Kangaroo Island Plantation Timbers completed the purchase of the Kangaroo Island FIT estate

Posted May 15, 2017
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.

+7 499 6535608
Ordzhonikidze, 11 109028 Moscow, Russia


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