Meeting, which will also consider
> Forests rights issue
> 
> Mid-November    Rights trading commences
> 
> Early December  Rights offer closes
> 
> Late December   Documentation mailed out for Separation meeting
> 
> Late January    Shareholder separation meeting and vote on recommendations
> 
> Early February  Separations completed
> 
> The entire separation programme, which is subject to shareholder approvals,
> will be undertaken by way of a Court-approved plan of arrangement, as was
> the case with the sale of the Paper Division to Norske Skog.
> 
> "The Board and management are pleased and satisfied about the outcomes
> announced today," said Dr Deane.  "We believe they will provide the best
> value to shareholders, will retain some key New Zealand activities, and will
> establish successful and effective New Zealand-based businesses in building,
> forestry and the new economy.  It will also establish our energy business in
> a position of scale for the future.  Importantly, this outcome will retain a
> New Zealand focus for activities which have been a part of the New Zealand
> economy for many years, and also provide the catalyst for commercialisation
> of exciting new technologies from a New Zealand base. You have had a glimpse
> of the future. And it is bright"
> 
> Details follow
> 
> Fletcher Challenge Forests Limited
> 
> A full range of Forests ("FFS") alternatives was canvassed with leading
> international forestry players - both industry and financial. The value
> implicit in those alternatives was compared with the value that could
> reasonably be expected to be achieved through a stand-alone Fletcher
> Challenge Forests.
> 
> "It is clear that several issues have been impacting Forests Division's
> value, both in terms of its current share price trading range and also the
> value ascribed to it by financial and trade buyers, " Dr Deane said today.
> "However, as long as these issues are addressed quickly, we have no doubt
> that the stand-alone value of Fletcher Challenge Forests will be well in
> excess of all of the alternatives we have considered."
> 
> These issues are:
> *       Excessive financial leverage
> *       The need to narrow the business focus
> *       Concerns as to the future of the Central North Island Forest
> Partnership (CNIFP)
> *       An improved cost / operational improvement focus
> *       A key management appointment outstanding
> 
> In terms of management appointments, Terry McFadgen will take up the
> position of Chief Executive of Fletcher Challenge Forests, filling the role
> that has been vacant since July of this year. Mr McFadgen has been Chief
> Executive of the Building Division for the past five years, and will bring
> to Forests a track record of successful leadership in a closely related and
> aligned industry.  Mr McFadgen's skills and experience are particularly
> suited to the issues Fletcher Challenge Forests is addressing, and he will
> take up his new role immediately.
> 
> In relation to the financial leverage of the Division, the Board's
> recommendation is that Fletcher Challenge Forests be re-capitalised by way
> of a fully-underwritten pro-rata 2:1 rights issue of preference shares at
> $0.25 each, raising approximately $427 million.  In addition, Rubicon will
> subscribe for $90 million of Forests ordinary and preference shares at an
> ex-issue price of $0.40 per share which is equivalent to $0.70 per share cum
> issue (see rider).  These new capital raisings will have a positive impact
> on the financial position of the Division, improving the debt to total
> capitalisation from 34.7% to 13.5%.  (Refer attached proforma balance
> sheet).
> 
> Fletcher Challenge Forests may consider using part of the proceeds arising
> from the recapitalisation to reduce the senior bank debt of the CNIF
> Partnership, provided that CITIC makes the same reduction.  Receipt by the
> banks of these payments should allow them to grant a waiver of the event of
> default in respect of an earnings/interest ratio covenant which is otherwise
> expected to occur in December 2000.
> 
> "Having completed a comprehensive evaluation process, the Board strongly
> believes that more value will accrue to shareholders by re-capitalising
> Fletcher Challenge Forests in this manner, rather than by selling the entire
> Division to an industry buyer or, alternatively, by selling part or all of
> the forest estate to effect the re-capitalisation. The price environment for
> timber and other Fletcher Challenge Forests' products is currently at a
> relatively low level in historical terms, and this was reflected in the
> offers received from third parties.  The Board is not prepared to recommend
> to Fletcher Challenge Forests' shareholders, asset sales at current prices,
> " Dr Deane said.
