Monday, 18 February 2019


SHINTR: RBC: SPH Notice - Sandell Asset Management Corp

14 Dec 2017 08:30NZX
Disclosure of movement of 1% or more in substantial holding or change in
nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the
end of the form.

To: NZX Limited
To: Rubicon Limited

Relevant event being disclosed:  Movement of 1%

Date of relevant event:   12 December 2017

Date this disclosure made:  13 December 2017

Date last disclosure made:  8 December 2017

Substantial product holder(s) giving disclosure

Full name(s):    Sandell Asset Management Corp.

Summary of substantial holding
Class of quoted voting products:  Ordinary Shares

Summary for:    Sandell Asset Management Corp.

For this disclosure,--
(a) total number held in class: 22,032,011
(b) total in class:   487,908,343
(c) total percentage held in class: 4.52%

For last disclosure,--
(a) total number held in class: 29,271,989
(b) total in class:   487,908,343
(c) total percentage held in class: 6.00%

Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:

The sale of a beneficial interest in 7,239,978 ordinary shares by Castlerigg
Master Investments, Ltd. at $0.1952 per share on between 8 December 2017 and
12 December 2017.

Details after relevant event
Details for:   Sandell Asset Management Corp.
Nature of relevant interest(s): Sandell Asset Management Corp. ("SAMC") is
the investment manager of Castlerigg Master Investments, Ltd. ("CMI").
Pursuant to investment management agreements with CMI, SAMC has the power to
control the acquisition, disposition or voting of the 22,032,011 ordinary
shares in Rubicon Limited beneficially owned by CMI.  The investment
management agreement with CMI grants SAMC the power to (i) invest the assets
of CMI directly, (ii) provide research and analysis and direct the
formulation of investment policies of CMI, (iii) do any and all acts it deems
necessary or advisable in connection with the maintenance and administration
of CMI, and (iv) exercise all rights of CMI (including the voting of
securities and other similar matters). The relevant interest arising under
the investment management agreement arises only from the powers of investment
contained in the investment management agreement.

For that relevant interest,--
(a) number held in class:  22,032,011
(b) percentage held in class:  4.52%
(c) current registered holder(s): HSBC Nominees (New Zealand) Limited
(d) registered holder(s) once transfers are registered:  no

For a derivative relevant interest, also--
(a) type of derivative:  N/A
(b) details of derivative:  N/A
(c) parties to the derivative:  N/A
(d) if the substantial product holder is not a party to the derivative,
the nature of the relevant interest in the derivative:      N/A

Additional information
Address(es) of substantial product holder(s): 540 Madison Avenue, 36th
New York, NY 10022, USA
Contact details:     Triet Leminh
+1 212 603 5816

Nature of connection between substantial product holders: N/A

Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Financial Markets Conduct Act 2013 in
relation to the financial products to which this disclosure relates:
Castlerigg Master Investments, Ltd.

I, Triet Leminh, certify that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly
authorised to make this disclosure by all persons for whom it is made.
End CA:00311892 For:RBC    Type:SHINTR     Time:2017-12-14 08:30:16
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