Rubicon out of Capstone

The company has announced it sold its remaining 593,000 shares on market during trading last week at an average price of US$31.07.

CEO, Luke Moriarty, says the sale generates a per share book gain of around US$7.50 or US$4.5 million.

"The proceeds from this final sale of Capstone shares, which totals around US$18.4 million, will secure Rubicon's financial commitment to the ArborGen joint venture and meet our immediate operational needs."

Mr Moriarty says in total the company has sold 2.96 million Capstone shares at an average price of US$35.50, raising US$105 million.

He says the money is being used primarily to meet Rubicon's initial acquisition and committed funding needs.

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