> 
> In terms of narrowing the business focus, Dr Deane explained: "Moving
> forward, Fletcher Challenge Forests will focus on its core operations and
> strategies surrounding:
> *       expansion of its existing marketing and distribution activities in
> New Zealand, Australia, North America, Japan and Asia
> *       its value-added processing operations
> *       New Zealand forest management activities
> *       its New Zealand Radiata resource
> Current strategies and assets that fall outside these activities, including
> our biotechnology assets and our activities in South America, are deemed to
> be non-core and are being sold to Rubicon."
> 
> However, the recently-achieved certification by the Forest Stewardship
> Council is a globally-recognised benchmark for the sustainable management of
> forests.  This will provide a significant marketing opportunity in those
> markets which demand environmental responsibility.
> 
> The Directors have agreed that Fletcher Challenge Forests will sell its
> biotechnology and South American forestry assets to Rubicon for $80 million.
> "We believe this reflects excellent value for the intellectual property that
> the Division has developed to date.  In addition to achieving value in the
> sale, Fletcher Challenge Forests will be relieved of an existing and
> on-going financial commitment of some $40 million necessary to fund our
> share of ArborGen's cash requirements over the next 4 years.  As part of the
> sale, Rubicon will agree to continue to make available to Fletcher Challenge
> Forests, at market value, the superior clonal resource developed out of the
> Te Teko laboratory in the Bay of Plenty.  Overall this is an excellent value
> outcome for Forests Division shareholders, and also brings with it an
> important first step in the recapitalisation of the company," Dr Deane
> confirmed.
> 
> In relation to continued partner issues in the CNIFP, Dr Deane said:
> "Despite best endeavours, to date we have been unable to reach agreement
> with CITIC on outstanding issues. These issues are complex and difficult to
> resolve, particularly with the overhang of the Group restructuring process.
> We are determined to resolve these issues with our partner, either by way of
> mutual understanding, binding arbitration or if necessary through court
> proceedings.  If we are not able to achieve that, then clearly moving to
> split the assets in the partnership  - again either by mutual agreement or
> by way of court proceedings - is another alternative open to us," Dr Deane
> continued.
> 
> In relation to operational improvement, as the Forests Division is narrowed
> down to the core operations identified, there will continue to be
> opportunity for both cost reduction and operational improvement, building on
> the successful record of the past few years.  " We are targeting a further
> reduction in annual non-forest operations costs of $15 million to be
> achieved over an 18 month period.  These reductions will align the company
> closely with best-practice international benchmarks in this area as well as
> in its forest operational areas.  In addition, a sustainable reduction in
> working capital will be targeted over the next six months, and a capital
> productivity program introduced." Dr Deane confirmed.
> Rider:  Rights issue
> Approval for the rights issue (which will require an affirmative vote from
> more than 50% of all Fletcher Challenge shareholders voting together) will
> be sought at the Annual Shareholders' Meeting on 2 November 2000.  As part
> of that rights issue, Rubicon has agreed with the underwriter to acquire a
> portion of any rights issue shortfall up to a maximum of $170 million.
> Normal conditions apply to the underwriting agreement.  Included is a
> "market out" condition if there is a decline of 10% or more in the NZSE40
> Gross Index over five consecutive days.   In addition, upon the separation
> of the Energy Division, Rubicon will subscribe for $90 million of Forests'
> shares by way of a placement.  If separation does not proceed and Rubicon is
> not established, FCIL has agreed to compensate the underwriters for losses
> incurred arising from the underwrite and share placement up to a maximum of
> $200 million (such liability to be shared by the Energy Division as to ¾ and
> by the Building Division as to ¼)
> 
> Fletcher Building Limited
> 
> The Building Division ("FCB") will stand alone as a separate publicly listed
> entity.  The Board is convinced that Fletcher Building has the potential to
> be a high performing company.  After full analysis, the Board's clear view
> is that the value which can be achieved by operating Fletcher Building as a
> stand-alone company, with the implementation of a new performance focus and
> strategic direction, far exceeds that offered by interested industry and
> financial buyers.
