Published 20 September 2005
Evergreen Forests Ltd put the NZ Super Fund (the Cullen Fund) back into its backup position on Monday by signing the $115 million revised offer from James Fielding Funds Management Ltd for its North Island forests & land.
Evergreen chairman Peter Wilson said James Fielding’s new offer contained 2 principal changes â€“ the rise from $104.17 million to $115 million, trumping the Super Fund’s $112 million, and extension of the completion date from 30 September to 31 October.
The revised offer translates to about 34c/share in net distributable proceeds. James Fielding has also undertaken to work with Evergreen on a “best endeavours” basis to achieve an assignment of the Hancock Loanor Evergreen to avoid payment of the break fee under that loan. If all of the Hancock Loan break fee can be avoided, the net distributable proceeds are estimated to increase to 35.5c/share.
Mr Wilson said the distributable proceeds would be subject to a number of variables in the period to settlement, including exchange rates swap rates. These estimates also didn’t include any value attributed to the shell company.
The James Fielding offer will be put to shareholders on Monday 26 September. If it doesn’t win 75% support, the Super Fund offer will be put.
18 September 2005: Mirvac tops Cullen Fund bid for Evergreen
14 September 2005: 41% Evergreen shareholder opts for Super Fund bid
13 September 2005: Fielding gets funding OK for Evergreen bid
27 August 2005: Cullen Fund makes backup bid for Evergreen
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
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