Phaunos Timber Fund Ltd All-cash offer - 3 July 2018
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Phaunos Timber Fund Ltd All-cash offer – 3 July 2018
Disclaimer
IMPORTANT: YOU MUST READ THE FOLLOWING BEFORE CONTINUING. THIS PRESENTATION IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
This presentation has been prepared by or on behalf of Stafford Capital Partners Limited ("Stafford") in connection with the proposed acquisition (the
"Proposed Acquisition") of the entire issued and to be issued share capital of Phaunos Timber Fund Limited ("Phaunos") by Mahogany Bidco Limited
("Stafford Bidco"). By receiving this presentation or by reading the presentation slides, you agree to the conditions set out below. This presentation
(including any oral briefing and any question-and-answer session in connection with it) is for information only and is not intended to and does not
constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any jurisdiction, in connection with the Proposed Acquisition or otherwise, nor shall there be any
sale, issuance or transfer of securities by Phaunos in any jurisdiction in any contravention of applicable law.
The release, presentation, publication or distribution of this presentation in jurisdictions other than the United Kingdom and Guernsey may be affected by
the laws and regulations of those jurisdictions. Persons who are not resident in the United Kingdom or Guernsey, or who are subject to the laws of any
jurisdiction other than the United Kingdom or Guernsey, should inform themselves about, and observe any applicable requirements. It is your
responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. Any failure to comply with the applicable legal
or regulatory requirements may constitute a violation of the laws and/or regulations of any such jurisdiction. To the fullest extent permitted by applicable
law, the companies and persons involved in the Proposed Acquisition disclaim any responsibility and liability for the violation of such restrictions by any
person.
The Proposed Acquisition relates to the shares of a company domiciled in Guernsey and is subject to English law, Guernsey law and the City Code on
Takeovers and Mergers (the "Code") and information disclosed may not be the same as that which would have been disclosed in accordance with the laws
of jurisdictions outside England and Guernsey. Plane shareholders in the United States should be aware that this presentation have been or will be
prepared in accordance with English law, Guernsey law and the Code and applicable disclosure requirements, format and style thereunder, all of which
differ from those in the United States. The Proposed Acquisition will be made in the United States pursuant to applicable US tender offer rules, including
Regulation 14E under the Exchange Act, and securities laws and otherwise in accordance with the requirements of English law, Guernsey law, the Code,
the UK Panel on Takeovers and Mergers, the London Stock Exchange and the Financial Conduct Authority. Accordingly, the Proposed Acquisition will be
subject to disclosure and other procedural requirements, including with respect to withdrawal rights, offer timetable, settlement procedures and timing of
payments that are different from those applicable under United States domestic tender offer procedures and law. The Proposed Acquisition will be made in
the United States by Stafford Bidco and no one else. It may be difficult for US holders of Phaunos securities to enforce their rights under and any claim
arising out of the US federal securities laws, since Stafford Bidco and Phaunos are located outside the United States, and some or all of their officers and
directors may be resident outside the United States. US Phaunos shareholders may not be able to sue a non-US company or its officers or directors in a non-
US court for violations of the US securities laws. Further, it may be difficult to compel a non-US company and its affiliates to subject themselves to a US
court's judgement and a US court may lack jurisdiction over such persons.
2Disclaimer (continued)
None of Stafford, its shareholders, subsidiaries, affiliates, associates or their respective directors, officers, partners, employees, representatives and advisers
(the "Relevant Parties") makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this
presentation, or otherwise made available, nor as to the reasonableness of any assumption contained in such information, and any liability therefor
(including in respect of direct, indirect, consequential loss or damage) is expressly disclaimed. No information contained herein or otherwise made
available is, or shall be relied upon as, a promise, warranty or representation, whether as to the past or the future and no reliance, in whole or in part,
should be placed on the fairness, accuracy, completeness or correctness of such information. None of the Relevant Parties has independently verified the
material in this presentation. Nothing in this presentation constitutes a quantified financial benefits statement for the purposes of Rule 28 of the Code and
no statement in this presentation is intended as, or should be construed as, a profit forecast or profit estimate.
