Mar 01, 2008 08:00
St Peter Port, Guernsey, March 01, 2008 - The Forest Company Limited ("The Forest Company" or the "Company"), a closed-ended investment company incorporated and registered in Guernsey, has successfully completed a USD 50 million equity issue. Investors have mainly been, besides management, Nordic institutional investors. The proceeds from the issue will be used to establish the first investments for the Company's targeted portfolio of investments in forest assets globally.
The Company raised USD 50 million by placing of 62.5 million redeemable ordinary shares of the Company at a price of USD 0.80 per redeemable ordinary share. Collins Stewart Europe Limited and E. Öhman J:or Fondkommission AB acted as financial advisors to the Company in connection with the placing.
J. Harald Örneberg, founder of The Forest Company and CEO of Timber Capital Limited, the Company's investment manager, said:
"We are pleased to see that several prominent Nordic institutional investors have given us theirconfidence and invested in The Forest Company. We have made significant progress in targeting investment opportunities in Brazil and we look forward to deploy the capital we have raised in our first investments, in line with our strategy."
For additional information, please contact:
J Harald Örneberg, CEO Timber Capital Limited, Member of the board The Forest Company. Tel: +46 730 44 48 25
About The Forest Company:
The Forest Company was founded in 2007. The business concept of the Company is to use experienced Directors and an Investment Manager, with expertise in the forestry and financial sectors, to build and sustainably manage a diversified portfolio of trees, timberland and other timber related assets. The emphasis will be on investments with high biological growth, directly or in partnership with major wood fiber consuming industrial entities or other suitable partners.
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