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FORESTRY
Agreement to enter into a Land Agreement
An Agreement with a Grower by which Elders Forestry Management Limited agrees to enter into a Land Agreement with a Grower in respect of an identifiable area of land for the purpose of establishing, maintaining and harvesting a tree crop.
Applicant
A person or other entity who submits a valid Application Form pursuant to this PDS.
Application
An application for interests in the Project that is received and/or accepted (as the context requires) by Elders FM.
Application Form
The application form attached to or accompanying this PDS pursuant to which an Applicant applies to enter into a Land Agreement and a Management Agreement for the Project.
Application Fund
A trust account which holds moneys paid by Applicants at the time of Application to enter into a Management Agreement and a Land Agreement in respect of the Project.
ASIC
Australian Securities and Investments Commission.
ATO
Australian Taxation Office
Clearfall
The final Harvest when all remaining trees of a Product are cut down. Clearfell and Clearfelling have corresponding meanings.
Clearfall Harvest Commencement Date
The date declared by Elders FM as the commencement of Clearfall Harvest for a Product.
Clearfall Proceeds
The amount paid by a Purchaser in respect of Clearfall, for the relevant Product.
Constitution The constitution that establishes the Project.
Cooling - off Right
As defined in sections 1019A and 1019B of the Financial Services Reform Act (Cth) 2001 and as set out in Section 14.5.
Costs of Harvest and Marketing
The cost of Harvesting, transporting, chipping, stockpiling and loading and including insurance after Clearfall Harvest Commencement Date.
Elders Forestry
Elders Forestry (ACN 069 762 634), the parent company of the Elders Forestry Group - the contractor engaged by Elders Forestry Management Limited for site evaluation, establishment and maintenance.
Elders Forestry Group
Elders Forestry (ACN 069 762 634) and its controlled entities.
Elders FM
Elders Forestry Management Limited (ACN 081 643 147) - the Responsible Entity for the Project.
Establishment Services
The various services associated with establishment of trees on a Grower's Plantation Unit provided by Elders FM in consideration of receipt of the Establishment Services fee.
Establishment Services fee
The fee payable for Establishment Services under a Management Agreement.
FOB
Free on board (insurance and shipping charges excluded from price quoted).
Forestry Management Agreement
An agreement between Elders Forestry Management Limited and Elders Forestry, pursuant to which Elders Forestry is engaged as a contractor of Elder FM to provide the services which are required to be provided to Growers by Elders FM as Establishment Services and Management Services.
Grower
A participant in the Project.
GST
Goods and Services Tax.
Gympie Messmate
The species Eucalyptus cloeziana
Gympie Messmate Woodlot
An area of approximately 0.075 hectares established with Gympie Messmate.
Harvest
Harvest includes Thinning and the Clearfall Harvest, and means the cutting down of, or otherwise removing the whole or part of the Planting Option Tree Crop. "Harvesting" and "Harvested" have corresponding meanings.
Harvest Proceeds
The proceeds from sale of timber harvested from a plantation, less the Costs of Harvest and Marketing, plus the net carbon revenue (being proceeds from sale of carbon rights net of transaction costs).
Head Interest
The agreement between the owner or lessee of a Property and Elders FM, pursuant to which Elders FM leases or takes a profit à prendre over the Property.
High Value Timber Option
Investment in plantations of native Australian hardwoods managed primarily for the production of high value sawlogs from harvesting between 15-20 years after planting. It is expected that commercial wood products will be produced from thinning the plantations approximately 6-8 years after planting.
Independent Forester
The independent forester whose report appears at Section 11 or other independent forester that Elders FM may appoint from time to time.
ITC Timberlands
ITC Timberlands Pty Ltd (ACN 089 781 840) a member of the Elders Forestry Group. It may own some of the land on which the Project will be established.
Land Agreement
An Agreement with a Grower which gives the Grower an interest in a specific area of land for the purpose of establishing, maintaining and harvesting a tree crop and includes an Agreement to enter into a Land Agreement, where appropriate.
Land fee
The fee payable under a Land Agreement.
Landowner
The registered owner of land the subject of a lease or profit à prendre with Elders FM.
Management Agreement
An Agreement with a Grower whereby the Grower appoints Elders FM to establish and manage his/her Plantation Units.