This presentation and other information published by Stafford or Stafford Bidco may contain statements which are, or may be deemed to be, "forward
looking statements". Forward looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and
projections of the management of Stafford or Stafford Bidco (as applicable) about future events, and are therefore subject to risks and uncertainties which
could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. The forward-looking
statements contained in this presentation include, among others, statements relating to the potential exposure of Phaunos to market risks, and statements
expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions. Although Stafford and Stafford Bidco believe that the
expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct. By
their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the
future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such
forward-looking statements. Such forward-looking statements should therefore be construed in the light of such factors. All forward-looking statements
contained in this presentation are expressly qualified in their entirety by the cautionary notes contained or referred to in this section, and you are cautioned
not to place undue reliance on these forward-looking statements. Neither Stafford nor Stafford Bidco nor any of its or their associates or directors, officers
or advisers, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements
in this presentation will actually occur. Other than in accordance with their legal or regulatory obligations, neither Stafford nor Stafford Bidco is under any
obligation, and both Stafford and Stafford Bidco expressly disclaim any intention or obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Certain financial data has been rounded. As a result of this rounding, the totals of data presented in this presentation may vary slightly from the actual
arithmetic totals of such data.
3Introduction
• Stafford confirm an all-cash offer of US 49 cents/share for the entire issued, and to-be issued, share capital
of Phaunos Timber Fund Ltd (Phaunos)1.
• Stafford considers this to be a strong bid based on the following:
• It represents a premium to the Phaunos 31 December 2017 NAV after adjustments are made for FX
movements to 30 June 2018 and the compulsory share redemption completed in January 2018;
• The acquisition of all of the assets, including GTFF, NTP, and Aurora, which are not part of the
current sales process;
• Being a fully funded bid via Stafford’s SIT VIII fund (which made its final close in April 2018 at USD
612.5 million);
• Stafford’s expected timetable is 3-4 months compared with a 14-20 month timetable estimated by the
Phaunos Board, with potential for further extensions. The cost to Phaunos shareholders of this longer
process is estimated at US 3-4 cents/share.
• Stafford’s all-cash offer provides a fair value for the assets, and much greater certainty for shareholders,
relative to a potentially drawn out realisation process.
1 www.rns-pdf.londonstockexchange.com/rns/3473T_12-2018-7-3.pdf?_ga=2.89973597.710942691.1530602488-621228861.1488831067
4Stafford offer vs Phaunos NAV (with adjustments)
• Stafford’s all-cash share offer of USD 244.2 million (US 49 cents/share) represents a premium to Phaunos’ 31
December 2017 NAV after adjusting for FX movements to 30 June 2018, and considering the post-year end
share redemption.
• Stafford estimates that FX movements to 30 June 2018 may reduce Phaunos’ 31 December 2017 NAV by USD
14.1 million (US 2.8 cents/share).
• The compulsory share redemption in January 2018 will have reduced the NAV by USD 25 million.
NAV NAV adjusted for share redemption Variance in NAV
at 31 December 20171 and FX movements to 30 June 2018 due to FX
USDm US cents/share % of total USDm US cents/share % of total USDm US cents/share
Matariki Forests 165.3 30.3 59% Adjusted for FX 2 -----> 157.2 31.5 65% -8.1 -1.6
Other assets 56.8 10.4 20% Adjusted for FX 3 -----> 50.8 10.2 21% -6.0 -1.2
Aurora Forestal 10.8 2.0 4% 10.8 2.2 4%
Cash 47.4 8.7 17% Less USD 25m share redemption 4 -----> 22.4 4.5 9%
Net Asset Value 280.3 51.4 100% 241.3 48.4 100% -14.1 -2.819
Ordinary shares in issue (m) 545.5 498.4
1
Source : Phaunos Timber Fund 2017 Annual Accounts
2
Source : Bloomberg 29 June 2018 (USD 1 = NZD 1.4770)
3
Source : Bloomberg 29 June 2018 (USD 1 = BRL 3.8474)
4
Source : http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PTF/13491436.html
Stafford believes its Cash Offer represents a premium to Phaunos’ adjusted NAV at 30 June 2018.
5Matariki Forests value
• Phaunos’ 23.01% interest in Matariki Forests (Matariki) is the principal asset held by the company (comprising 59% of
Phaunos’ 31 December 2017 NAV).