> 
> The new direction of Fletcher Building will focus on earning the right to
> growth through three key themes:
> 
> *       Portfolio re-alignment, and the exit over time of under-performing
> and non-core assets. In particular, it is intended that the Division's
> current activities in both India and South America will be exited at the
> appropriate time, and the focus will move back to New Zealand-based
> businesses
> 
> *       An aggressive cost/operational programme, with an emphasis on
> achieving international best practice in all operations in terms of cost,
> efficiency and working capital usage
> 
> *       A increased involvement in "new-growth" opportunities within the
> building industry template in New Zealand
> 
>                                 Examples of this growth will include greater
> participation in e-commerce initiatives and extending Fletcher Building's
> existing research and development activities into composite building
> materials.
> 
> These changes will be initiated with the appointment of a new Chief
> Executive Officer for Fletcher Building - Alexander Töldte, who brings a
> broad experience in implementing performance improvement and growth
> strategies to this role.  Mr Töldte was previously Chief Executive of the
> Paper Division.
> 
> "Expressions of interest were received for the whole of the Building
> Division from financial buyers", said Dr Deane.  "However their view of
> value reflected the fact that they were unable to bring any significant
> industry synergies to a potential acquisition.  While the restructuring
> process had generated significant trade buyer interest in the Building
> Division assets, it was clear that the narrow single-focus operations of the
> major global building industry players did not fit well with the portfolio
> nature of Building's current operations."
> 
> Fletcher Building will also play a supporting role in the Group
> restructuring process, by sub-underwriting to Rubicon up to $50 million of
> the Forests' rights issue.
> 
> The Board has also declared a final dividend of eight cents per share, to be
> paid on 9 November to shareholders of record on 27 October 2000.
> 
> Energy Division
> 
> The Board of Directors are unanimously recommending to shareholders the
> acceptance of an offer from Shell and Apache for the acquisition of Energy
> Division ("FCE").
> 
> The transaction, which is conditional on regulatory and shareholder
> approvals, will involve Shell and Apache acquiring the Energy Division. As
> part of this transaction, Fletcher Challenge Energy shareholders  will
> receive:
> 
> *       Cash of US$ 3.34 (NZ$8.30 at Friday's foreign exchange rate of
> 0.4025) per Fletcher Challenge Energy share
> *       An entitlement to receive 1 Capstone share for every 70 FCE shares
> held
> *       1 share in Rubicon (the new company to be formed) for every FCE
> share held
> 
> In addition, Shell will make a payment to Fletcher Challenge Limited, which
> will be used to repay all outstanding indebtedness of FCE at closing, and
> also cover the Energy Division's share of the total Group restructuring and
> separation costs.
> 
> "At Friday's Capstone share price of US$48.50 per share, and using the book
> value of Rubicon's assets, the joint Shell/Apache offer is equivalent to
> NZ$11.22 per FCE share. This is a 43% premium to yesterday's FCE closing
> share price on the NZSE of $7.85, and an even higher premium to the
> prevailing share price of around $6.75 per share in July  - that is, the FCE
> share price prior to Shell's application to the NZ Commerce Commission being
> made public and any resultant take-over speculation being imputed into the
> FCE share price," Dr Deane said.
> 
> "We recognise that a significant part of the value shareholders will receive
> will ultimately depend on the price attributed to the Capstone shares.
> While we cannot influence that in any way, a very positive aspect of the
> Shell and Apache offer is that it will ensure shareholders receive Capstone
> entitlements as soon as possible, so that they can make their own investment
> decision as to those shares.  We hope that shareholders will be able to
> convert their Capstone entitlements into Capstone shares in just over a
> month from the settlement of the Shell and Apache transaction in mid
> February."
