By Phil Boeyen, ShareChat Business News Editor
Tuesday 14th November 2000
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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.
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