• Matariki’s NAV has increased by 32% over the past 2 years. This uplift in value has been due to 2 key factors:
• Rising log prices (refer to Slide 7)
• A compressing trend in discount rates applied to NZ timberland (refer to Slide 8)
NAV of Phaunos' interest in Matariki Forests
170
160
NAV (USD million)
+32%
150
140
130
120
110
100
2010 2011 2012 2013 2014 2015 2016 2017
Source : Phaunos annual reports (www.phaunostimber.com/investor-
information/financial-reports)
Matariki value has increased by 32% in 2 years.
6New Zealand – export log prices
A-grade log export prices in New Zealand
• Export log prices have historically been 160
subject to considerable volatility.
140
• Prices are now at a cyclical high, having
120 +80%
risen by 80% from the previous low point in
NZD/m3 (at wharf gate)
September 2015. 100
• Stafford believes that there is an increased 80
risk of log price volatility going forward, 60
which may reflect in pricing for forest assets
in the region. 40
20
0
Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18
Source : PF Olsen
Export log prices are at historical highs.
7New Zealand – timberland discount rates
Discount rates applied for New Zealand timberland
• Recent years have seen a declining trend in 9.5%
discount rates being used in timberland
9.0%
valuations.
Real, pre-tax discount rate
8.5%
• This mirrors a similar trend in the US, and
8.0%
points towards incoming investors with
lower costs of capital, increasing 7.5%
competition for assets, and decreasing 7.0%
return expectations from the asset class. 6.5%
• Stafford estimates that a 100 basis point 6.0%
drop in the discount rate applied to 5.5%
Matariki could add approximately US 2 5.0%
cents/share to Phaunos’ overall value. 2014 2015 2016 2017
• However, Stafford views this downward Source : Published financial statements (see Appendix 1 for further detail)
trend as unlikely to persist in the current
rising interest rate environment.
Limited room for further discount rate compression.
8Brazil – Mata Mineira
• The dominant wood demand in Minas Gerais is for charcoal in the iron and steel industry. This sector has
struggled to recover to its pre-2008 crisis levels, with 2017 pig-iron sales volume being 60% lower than in 2007.
• As a result there is now a substantial annual surplus of wood raw material in the region. This has negatively
impacted wood prices, presented significant challenges in maintaining cashflow, and severely limited
investment activity in the region.
Brazil : Non-integrated pig-iron sales Wood balance in Minas Gerais (2016)
12 60
Domestic Export 48.8
40% of supply
10 45 potential has no
60% lower market
30
8 than 2007 19.8
Million tonnes
levels
Million m3
15
6
0
4
-15
2
-30
-29.0
0
-45
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Sustainable production Consumption Surplus
Source : Sindifer 2017 Yearbook Source : Phaunos 2016 Annual Report
Brazilian charcoal markets are substantially oversupplied.
9Brazil – Eucateca
• Located in the southern part of Mato Grosso state, the only accessible eucalyptus wood markets consist of low-
value biomass fuel for drying agricultural products (soybean and corn).
• The plantation is largely mature, with almost 1.8 million m3 of standing eucalyptus timber available to harvest.
However, total annual sales have been less than 2% of this supply due to the lack of markets.
• The inability to convert its harvesting potential into cashflow will likely limit buyer interest for this asset.
Scale of Eucateca’s 2017 wood sales Wood balance in Eucateca locality (2016)
relative to its available supply
4
3.2
Eucateca standing 2.0
2
eucalyptus timber supply
of 1.8 million m3
Million m3
0
-1.2
-2
Eucateca 2017 sales of
circa 30,000 m3
-4
Sustainable production Consumption Surplus
Source : Stafford estimate based on Phaunos
2016 & 2017 Annual Reports
Source : Phaunos 2016 Annual Report
Eucateca is currently selling less than 2% of its supply potential.
10Uruguay – Pradera Roja
Green blocks =
• A substantial part of the existing standing timber sold to
UPM
plantation area was included in a
harvesting right sold to UPM during
2015.
• This right expires in 2022, and until it is
exercised the underlying land is Sold in
2017
effectively encumbered.
