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Sandell Asset Management Seeks Sale of Rubicon & Tenon, Expansion of Board
Date:10/10/2011

NEW YORK, Oct. 10, 2011 /PRNewswire/ -- In response to Rubicon's poor stock performance, Sandell Asset Management's Chief Executive Officer Thomas E. Sandell sent today the following letter to Rubicon's Board of Directors:

Board of Directors
Rubicon Limited
Level 3
7 - 9 Fanshawe Street
Auckland
New Zealand
Attn: Steve Kasnet, Chairman
Luke Moriarty, Chief Executive Officer

Dear Gentlemen:

As you are aware, funds managed by Sandell Asset Management Corp. ("Sandell") own approximately 41.1 million shares in Rubicon Limited (RBC NZ) ("Rubicon"), which represent approximately 14.4% of Rubicon's total outstanding shares. As a long-term investor in Rubicon, Sandell has financially and strategically supported Rubicon and its management over the past ten years. However, as we previously indicated to you, following the failure to launch the ArborGen IPO earlier this year, we have lost faith in the ability, or willingness, of Rubicon's current management to take the steps we believe are necessary to enhance shareholder value in the near term.  The company remains significantly undervalued in the public market, and we believe there are several opportunities the company should pursue to maximize shareholder value.

As we have previously indicated to you, we believe that Rubicon should pursue one of the following strategic alternatives to maximize its value: (1) sell Rubicon in its entirety; or (2) sell Rubicon's controlling interest in Tenon pursuant to an auction process, followed by ArborGen listing its shares for trading on the NASDAQ.  When we spoke earlier this year, you indicated that Rubicon could not focus on value-enhancing alternatives until it had addressed several refinancings that were in process at the time.  Those refinancings have been completed, and there should be no other excuse for your failing to promptly consider the strategic alternatives we have proposed.  

In additio
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SOURCE Sandell Asset Management
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