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Kangaroo Island Plantation Timbers Ltd

Kangaroo Island Plantation Timbers completes $1 million share purchase plan

The share purchase plan was undertaken to allow shareholders to acquire new shares on the same terms as the recent institutional placement.

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The company is growing high-quality eucalyptus on Kangaroo Island

Kangaroo Island Plantation Timbers Ltd (ASX:KPT) has raised $1 million through a share purchase plan (SPP) with 483,250 shares issued at $2 each, a 14.9% discount to the last closing share price.

The funds will be used for additional approval costs, pontoon enhancements, pre-approval value engineering studies and increased contingency.

READ: Kangaroo Island Plantation Timbers secures additional land for its Smith Bay wharf site

The SPP comes after the company raised $10 million in February through an institutional placement of 4.67 million shares issued at $2 a share and a further 330,000 shares issued to directors.

New shares issued in the SPP are also at a 14.9% to the five-day volume weighted average price of $2.35.

The SPP was capped at $1 million and closed on March 12, 2019, with shares expected to be issued today and holding statements dispatch Wednesday, March 20.

Developing port operations

KPT owns 100% interest in substantial hardwood and softwood assets on Kangaroo Island off the coast of South Australia.

The company is in the process of finalising primary approvals to develop port operations on the island for the primary purpose of conducting a profitable operation exporting timber with minimal environmental impact.

Quick facts: Kangaroo Island Plantation Timbers Ltd

Price: $2.40

Market: ASX
Market Cap: $134.6 m
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