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British firm in Radicle overhaul of timber plans

09.06.2008

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UK firm Radicle has announced plans for a forestry investment vehicle, which will be called Radicle Timber Plantations.

Announcing its intentions in a regulatory announcement on the London Stock Exchange (LSE), the board said it would be looking at plantation forestry assets across the world, with initial focus on Australia and the Asia-Pacific region.

Targeting an initial investment of up to £40 million, Radicle Timber will look to offer ordinary shares on the AIM market of LSE and on the Channel Islands Stock Exchange.

Significantly, the firm will be looking to leverage value from green projects, saying it would be looking for plantations and investments on an "environmentally sustainable basis".

All of Radicle Projects' forestry assets will be owned by Radicle Timber, including the BioForest investment. In total the forestry assets are expected to exceed £10 million, with the result that Radicle Projects will no longer invest directly in forestry assets.

Tim Bennett, chief executive of Radicle Projects, commented: "We believe this development will benefit Radicle Projects and its shareholders by allowing Radicle Projects to diversify its forestry holdings through its shareholding in Radicle Timber, smooth cashflows, increase cash income, and build forestry management fees on an ongoing basis."

Myles Stewart-Hesketh has been appointed chairman of Radicle Timber, while Tim Bennett and Peter Johnson, currently directors of Radicle Projects, will also sit on the board.

This news item is brought to you by KMS Baltics in conjunction with Fest-Forest and EST KINNISVARA. Baltic forestry and property specialists

Click here to find out more about Timber Investment with us or call us on 00441668 213693

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