LOGO Tenon
Wood Solutions to the World NEWS RELEASE
TO: THE BUSINESS EDITOR
From: Paul Gillard - Director, Corporate & Legal Services, TENON LIMITED
Telephone: 64-9-571 9846
Fax: 64-9-571 9872
Please note: If you do not receive 2 page(s) including this page, or if any page
is not readable, please call the Marlene Krone immediately on telephone 64-9-571
9808.
Information on Tenon Limited can be found at http://www.tenon.co.nz.
STOCK EXCHANGE LISTING: NEW ZEALAND (TEN) (TENPA)
================================================================================
VOTES CAST AT ANNUAL SHAREHOLDERS' MEETING
Auckland, 23 December 2004 - The following is a summary of the votes cast at the
Company's Annual Shareholders Meeting held on 22 December 2004.
- -------------------------------------- --------------------- ---------------------- ---------------------
NUMBER OF SHARES Total Votes Votes for Votes Against
- -------------------------------------- --------------------- ---------------------- ---------------------
Capital Return - Ordinary 51,635,226 51,429,913 205,313
- -------------------------------------- --------------------- ---------------------- ---------------------
Capital Return - Preference 135,027,240 134,901,725 125,515
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect A (Tony) I Gibbs 186,045 692 185,612,895 432,797
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect M J Andrews 185,589,035 173,825,857 11,763,178
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect M C Walls 185,540,184 185,258,079 282,105
- -------------------------------------- --------------------- ---------------------- ---------------------
Fix Auditors' remuneration 186,285,667 186,079,514 206,153
- -------------------------------------- --------------------- ---------------------- ---------------------
Adopt proposed constitution 186,103,903 185,673,660 430,243
- -------------------------------------- --------------------- ---------------------- ---------------------
- -------------------------------------- --------------------- ---------------------- ---------------------
NUMBER OF HOLDERS, POSTAL VOTES AND Total Holders Holders for Holders Against
PROXIES
- -------------------------------------- --------------------- ---------------------- ---------------------
Capital Return - Ordinary 2,064 1,885 179
- -------------------------------------- --------------------- ---------------------- ---------------------
Capital Return - Preference 1,575 1,459 116
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect A (Tony) I Gibbs 1,882 1,748 134
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect M J Andrews 1,854 1,627 227
- -------------------------------------- --------------------- ---------------------- ---------------------
Re-elect M C Walls 1,833 1,743 90
- -------------------------------------- --------------------- ---------------------- ---------------------
Fix Auditors' remuneration 2,052 1,998 54
- -------------------------------------- --------------------- ---------------------- ---------------------
Adopt proposed constitution 2,000 1,882 118
- -------------------------------------- --------------------- ---------------------- ---------------------
Following Tenon's ASM and announcement of the conditional sale of its Structural
Solutions business yesterday, the Board has determined that:
|X| In accordance with the NZX Listing Rules requirements, Michael Walls,
Michael Andrews and Rodger Fisher are independent Directors of the
Company. Tony Gibbs and Luke Moriarty are not independent Directors,
because they are both Directors of the Rubicon Limited (whose subsidiary
companies own 50.01% of Tenon), and in addition Luke Moriarty is Chief
Executive Officer of Rubicon; and
|X| It will review the Company's capital structure and dividend policy
following completion of the Structural Solutions transaction, which is
expected to close in the first quarter or early second quarter 2005.
ENDS