5/2/2023 0 Comments Foresight capitalThere are also properties under option under an exclusive option agreement with Foresight Inheritance Tax Fund. All of the properties in the exclusive pipeline are located in Scotland. By value, the exclusive pipeline is split between afforestation (63%) and mixed afforestation and standing forestry (37%) properties. The exclusive pipeline includes 14 properties, spanning over 6,500 hectares and over £43.2 million of deployment opportunity (inclusive of tax and transaction costs), that all have headline terms agreed with the respective vendors and the company has been granted an exclusivity period to complete its due diligence and conclude the transaction. The company intends to increase the size of the portfolio by acquiring an imminent pipeline of 22 UK forestry and afforestation assets extending over more than 9,500 hectares, totaling c.£76.8 million of expected deployment (inclusive of tax and transaction costs). The properties (by value) are located in Scotland (80%), Wales (12%) and England (8%). The total size of the portfolio is 8,658 hectares, of which 37% by value are afforestation properties. Since the IPO in November 2021, FSF has acquired 40 individual properties. The company is now considered to have fully deployed the IPO proceeds of £130 million. The acquired property is well suited for the establishment of a high yielding woodland creation scheme and was acquired for £1.3 million (inclusive of tax and other transaction costs). On 13 June 2022, FSF completed the acquisition of Coed Doethie, an afforestation site located in Ceredigion, Wales, with a total area of 115 hectares. The offer for subscription is being made under an exemption against the need for an approved prospectus provided for under the Financial Services and Markets Act 2000 and consequently it will not exceed the sterling equivalent of €8.0m. The board believes it is important to ensure that current and new retail shareholders have the opportunity to participate. The placing constitutes a “Subsequent Placing” under the existing placing programme under the prospectus dated 28 October 2021. The majority of the board and both fund managers will also participate in the issue. ![]() The largest shareholder, Blackmead Infrastructure Limited, part of the Foresight Inheritance Tax Fund, has committed to subscribe for up to 29.99% of the shares available under the placing. It hopes to capitalise on a growing pipeline of potential acquisitions, of which £76.8m is under option or exclusivity. ![]() It is proposing to undertake a placing and an offer for subscription for new ordinary shares at a price of 107 pence per share. Foresight Sustainable Forestry has deployed its IPO proceeds and is ready to expand.
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