Rubicon to report in US dollars

Rubicon has adopted the United States dollar as its functional currency.

The decision follows a similar move by the investment company's 51 per cent subsidiary, Tenon, last month.

Rubicon says it has converted $64 million in New Zealand dollar-denominated cash deposits into US$45 million as a result of the change.

Shares in Rubicon last traded on Friday at $1.10.

- NZPA