TIDMFSF
RNS Number : 3046N
Foresight Sustain. Forestry Co PLC
31 May 2022
31 May 2022
Foresight Sustainable Forestry Company Plc
("FSF" or "the Company")
Company Update and Notice of Results
Foresight Sustainable Forestry Company Plc, an investment
company that invests in UK forestry and afforestation assets, today
announces the acquisition of an afforestation site, the creation of
a Sustainability and ESG Committee, the launch of its Forestry
Skills Training Programme and the publication date of its Interim
Results.
Acquisition
On 6 May 2022, FSF completed the acquisition of Dove Hill. The
afforestation property is located near Dalry, Scotland and has a
total area of 70 hectares. The acquired property, well suited for
the establishment of a high-yielding woodland creation scheme, will
increase the total area of FSF's portfolio to 8,543 hectares.
Following the acquisition, the percentage (by value) of
afforestation sites in the portfolio has increased to 37%.
Successfully developing land for afforestation, which drives
returns through capital appreciation and access to voluntary carbon
credits, is a core part of FSF's strategy.
The site was acquired for GBP1.1m in aggregate (inclusive of tax
and other transaction costs). As a result, of the GBP130m raised at
FSF's IPO, just c.GBP3m remains available for further
acquisitions.
Sustainability and ESG Committee
FSF is also pleased to announce the creation of its
Sustainability and Environmental, Social and Governance Committee
("the Sustainability & ESG Committee"). The central purpose of
the Committee is to; have oversight of the Company's Sustainability
and ESG strategy, objectives, guiding principles and policies; to
assess and prioritise Sustainability and ESG risks and
opportunities; to monitor and assess the Company's adherence to
Sustainability and ESG objectives and key performance indicators
("KPIs"); and to oversee the preparation of a separate annual
Sustainability and ESG report.
FSF Board member Josephine Bush has been appointed to Chair this
Committee. FSF's investment strategy and operations have an
imbedded focus on Sustainability and ESG issues and the formation
of the Committee further reinforces the Company's commitment.
Forestry Skills Training Programme
In partnership with Tilhill Forestry Limited, the UK's leading
forest management, timber harvesting and landscaping company, FSF
is launching a Forestry Skills Training Programme. Initially
focused in Wales, the programme is targeted to extend to Scotland
and England in due course. The initiative will directly help rural
farming communities adapt to afforestation-related land use change
by providing local community members with the skills, training,
qualifications, and safety equipment required to seek employment in
the forestry sector.
Notice of Results
FSF will publish its Interim Results for the period to 31 March
2022 on Tuesday, 14 June 2022.
The Company will host a virtual analyst presentation at 9:00
a.m. (UK time) on Tuesday 14 June 2022. To register your interest
in attending the presentation, please contact Citigate Dewe
Rogerson at fsfc@citigatedewerogerson.com .
Richard Kelly, Co-Head of Foresight Sustainable Forestry
Company, commented:
"We are delighted to have completed another afforestation
acquisition which see FSF's IPO proceeds almost fully invested.
Investments into afforestation allow the Company to add significant
value when they achieve development milestones. They also initiate
additional carbon sequestration, increase the supply of sustainable
UK timber, as well as enhancing biodiversity levels and offering
societal benefits.
The formation of our Sustainability & ESG committee adds
further governance to FSF's aim of making a direct contribution to
the twin fights against climate change and biodiversity loss. We
are also proud to be launching with Tilhill our Forestry Skills
Training Programme - an exciting development which will benefit
local communities by supporting their participation in the
opportunities created by afforestation-related land use
change."
About the Company
Foresight Sustainable Forestry Company Plc ("the Company") is an
externally managed investment company investing in a diversified
portfolio of UK forestry and afforestation assets. Targeting a net
total return of more than CPI +5%, the Company provides investors
with the opportunity for real returns and capital appreciation
driven by the prevailing global imbalance between supply and demand
for timber; the inflation-protection qualities of UK land
freeholds; and biological tree growth of 3% to 4% not correlated to
financial markets. It also offers outstanding sustainability and
ESG attributes and access to carbon units related to carbon
sequestration from new afforestation planting. The Company targets
value creation as the afforestation projects successfully achieve
development milestones in the process of converting open ground
into established commercial forest and woodland areas. The Company
is seeking to make a direct contribution in the fight against
climate change through forestry and afforestation carbon
sequestration initiatives and to preserve and proactively enhance
natural capital and biodiversity across its portfolio. It is
managed by Foresight Group LLP. https://fsfc.foresightgroup.eu/
For further information, please contact:
Foresight Sustainable Forestry Company Plc
Robert Guest
Richard Kelly
fsfc@foresightgroup.eu +44 20 3667 8100
Jefferies International Limited
Neil Winward
Will Soutar +44 20 7029 8000
Citigate Dewe Rogerson
Toby Moore ( toby.moore@citigatedewerogerson.com
)
Jos Bieneman ( jos.bieneman@citigatedewerogerson.com
) +44 7768 981763
This announcement does not constitute, and may not be construed
as, an offer to sell or an invitation to purchase investments of
any description, or the provision of investment advice by any
party. No information set out in this announcement is intended to
form the basis of any contract of sale, investment decision or any
decision to purchase securities in the Company.
This announcement may include statements that are, or may be
deemed to be, "forward-looking statements". These forward-looking
statements can be identified by the use of forward-looking
terminology, including the terms "believes", "estimates",
"anticipates", "expects", "intends", "may", "will", "targeting" or
"should" or, in each case, their negative or other variations or
comparable terminology. All statements other than statements of
historical facts included in this announcement, including, without
limitation, those regarding the Company's financial position,
strategy, plans, proposed acquisitions and objectives, are
forward-looking statements.
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END
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