> 
> Commenting on the US dollar nature of Shell's offer, Dr Deane confirmed that
> as FCE is a US dollar functional currency business, over time its share
> price has tracked, and will continue to track, movements in the NZ$ to US$
> cross rates. "Because of this, we have moved to protect the offer price to
> shareholders from movements in the New Zealand FX rate against the US
> dollar, by agreeing that Shell and Apache bid in US dollars," he said.
> 
> The Shell and Apache offer is subject to regulatory consents in New Zealand,
> Australia, Canada, the United States and Brunei. The New Zealand Commerce
> Commission is expected to rule on any competition issues resulting from the
> acquisition shortly.
> 
> Speaking to the wider review process adopted, Dr Deane said: "There was
> extensive third party interest in the Energy Division, and all major
> industry players with an interest in our particular mix of geographies, oil
> & gas assets and maturity profiles were contacted as part of the
> restructuring process."
> 
> "Given that, we strongly believe that the price offered by Shell and Apache
> today represents the best value that can be obtained for shareholders in an
> outright sale of Fletcher Challenge Energy.  Further, having reviewed the
> stand-alone alternative, the Board is confident the Shell and Apache
> proposal offers better value today, with certainty, than could reasonably be
> expected to be achieved over time, were the Division to trade as a
> separately-listed public entity."
> 
> Dr Deane went on to say "While we may have liked to have seen an
> independently-listed Fletcher Challenge Energy, the Shell and Apache offer
> is an excellent one, and it is quite clear that it is in the best interests
> of Energy shareholders.  In addition to the full cash component of the offer
> price - which represents a figure in excess of Friday's closing Fletcher
> Challenge Energy share price inclusive of the Capstone shares - the
> availability of the Capstone entitlement and the Rubicon shares as an
> additional component of the consideration is a significant plus for
> shareholders.  With Capstone, they will be able to receive freely tradeable
> stock in a company that has shown very strong equity market performance
> since its initial public offering in June of this year."
> 
> "The outcome would not have been possible without the restructuring that
> Greig Gailey and his team have carried out over the past 18 months, and the
> tight focus on operational performance that all employees have been
> responsible for," Dr Deane confirmed. "For our valued employees, customers
> and stakeholders in FCE, we are satisfied that we have been able to turn the
> business over to two leading players in the global E&P business.  It is also
> very pleasing that both Apache and Shell have acknowledged the capabilities
> of many of our people."
> 
> Rubicon
> 
> Commenting on the formation of Rubicon, Dr Deane said: "The Board is excited
> about the establishment of a new company as part of the separation process.
> Rubicon will be an on-going, active business, with a defined strategy to
> commercialise new technologies that have the potential to capture
> high-growth, high-margin opportunities in emerging industries.  Rubicon will
> be a New Zealand-based publicly-listed entity, and will form alliances with
> New Zealand's universities, Crown research institutes and other research
> groups to work with them to develop and commercialise the intellectual
> property and knowledge that exists in selected industries."
> 
> The initial mix of business will reflect not only the future direction of
> Rubicon but also the need to facilitate the separation process through this
> vehicle. The business mix will be refined rapidly and constantly to ensure a
> focus on the core long-term strategies of Rubicon while looking to extract
> shareholder value from the non-core assets.
> 
> On its establishment, Rubicon will consist of:
> 
> *       The forestry biotechnology assets (acquired from the Forests
> Division) consisting of: -
> 
> *       An active investment in ArborGen  (the biotechnology joint venture
> between the Forests Division, Westvaco, International Paper and Genesis
> Research and Development Corporation, formed earlier this year to produce
> and market tree seedlings that will improve forest health and productivity)
> 
> *       The tree technology operations at Te Teko in the Bay of Plenty
> 
> *       A 2.9% investment in Genesis Research & Development (Genesis)
> 
> *       The South American forestry assets of the Forests Division
> 
> *       The Challenge! network of retail petrol operations, and related
> terminals in Timaru and New Plymouth, plus the Brisbane terminal (acquired
> in total for $20 million)
> 
> *       A 14% interest in NZ Refining Company
> 
> *       A strategic alliance with Genesis, to commercialise research and
> development of bio-remediation
> 
> *       A commitment to the Forests Division's recapitalisation by providing
> up to $170 million of any shortfall on the rights issue, and taking up a
> placement of $90 million of new Forests ordinary and preference shares.
