Evergreen Forests Mandates Investment Bank
News Release - 14th January 2005
EVERGREEN FORESTS MANDATES INVESTMENT BANK
Listed forestry investment company Evergreen Forests Limited announced today that it has mandated Forsyth Barr to advise the company on asset sale and recapitalisation options.
Company Chairman Peter Wilson said that "as announced at the Annual General Meeting on 29th October, the company had addressed revision of its cost structure but needed to strengthen its financial position".
Mr Wilson said "while debt has been reduced by $8.3 million since June, 2004, and costs have been cut, these steps have not proved to be enough under current market conditions. Investment banking advice would identify and progress available options and the Evergreen Board plans to meet initially with its advisors in February and report further to shareholders in the Interim Report to December 2004. This report is expected to be available mid March."
Evergreen is a public company listed on the NZSX Market. The company owns or has cutting rights over 19,461 stocked hectares (48,089 acres) planted in fast-growing radiata pine. Its forest properties are principally located in Northland, South Auckland, the East Coast and the West Coast of the South Island.
The company's web site is located at: www.evergreen.co.nz
For information on the NZSX Market and the company's share price on the NZSX Market, please go to: www.nzx.com