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FLETCHER CHALLENGE LIMITED TO SELL METHANEX SHARES

 TORONTO, Dec. 9 /PRNewswire/ -- Fletcher Challenge Limited announced today that it has agreed to sell 58,645,976 common shares of Methanex Corporation to a group of Canadian underwriters who will in turn offer the shares for sale to the public. The purchase price is C$630,444,242, or C$10.75 per share, payable on an installment basis. The first installment of $4 per share will be payable on closing, the second installment of $3.50 per share will be payable on or before Dec. 30, 1994, and the final installment of $3.25 per share will be payable on or before Dec. 29, 1995. Prior to full payment, the common shares will be evidenced by installment receipts.
 The underwriting syndicate is led by Gordon Capital Corporation and includes RBC Dominion Securities Inc., ScotiaMcLeod Inc., and Burns Fry Limited.
 A preliminary short form prospectus is to be filed shortly in connection with the offering.
 Fletcher Challenge Limited also announced today that it has agreed to sell 15,503,876 common shares of Methanex Corporation to Nova Corp. for C$166,666,667, or C$10.75 per common share, payable on the same installment basis as for the public offering.
 In addition, Fletcher Challenge has an option under which it could receive cash of up to US$30 million (NZ$55 million) depending on the extent of increases in the Methanex share price over the next 15 months.
 -0- 12/09/93
 /CONTACT: M. Garrone, 416-340-0944/
 (NVA. MX. FLC.)


CO: Fletcher Challenge Limited; Methanex Corporation ST: Ontario IN: OIL SU:

TW -- NY030 -- 2164 12/09/93 11:12 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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