Sharechat Logo

US forestry fund takes up FFS rights

By Phil Boeyen, ShareChat Business News Editor

Tuesday 14th November 2000

Text too small?
Fletcher Forests' largest shareholder, US-based Xylem Investments, has announced it will be taking up its full entitlement in the company's rights issue.

Xylem is a specialist forestry investment fund manager and owns 8% of FFS and has a rights' entitlement to 135.5 million preference shares.

Head of the fund manager, Stephen Hurley, says the stake in Fletcher Challenge Forests is a very important part of Xylem's investment portfolio.

The news has been welcomed by Fletcher Challenge CEO Michael Andrews.

"Xylem clearly recognises the value inherent within Fletcher Challenge Forests, and endorses both its strategies and the recapitalisation. Their view is consistent with other major shareholders of the Forests division."

The closing date for receipt of acceptances is December 8th.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

FCF woos Citic and Rubicon for CNIFP deal
Not us says Citic
Forests receiver has back up offer
Fletcher Forests to buy NI assets
Fletcher Forests confirms CNIFP interest
Writedowns hurt Rubicon first half
Farewell Energy, hello Rubicon
Fletcher vote still on
Special Report: The Future Of Fletcher
Legal action still possible in Fletcher Challenge insider case

IRG See IRG research reports