Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Kiwi Forests Grp. Withdraws From Tarawera Sale

Kiwi Forests Group Limited Withdraws From Forest Sale

STOCK EXCHANGE LISTINGS: NEW ZEALAND, AUSTRALIA, NEW YORK (FFS).

Kiwi Forests Group Limited Withdraws From Sale of Tarawera Forestry Right

Auckland, 30 January 2004 – Kiwi Forests Group Limited advised Fletcher Challenge Forests today that it was not in a position to satisfy the financing condition in respect of the NZ$165 million purchase of the Tarawera forestry right. Kiwi Forests Group Limited was required, under the Sale and Purchase Agreement entered into on 18 December 2003, to confirm finance by 30 January 2004. Accordingly, Kiwi Forests Group will not be acquiring that forestry right.

Commenting on the decision not to proceed with the Tarawera forestry right sale to Kiwi Forests Group Limited, John Dell, the Company’s Chief Executive Officer, said: “We are naturally disappointed that Kiwi was not able to confirm its financing within the agreed timeframe. However the Tarawera forest is a high quality, mature forest estate. The Company will revert to The Campbell Group who previously sought to acquire this forest.”

The implications for the forest sale and the consequential capital return are fully explained in the Company’s Notice of Meeting dated 16 January 2004, which is available on the Company’s website (www.fcf.co.nz).

As previously advised to the market and explained in the Notice of Meeting, there are no financing conditions on the balance of the forest estate being sold, which comprises NZ$560 million of the total NZ$725 million sales price. The balance of the forest estate is being sold to three purchasers, Kiwi Forests Group Limited, The Ontario Teachers’ Pension Plan and Viking Global New Zealand Limited.

The Company is seeking shareholders’ approval for the balance of the forest sale at a special shareholders’ meeting, which will be held in Auckland on 20 February 2004.

Ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Foodstuffs: New World & Four Square Trial NZ’s First Grocery Delivery Offer With Uber Eats

New World & Four Square have partnered with Uber Eats to unlock the first grocery offering available on the platform in Aotearoa. For New World and Four Square it’s yet another way to put New Zealanders first, particularly with those inevitable last-minute grocery needs... More>>

Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>



ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>