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RuralAus Investments acquires additional land on South Australia’s Kangaroo Island

Last updated: 15:10 03 Apr 2013 AEDT, First published: 14:10 03 Apr 2013 AEDT

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RuralAus Investments (ASX: RUR) has purchased an additional 1,936 hectares of land on Australia’s third largest island, Kangaroo Island in South Australia, for A$150,000.

The company currently manages timber plantations, which offer the potential for returns in the longer term, as well as other potential benefits such as carbon sequestration rights.

RuralAus also owns the Timber Creek Sawmill located at Parndana on Kangaroo Island.

Following this latest acquisition, RuralAus now owns a total of 8,849 hectares of land on Kangaroo Island.

The new property comprises four separate blocks and is close to some of RuralAus’ existing land.

Currently, 883 hectares is planted with mixed species, mostly eucalyptus; 413 hectares is cleared, but not planted with trees – this includes firebreaks; and 640 hectares comprises native vegetation.

At current prices the trees have little or no value, however RuralAus believes that, over time, it can recover more than it paid for the blocks.

RuralAus is currently undertaking an underwritten renounceable rights issue to raise up to $1.5 million.

The company is offering 7.5 new shares for each share held at $0.003 each.

RuralAus is guaranteed at least $1.1 million of the total with around $1.05 million in underwriting agreements as well as two directors agreeing to take up their rights entitlements in full.


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