Aug 02, 2010 08:00
St Peter Port, Guernsey, 1st August, 2010 - The Forest Company Limited ("The Forest Company" or the "Company"), a closed-ended investment company incorporated and registered in Guernsey, announces that the Net Asset Valuation ("NAV") as at June 30th, 2010 is USD 178,037,745 or USD 8.2306 per share.
After the successful closure of a second round of fundraising in May 2010, The Forest Company took in a further USD 126 million. As predicted, we have experienced a degree of 'cash drag', although the June 30th NAV has still climbed from the average share price of the fundraise.
The Forest Company calculates NAV on a quarterly basis.
For additional information, please contact:
Sally-Anne Baron, Timber Capital Limited + 1 441 295 4737
About The Forest Company:
The Forest Company is a vehicle that combines socially and environmentally responsible forestry investment with unique potential for stable and attractive returns through the participation in the value chain of competitive and sustainable industries.
The Forest Company is a closed-end investment company established in 2007 in order to take advantage of investment opportunities in trees, timberland and timber related assets. We focus on forest plantations in areas with high biological growth rates, such as Australia, Brazil, Chile, New Zealand, Panama and Uruguay, with an initial emphasis on Brazil. In March 2008, we raised USD 50 million in equity capital in a private placement to institutional investors. We have committed the majority of the funds, USD 43 million, to the company's first two investments, both located in Brazil. In May 2010 we raised a further USD 126 million through the same means. We have committed the initial capital to the company's first two investments, both located in Brazil. We are currently working to deploy the new funds raised.
We aim to build a diversified timberland portfolio in terms of age, class and species that is intended to maximise the risk/return profile. We believe that this approach will generate both long-term capital appreciation for Shareholders and an attractive and sustainable income yield.