viewKangaroo Island Plantation Timbers Ltd

Kangaroo Island Plantation Timbers substantial shareholder lifts holding to 11.88%

Washington H. Soul Pattison and Co. Ltd has acquired a further 735,000 shares with a value of more than $1.653 million.

Kangaroo Island Plantation Timbers Ltd - Kangaroo Island Plantation Timbers substantial shareholder lifts holding to 11.88%
It is the investor’s fourth purchase of KPT shares this year

Kangaroo Island Plantation Timbers Ltd (ASX:KPT) substantial shareholder Washington H. Soul Pattison and Co. Ltd (ASX:SOL) has demonstrated further support for the company by purchasing shares with a value exceeding $1.653 million.

The purchase of 735,000 shares on November 12 takes the investor’s holding in the company to more than 6.66 million shares, representing 11.88%.

Stake worth $15.5 million

At the current share price of $2.33 the holding is valued at more than $15.5 million.

It was the fourth purchase in KPT this year by Sydney-based WHSP with three previous share purchases totalling in excess of 1.99 million shares.

KPT 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.

EIS Addendum

An Addendum to the company’s Draft Environmental Impact Statement (EIS) for the proposed KI Seaport has been released for public exhibition by South Australia’s Minister for Planning.

This formally modifies the design of the proposed facility to incorporate changes announced by the company on September 20, 2019, which reduce the environmental impact of the in-water structure.

The Addendum, which has been placed on public exhibition until Friday, December 20, 2019, addresses each of the criteria against which the marine component of the development is being assessed.

Landside MoU

KPT has also entered an MoU with Lucas Total Contract Services Pty Ltd with the intention of undertaking landside works and construction at the proposed Smith Bay wharf site.

The MoU creates a period of cooperation, exclusivity and confidentiality with a view to entering into a contract for the work.

This MoU with Lucas TCS is intended to complement the existing arrangements with Maritime Constructions Pty Ltd, which cover marine works at Smith Bay.

Both companies are long-standing and substantial South Australian family-owned businesses with experience of working on Kangaroo Island, and of working together.

The latest MoU is consistent with KPT’s commitment to use South Australian suppliers wherever possible.

Quick facts: Kangaroo Island Plantation Timbers Ltd

Price: 0.835 AUD

Market: ASX
Market Cap: $47.15 m

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