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Press Release from New Zealand Stock Exchange
15 January 2003
News Release
NZSE and Securities Commission to investigate trading in Fletcher Forests
The New Zealand Stock Exchange has requested that the Securities Commission investigate trading in Fletcher Forests which occurred yesterday, subsequent to the announcement received by the NZSE today regarding the sale of cutting rights.
The Securities Commission has confirmed that they will be looking at whether there may be any evidence of insider trading, ahead of the company's announcement.
In addition, the NZSE will be conducting a separate enquiry into all aspects of trading in the stock which occurred prior to the announcement by Fletchers, to ensure that all parties involved have complied with the new NZSE Conduct Rules.
The NZSE will be acting swiftly to resolve this matter, and will advise the market immediately of its findings.
For more information, contact:
Melissa Jenner
NZSE Limited
027-499-9881