Management Plan
The detailed management plan for the development and management of a plantation.
Management Services
Various services provided by Elders FM in consideration of receipt of the Management Services fee.
Management Services fee
The fee payable for Management Services under a Management Agreement.
MIS
Managed Investment Scheme as defined in section 9 of the Corporations Act 2001 (Cwlth).
PDS
Product Disclosure Statement
Plantation Unit
In the case of the High Value Timber Option an area of land of 0.75 hectares comprising a Tasmanian Blue Gum Woodlot, a Spotted Gum Woodlot, a Red Mahogany Woodlot and a Gympie Messmate Woodlot.
In the case of the Pulpwood Option the area of a Pulpwood Unit may vary depending on the productivity of the property (see Section 11 for further information). Each Unit to be an area assessed as capable of producing 225 cubic metres of pulpwood from Clearfall harvest at approximately 10 years after planting. Pulpwood Units may vary between 0.8 to 1.25 hectares.
Planting Option
High Value Timber Option or Pulpwood Option as the context requires.
Planting Option Proceeds
Harvest Proceeds in respect of each Planting Option.
Power of Attorney
A formal agreement that empowers Elders FM to represent, and act on behalf of, Growers for certain purposes, as defined in Section 19 of this PDS.
Proceeds Fund
The fund established by Elders FM to hold income from the Project pending distribution to Growers.
Product
In the case of the High Value Timber Option, Tasmanian Blue Gum, Spotted Gum, Red Mahogany or Gympie Messmate as the context requires. In the case of the Pulpwood Option, the species planted for the Pulpwood Option.
Product Disclosure Statement
This Product Disclosure Statement.
Product Ruling
PR XXX/XXX issued by the ATO for the Project.
Productivity
The volume of timber expected to be harvested over the life of the plantation.
profit a prendre
An instrument used in Queensland that establishes the same rights as a lease
Project
ITC Hardwood Project 2008 (ARSN **)
Project Agreements
The Constitution, Land Agreement and Management Agreement.
Property
The area of land that is the subject of a Head Interest on which a plantation is to be established.
Pulpwood
Eucalyptus globulus and other Eucalyptus or Corymbia species
Pulpwood Option
Investment in plantations of native Australian hardwoods managed for the production of pulpwood from a once-only harvest approximately 10 years after planting. It is not expected that the pulpwood plantations will be thinned.
Purchaser
The party or parties with whom Elders FM contracts to sell the timber produced from the plantations.
Reasonable Terms
In respect of insurance, terms and conditions considered reasonable by the Independent Forester.
Responsible Entity
Elders Forestry Management Limited (ACN 081 643 147).
Red Mahogany
The species Eucalyptus pellita
Red Mahogany Woodlot
An area of approximately 0.075 hectares established with Red Mahogany.
Rotation
The period from establishment to Clearfall of a plantation.
Services Agreement
An agreement between Elders FM and Elders Forestry, pursuant to which Elders Forestry agrees to provide the services of appropriate personnel and provide support for the administrative activities of Elders FM.
Spotted Gum
The species Corymbia maculata (formerly Eucalyptus maculata).
Spotted Gum Woodlot
An area of approximately 0.075 hectares established with Spotted Gum.
Suitability Report
A report prepared by Elders FM that assesses the suitability of a site for use in the Project. The methodology employed by Elders FM when assessing a site has been endorsed by the Independent Forester.
Tasmanian Blue Gum
The species Eucalyptus globulus
Tasmanian Blue Gum Woodlot
An area of approximately 0.525 hectares of Tasmanian Blue Gum.
Terms Payment
An option whereby Growers may (subject to the approval of Elders FM) pay the Establishment Services fee over a period of 11 monthly instalments in accordance with the Terms Payment Agreement.
Terms Payment Administration fee
A fee of $275 (GST inclusive) payable by a Grower who elects to pay the Establishment Services fee by Terms Payment.
Terms Payment Agreement
The terms and conditions of Terms Payment as contained in Section 14.7 of this PDS.
Thinning
The selective removal of a proportion of the trees of a Product at different times during the Rotation.
Unit
Plantation Unit
Woodlot
A specified area of land of either Tasmanian Blue Gum, Spotted Gum, Red Mahogany or Gympie Messmate in the High Value Timber Option.
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