20 February 2015 - Rubicon 2014 Interim Review is available online now.  Click here to view.

Rubicon Limited is a New Zealand-based holding company which listed on the main board of the New Zealand Stock Exchange in March 2001.

The Company has two investments:

Tenon Limited which is also listed on the main board of the New Zealand Stock Exchange and in which Rubicon has a 59.5% ownership interest; and

ArborGen Inc in which Rubicon has a 31.7% ownership interest.

The Board of Rubicon consists of six directors:

  • Stephen Kasnet (Chairman)
  • Hugh Fletcher
  • Bill Hasler
  • George Karaplis
  • David Knott (who has a 28.277% relevant ownership interest in Rubicon)
  • Luke Moriarty (Chief Executive Officer)

Full CVs of the Rubicon Board of directors are available in the 2014 Annual Review.


Tenon is a wood products processing, marketing and distribution business, focusing on the high value moulding and millwork markets in the United States. Tenon has strong supplier relationships for finished mouldings and boards with the independent pro dealer segment and has channels into two of the largest home improvement chains in the United States: Lowe's and indirectly The Home Depot. Tenon also supplies appearance grade lumber to a number of US moulding and millwork manufacturers.

As well as providing a channel to market for Tenon's New Zealand products, Tenons distribution businesses also source significant quantities of finished mouldings and millwork products from other suppliers. Tenon's activities are reported in its annual and interim reports. These can be downloaded from Tenon's own website at

Luke Moriarty (Chairman), George Karaplis and Stephen Kasnet serve on the Tenon board of directors.


ArborGen is a leading global provider of conventional and next generation plantation tree seedling products for the forestry industry. With a long history of research and development, its advanced genetic technologies develop trees that offer forest landowners outstanding silvicultural performance and financial return. With these advanced genetics, ArborGen helps landowners ensure the maximum productivity of their forests - providing outstanding growth and yield to address the world's growing need for wood from purpose grown forests whether for construction, appearance purposes such as furniture and flooring, paper and packaging, energy or chemical products.

Through innovations in both conventional breeding and biotechnology, ArborGen develops high-value seedling products that significantly improve the productivity of a given area of land by enabling it's customers to grow trees that yield more wood per acre with greater consistency and quality in a shorter period of time.  These advanced and technology-enhanced products are designed to improve growth rates, yields, stress tolerance, uniformity, wood quality and processing efficiency of trees.

Combining superior nursery management practices and methods, conventional tree breeding, species selection, advanced tree improvement and biotechnology to produce trait-specific superior trees, ArborGen is working to ensure that its customers get the most out of every tree they grow.

ArborGen operates in many of the largest forestry markets in the world with over 7,000 active customers.  It has research and has production facilities in the United States, Brazil, New Zealand and Australia.  In the year ended March 31, 2014, ArborGen sold 265 million seedlings, making them one of the largest providers of tree seedlings to the commercial forestry industry in the world. ArborGen's products include Loblolly Pine, Radiata Pine, Eucalyptus and other hardwood species used in plantation forestry. These are among the most widely-planted commercial species in the world.

ArborGen's website is

Luke Moriarty and Dr Bruce Burton (Senior Vice President of Rubicon) serve on the ArborGen board of directors.


Full descriptions of our business activities and the current issues facing the Company can be found in our Annual and Interim Reports, which can be down-loaded from this website (click here). The history of our announcements to the NZX is also available (click here).


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