> 
> All the shares in Rubicon will be received by Energy shareholders as partial
> consideration for the acquisition of the Energy Division by Shell and
> Apache.
> 
> New Board and Management
> 
> Dr Deane also announced the appointment of Mr Luke Moriarty to the role of
> Chief Executive Officer of Rubicon.  "Luke is an ideal candidate for this
> position. He has lived, studied and worked internationally, in both
> financial and strategic leadership roles.  He has been a member of the
> Executive Office of Fletcher Challenge for several years with his current
> responsibilities encompassing the direction of the Group's strategic growth
> initiatives."
> 
> Referring to Rubicon's mandate, Dr Deane continued:  "Clearly, we have been
> extremely successful in this type of endeavour in the past.  For example, a
> clearly defined vision of the future for distributed power generation,
> combined with a minimal US$20 million investment in Capstone Turbine
> Corporation, has generated some $900 million of value for shareholders
> today.  We believe we can pursue  promising similar future opportunities,
> including our current investment in ArborGen."
> 
> To ensure Rubicon moves forward quickly, a Board and management team with
> broad international experience will be appointed.  They will not only
> provide the key strategic and commercial governance required, but they will
> also enable the forging of relationships and alliances necessary to access
> opportunities and move the company forward.  Key Board appointments will be
> announced immediately following the establishment of Rubicon.
> 
> First alliances in place
> 
> Rubicon will also establish a strategic alliance with Genesis Research and
> Development Corporation in relation to the commercialisation of research and
> development into industrial biotechnology and bio-remediation (the clean up
> of contaminated soil and groundwater through the use of microbes, fungal or
> plant-based organisms). "Environmental management is a US$500
> billion-industry internationally, and soil and water remediation represent a
> large proportion of this figure", said Dr. Deane.  "Genesis and Rubicon will
> jointly fund research into the discovery of organisms that not only assist
> in the speed of natural remediation, but also increase the toxicity levels
> that can be handled.  We see this as a natural extension of the type of work
> we are carrying out in ArborGen," he said.
> 
> Role in restructuring of Fletcher Challenge Limited
> 
> Dr Deane also explained that in addition to the value which will be derived
> from the implementation of Rubicon's on-going strategy, the company will
> play a critical but shorter-term role in the immediate dismantling of the
> Group's targeted share structure announced today.
> 
> "First, its presence will help to complete the re-capitalisation of Fletcher
> Challenge Forests.  By acquiring Forests Division's biotechnology and South
> American forestry assets at fair value and at the same time removing
> Forests' $40 million R&D cash commitment to ArborGen over the next 4 years,
> Fletcher Challenge Forest's focus is not only refined to its core business,
> but future free cashflow projections are improved.  In addition, as Rubicon
> will support the rights issue by providing up to $170 million of any
> shortfall and also $90 million by way of new Forests share placement, it is
> providing increased certainty to Forest Division shareholders, and also to
> all Fletcher Challenge shareholders, that the overall Group separation will
> be successful.
> 
> "Secondly, Rubicon will act as the acquirer of those Fletcher Challenge
> Energy assets which did not match with Shell's vision for the Division.
> Challenge! retail petroleum operations and their related terminals in New
> Zealand, and the Brisbane terminal in Australia and the New Zealand Refining
> Company shares all fall into this category.  These will be non-core to
> Rubicon's outlined strategy, and will be disposed of as and when value can
> be achieved for shareholders.
> 
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