Following an extensive and thorough process over a four-year period the Directors of the Tenth Forestry Investment Plan Plc can now confirm that the sale of the company’s forestry portfolio to a European purchaser has completed. During this period the Directors engaged with a number of interested parties, with the final offer received from the successful bidder being in excess of previous offers from other interested parties. The Directors are satisfied that they have achieved the best possible price for the forestry portfolio.
The European purchaser will manage the forestry assets with their own management team and the Directors of the Tenth Forestry Investment Plan Plc will no longer be involved in managing the portfolio.
The company’s auditors will now prepare a Statement of Affairs and following completion, a dividend distribution will be declared and Preference Shares will then be redeemed shortly thereafter by the company. Until such time as the Statement of Affairs is completed we will not be in a position to advise the level of dividend distribution.
Preference Shareholders will be issued with a single cheque which will be inclusive of the dividend distribution and the Preference Share redemption. The Directors expect to have the combined dividend distribution and Preference Share redemption cheque to investors prior to Christmas.
This is a major international vote of confidence in the future of the Irish forest industry, securing employment for those operating across the sector, from forest establishment companies to timber processors and we wish the new purchaser well in their future endeavours.
Nope, they intended to sell after 10 years, in the case of the 10th fund they have done it after 11 but its not a case washing hands. Merely selling assets.Does the above statement reek of "we're washing our hands of this".
Sunday Times article, behind a paywall so.Forestry investors out of the woods after years of uncertainty".
THOUSANDS of retail investors are set to recover the combined sum of €30m that they put into woodlands, after the sale by Irish Forestry Funds (IFF) of 10,000 acres of semi-mature plantations to a European private-equity fund.
The deal ends years of uncertainty. Some of the investors have been waiting since 2012 to get their money back. IFF confirmed that those who had invested between 2002 and 2005 would recover, before Christmas, their cash plus a tax-free return — although returns will fall far short of the 8.5%-9.6% a year that had been projected.
The investments were made in nine separate unregulated funds, from the fourth forestry investment plan in 2002 to the 12th plan in 2005. The woodlands held under all of these plans have been sold as a single lot.
3FIPMy girlfriend was sure she has invested in one or more of these but she can only find a letter referring to the 3rd forestry fund in 2012, anyone know what happened with that one?
What you think is irrelevant, shareholders have no say here, we are lucky to get any return back at all, final judgement will be made when cheques arrive, im glad this saga is coming to and end.I followed up again today to ask for more information on the likely return to shareholders. I was told under no circumstances would the Directors provide this or even an estimate. I find this unacceptable. While our shareholder status is non-voting, that does not excuse the Directors of their fiduciary duties. They plan to issue cheques without disclosure of the return obtain & the bid process & other offers on the table. I for one have no way of being sure that the deal agreed is the the best one on the table or in the best interests of the preferred.