Kangaroo Island Plantation Timbers Ltd (KPT) completed the purchase of the Kangaroo Island FIT estate. The balance payable for settlement, including all costs, adjustments, fees and stamp duty, was approximately A$53 million ($39 million), as the company said in the press release received by Lesprom Network.
The Company has drawn down A$25 million ($18.5 million) from its debt facility with CBA to assist in completing the purchase. Funds from the recently-completed institutional placement and accelerated institutional entitlement issue were used for the balance of the acquisition costs, along with A$3.25 million ($2.4 million) in short-term unsecured debt, pending receipt of A$10.45 million ($7.7 million) from the retail component of the current entitlement issue. The retail component is underwritten by Petra Capital Pty Ltd.
The Managing Director of KPT, John Sergeant said: “With its expanded plantation estate, KPT now owns a globally-significant timber resource. We look forward to working with the local community and the South Australian government to develop a sustainable export timber industry on Kangaroo Island in the near future.”
Kangaroo Island Plantation Timbers is Australia’s only listed timber company. It manages a wholly-owned portfolio of hardwood and softwood forestry plantations on Kangaroo Island, South Australia.
