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Elders Announce Review of Forestry Assets
Elders has announced that it has commissioned Ernst & Young to conduct an independent review of its Forestry assets in light of sector and company specific developments.
The review will not examine strategy and operations, where Elders Forestry is well placed. Elders Forestry expects to be a strong and leading participant in the 2010 MIS market, having reached in principle agreement for investors to access bank finance.
- Operations performing to plan and not subject to review
- Report to board by end-April
- No anticipated impact for financial covenant compliance
- FEA shareholding re-classified as non-core asset held for sale
- FY2010 underlying earnings and financial covenants unaffected by non-recurring charge of $26.7 million to align FEA carrying value to market.
Read the full announcement.
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