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Re: [sharechat] CAH FFS

From:	"Allan Potts" <ajp7079@excite.com>
Date:	Sat, 24 Jan 2004 13:39:44 -0500 (EST)


David,

Many thanks, exactly the type of information I was looking for.  I can do the 
math.

Thanks again,

Allan




 --- On Sat 01/24, David & Jill Stevenson < djstevo@quicksilver.net.nz > wrote:
From: David & Jill Stevenson [mailto: djstevo@quicksilver.net.nz]
To: sharechat@sharechat.co.nz
Date: Sat, 24 Jan 2004 20:27:47 +1300
Subject: Re: [sharechat] CAH FFS

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
<META content="MSHTML 6.00.2800.1276" name=GENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY bgColor=#ffffff>
<DIV><FONT face=Arial size=2>It is very difficult to attempt a rule of thumb 
per 
acre price of standing timber as the principal forestry companies use complex 
formulae for their forests.Valuations would incrementally increase�from 
year of planting to valuation date. Because they practice reafforestation 
allied 
to economic felling the overall valuation would be a reflection of composite 
factors over the maturity period of growth.</FONT></DIV>
<DIV><FONT face=Arial size=2>�� Fletcher Forests sold to a consortium 
106,000 hectares� ( I have seen varying figures for the total) for $725 
million . 71,000 hectares was sold as freehold</FONT>�<FONT face=Arial 
size=2> and the balance was leasehold ex the Government and ,I think, a variety 

of primary Maori interests� with the attendant complexities that type of 
tenure involves.. Because of differing nature of tenure it is difficult to 
arrive at a uniform standard price . CAH is putting up 330,000 hectares for 
tender. </FONT></DIV>
<DIV><FONT face=Arial size=2></FONT>�</DIV>
<DIV><FONT face=Arial size=2>�� As a guide, neighbouring Kaingaroa 
Forest of 150,000 ( approx. 50% of CAH Holding)� has been estimated to be 
convertible from stump situation to pastureland at $11,500 per hectare. Good 
quality dairy farms are selling for $20,000 per hectare . Because of low 
returns 
on export Logs the premium factor of dairy farming potential is becoming more 
significant in valuations of what was once� primarily forestry investment. 
</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT>�</DIV>
<DIV><FONT face=Arial size=2>�� I have not supplied you with the 
arithmetic of an answer but trust some of the above might help you 
proceed.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT>�</DIV>
<DIV><FONT face=Arial size=2>���� David 
Stevenson</FONT></DIV></BODY></HTML>
<p>

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