Evergreen Announces 30 June 2005 Forest Valuation
12 July 2005
EVERGREEN ANNOUNCES 30 JUNE 2005 FOREST VALUATION
Evergreen Forests Limited independently assessed forest valuation (excluding land) at 30th June 2005 is $ 90.6 million ($ 104.9 million at 31 December 2004).
Chairman, Peter Wilson said the reduced valuation by Jaakko Poyry Consulting was based on a lower price series for all log grades and a continuation of a 10% discount rate applied to future cash flows.
Mr Wilson noted that the competitive sale process was proceeding as planned with binding bids to be received by 15th July. The Board will initially consider offers at a meeting on 20th July. A further announcement will be made when the Board have completed their assessment.
Evergreen is a public company listed on the NZSX Market. The company owned or had cutting rights over 19,184 stocked hectares (47,404 acres) planted in fast-growing radiata pine at 31 December 2004. 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