UK manager grows Aussie forestry co
UK-based agribusiness manager Radicle Projects is launching a new investment company based on Australian forestry assets.
Radicle Timber Plantations will list on the AIM markets of the London Stock Exchange and the Channel Islands Stock Exchange.
The fund manager plans to raise £40 million to invest in projects that can be developed on an environmentally sustainable basis.
To seed the fund, Radicle Projects will transfer all of its forestry investments into the new fund. These include its Australian Paulownia hardwood plantation and its BioForest investment, which are valued at $21 million.
Radicle Projects chief executive officer Tim Bennett said separating the forestry assets from the company would be a positive outcome for shareholders.
The parent will continue to own a stake, between 15 and 20 per cent, in the new forestry company and will earn management fees from it. The move will also enable Radicle Projects to evolve into a soft commodities manager, as it will no longer invest in forestry assets, Bennett said.
Radicle Timber will have Bennett and fellow project director Peter Johnson on the board and Myles Stewart-Hesketh will be chairman. Stewart-Hesketh is a director of a number of agri-science and investments organisations in Australia and internationally.
Recommended for you
The financial advice industry has enjoyed another week of strong new entrant numbers, totalling nearly 40 for the past fortnight, thanks to the latest exam passes.
Momentum Media’s wealth publishing network – comprising InvestorDaily, ifa, SMSF Adviser, Money Management, and Super Review – is proud to launch the annual Australian Wealth Management Awards.
Investment information firm Equity Story has signed a binding heads of agreement to acquire South Australian financial advisory and stockbroker Baker Young for $4.2 million.
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
