Published: 27 August 2005
The Cullen Fund (NZ Superannuation Fund) has put in a backup $112 million bid for Evergreen Forests Ltd’s forests & land, topping by $7.8 million the offer from James Fielding Funds Management Ltd which is going to shareholders for approval.
Evergreen chairman Peter Wilson said the company received the unsolicited backup offer for substantially all of its forests & land at 5.30pm on Thursday, 25 August. It would also be subject to shareholder approval, but first required Evergreen shareholders to turn down the conditional James Fielding offer, or Evergreen to be released from that contract.
The Super Fund offer is for the North Island forest & land assets, as well as the Pakawau & Pupu forests in the South Island.
Evergreen owns or has cutting rights over 18,959 stocked hectares planted predominantly in pine and principally in Northland, South Auckland & the East Coast.
Mr Wilson said the company anticipated its notice of a special shareholders’ meeting to consider sale or recapitalisation options would be sent to shareholders in early September. This meeting would allow shareholders to consider clear options and determine the future path for the company.
The Super Fund bid came as Evergreen announced its annual result â€“ its 3rd successive annual loss.
27 August 2005: Evergreen loss increases to $18 million as new bid made
22 July 2005: Evergreen talks wind-farming as it ponders forests sale
13 May 2005: Evergreen bidders go to due diligence
15 January 2005: Evergreen calls in investment bankers to advise on its future