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Evergreen Forests Announce Land Values
22 July 2005
Evergreen Forests Announce Land Values
As signalled in its announcement yesterday, Evergreen Forests Limited has now received valuations for its land assets of $43.5million(excluding improvements) at 30th June 2005.
The assessed fair market value allows for the fact that there is a forestry crop on much of the land that may restrict any future development potential until the crop is harvested. The newly appraised land value is $16.9 million higher than the carrying value of land in the company's books. The forestry crop value of $90.6 million has been announced previously.
Chairman Peter Wilson said this higherland valuewould be reflected in the statement of accounts for the period to 30th June 2005.
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. For further information contact Mr Peter Wilson 0274 440 418. 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
ENDS
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