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24 Jan 2018 6:32
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  •   Home > News > Business

    Rubicon shareholders yes to sale of Tenon

    Shareholders voted in favour of Rubicon's proposal to sell a 45 per cent stake in Tenon Clearwood, a clearwood sawmill and manufacturing operation in Taupo.

    Shareholders have voted in favour of Rubicon's proposal to sell a 45 per cent stake in Tenon Clearwood Partnership, a large clearwood sawmill and manufacturing operation in Taupo.

    The US$14.9 million purchase price fell towards the middle of the Grant Samuel range, which was US$13.2m-to-US$17.8m and 99.9 per cent of the shares voted at Friday's special meeting in Christchurch were in favour, the forestry biotech firm said.

    The transaction is expected to close January 31.

    In December it said the proposed buyers are Dorset Management Corp and Libra Partners NZ LLC, who will each take 20 per cent, with the existing owners of the Clearwood partnership taking the remaining 4.88 per cent.

    Dorset is affiliated with Rubicon's biggest shareholder Knott Partners, which owns 28 per cent of the company, while Libra is its second-biggest investor with an 18 per cent stake.

    The sale will allow it to make two deferred-settlement payments for ArborGen, totalling US$15m and which will now be Rubicon's sole asset.

    "We have great belief in the potential future upside in ArborGen," chair Stephen Kasnet said at the meeting.

    It will also put the company in a position to achieve significant cost savings, he said. Rubicon took full ownership of ArborGen in June, after buying out its partners for US$29m.

    ArborGen is a global leader in advanced forestry genetics and has a pre-eminent intellectually property position with a portfolio of advanced products that do not require regulatory approval, Mr Kasnet said.


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