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Kangaroo Island Plantation Timbers substantial holder WHSP lifts interest to 10.57%

Washington H. Soul Pattinson and Co. Ltd now holds more than 5.925 million shares valued in excess of $14.8 million.

Kangaroo Island Plantation Timbers Ltd - Kangaroo Island Plantation Timbers substantial holder WHSP lifts interest to 10.57%
KIPT has a portfolio of hardwood and softwood forestry plantations

Kangaroo Island Plantation Timbers Ltd (KIPT) (ASX:KPT) substantial shareholder Washington H. Soul Pattinson and Co. Ltd (WHSP) (ASX:SOL) has lifted its interest in the company to 10.57% through transactions this year.

After two purchases of more than 654,000 shares with a total value of $1.307 million earlier in the year, on October 11 WHSP acquired almost 1.34 million shares valued at almost $3.282 million.

The Sydney-based investor now holds in excess of 5.925 million shares, which at the last trading price are valued at more than $14.8 million.

KIPT shares closed at $2.50 on Monday and since September 16 have risen from $2.12, reaching a new 12-month high of $2.58 on October 8.

Proposed export facility

The company has timber plantations on South Australia’s Kangaroo Island and is proposing to build an export facility for timber products at Smith Bay on the island’s north coast.

This seaport proposal is proceeding through the approvals process with the company preparing a response to public and government agency comments on the draft environmental impact statement (EIS).

Design modification

KIPT recently revealed that it has modified the design of in-water structures to further reduce the dredge quantity and to provide a mechanism for water circulation.

The company’s board believes the cost impact, estimated at about $9 million will likely be more than offset by benefits.

Quick facts: Kangaroo Island Plantation Timbers Ltd

Price: 2.33 AUD

ASX:KPT
Market: ASX
Market Cap: $130.67 m
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