ASIC deregisters five timber schemes
The Australian Securities and Investments Commission (ASIC) has deregistered five former timber managed investment schemes (MIS) that had been managed by Kangaroo Island Plantation Timbers (KPT).
The five schemes were deregistered between 23-30 September, with timber growers given refund payments and an opportunity to purchases shares in the company.
When the share offer closed three former growers for KPT had applied for 1126 shares at $1.50 per share, down on the late August price for KPT of $1.64 per share but well up on the late June price of $0.004 per share.
The deregistration of the schemes follows a restructure of KPT in which it terminated all its MIS projects and closed it Western Australia operation and head office, making redundant all its Western Australian staff.
KPT moved its head office to South Australia and retains two senior officers of the group on a part-time basis as well as two full-time staff on Kangaroo Island.
It also suspended its loss-making saw milling operations after a fire in February of this year and will sell off its stockpile of timber while waiting for timber prices to lift before recommencing saw milling operations.
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