Rubicon confirms Tenon’s shareholder vote

To: NZX From: Luke Moriarty
Telephone: 64-9-356 9800


Further information on Rubicon Limited can be viewed at the Rubicon web site, at http://www.rubicon-nz.com.




20 March 2017 - Rubicon Limited’s 59.78% subsidiary Tenon Limited filed the attached News Release
today confirming that it’s shareholders had approved the sale of it’s Clearwood operations to a
consortium, including Rubicon (circa 50%), and second capital return.


News Release
From:Paul Gillard – General Counsel & Company Secretary,
Tenon Limited
Telephone: 64-9-368 4193


Information on Tenon Limited can be found at http://www.tenonglobal.com.
Tenon Shareholders Approve Sale of Clearwood and Second Capital Return

AUCKLAND, 20 March 2017 – Tenon announced that its shareholders had approved, at the company’s
Special Shareholders’ Meeting held in Auckland today, all resolutions relating to the sale of its remaining
Clearwood Business to Tenon Clearwood Limited Partnership and the associated Capital Return.

Completion of the sale of the Clearwood Business is to occur (subject to satisfaction or waiver of all
conditions of the sale) on 28 April 2017. Subject to receipt of final High Court orders relating to the Capital
Return, one out of every two Tenon shares on issue will be cancelled, and a Capital Return of U$1.327
per existing share (or US$2.654 for every ordinary share cancelled) is expected to be made on or shortly
after completion of the sale. The ‘ex-date’ for Tenon shares (assuming Final High Court orders are
received on 7 April 2017) is 26 April 2017.

As previously disclosed to the market, after the completion of the Clearwood sale, Tenon will have no
operating assets and intends to enter a wind-down phase, including de-listing from the NZX Main Board
on 31 July 2017, and eventual liquidation of the business. Resolutions relating to each of these matters
were also approved by shareholders.
The following is a summary of the voting:
Resolution summary Vote type
% of shareholders entitled to
vote and voting
1 – SALE – for purposes of Listing Rule 9.1 For 99.90

Against 0.10
SALE- for purposes of Listing Rule 9.2 For 99.56
Against 0.44
2 - SECOND CAPITAL RETURN For 99.96

Against 0.04
3 - DE-LISTING on 31 July 2017 For 99.78

Against 0.22
4 – AMENDMENTS TO CONSTITUTION For 99.96

Against 0.04

ENDS
Rubicon confirms
Tenon’s shareholder vote