• Value and desirability of the remaining
plantations is likely to be impacted by:
• Their small, sub-scale area
• The plantations being immature,
and thus having limited short-term
cashflow potential
Source : Phaunos 2015 Annual Report
Substantial part of Pradera Roja is encumbered by harvesting rights that only expire in 4½ years.
11Other assets
• The current sales process being run by Poyry Capital is for only 4 out of the 7 Phaunos assets.
• Phaunos has stated that there are significant unknowns around the timeline for realising the other assets.
• It is expected that some level of working capital will have to be held back by the Board to cover ongoing costs until these
processes are concluded, together with ultimate liquidation expenses.
Phaunos Board asset realisation estimate of 14-20 months
• Withdrawn from initial sales process citing, “limitations on the amount of available due
diligence information provided by the majority shareholder, alongside a number of
Aurora Forestal matters of concern raised by the Company's Uruguayan counsel”. ???
• Phaunos Board announces on 29 June 2018 that Phaunos has exercised its rights to
initiate a voluntary exit mechanism.
• Principal asset was sold in 1Q2016 – a loan note linked to this sale remains
outstanding.
GreenWood Tree • The intention since then has been to realise the remaining assets – but this has been
???
Farm Fund (GTFF) hampered by supply commitments to a local veneer mill. The Phaunos Board states
that a pending legal claim is payable, substantially settled post-year end, although
Stafford has no visibility on the current status of this.
National Timber
• Fund has been in liquidation since 2012 ???
Partners (NTP)
The current sale process does not include 3 of the 7 Phaunos assets.
12Comparison of realization timelines
Stafford’s expected offer timetable is 3-4 months, compared with a 14-20 month timetable estimated by the Phaunos
Board and which has potential for further extensions.
2018 2019 2020
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Stafford offer
Phaunos : current asset realisation process ? ?
Expressions of interest received
Phaunos : other assets ? ? ? ? ? ? ? ? ? ? ? ? ? ?
= estimated timing within which transaction(s) will be completed
Stafford expect that the expressions of interest (EOIs) received to date by the Board will be:
• Non-binding
• Subject to Due Diligence
• Subject to regulatory approval
• The EOIs should be compared against Stafford’s all-cash offer for 100% of the assets
Stafford’s offer is expected to complete within 3-4 months.
13Impact of time value of money
• Stafford expects that potential realisation values would be reduced by US 3-4 cents/share once the time value of
money is considered.
• This assumes that all assets are sold, and that these sales occur midway through the Board’s estimated 14-20
month realisation timeline. If these assumptions are not met the reduction could become significantly larger.
FX adjusted NAV as at 30 June 2018 Scenarios on asset realisation outcomes
USDm USD/share % of total Scenario A Scenario B Scenario C
Matariki Forests 157.2 0.315 65% 157.2 157.2 177.2
Other assets 50.8 0.102 21% 38.1 50.8 50.8
Aurora Forestal 10.8 0.022 4% 10.8 10.8 10.8
Cash 22.4 0.045 9% 22.4 22.4 22.4
Net Asset Value 241.3 0.484 100% 228.6 241.3 261.3
Nominal value realised (US cent/share) = 45.9 48.4 52.4
Time value of money = 3.2 3.4 3.7
Present value of asset realisation process (US cent/share) = 42.6 45.0 48.7
Scenario A: Assumes Matariki will sell at NAV, and a 25% discount is needed to sell the other assets.
Scenario B: Assumes that all assets are sold for NAV.
Scenario C: Assumes that a premium to NAV of USD 20m is realised for Matariki, and that all remaining assets are sold for NAV.
All Scenarios: Assume that all assets are sold. This is not certain, and failure to achieve this will result in lower realisation values.
All Scenarios: Assume that all assets are sold within 14-20 months. Longer timeframes will result in lower realisation values.
The Board will need to realise a current value of US 3-4 cents/share more than Stafford’s offer in order to
compensate for the longer timeframe expected for an asset realisation process.
14Phaunos’ Board highlights the many risks
and uncertainties
“Given that the timber assets held by the Group are illiquid, that “the disposal of the Company’s New Zealand assets are impacted by
there are few comparable historic transactions and that the the need for a potential buyer of those assets to comply with the
universe of possible buyers of those assets is limited to a small requirements of the New Zealand Overseas Investment Office ("OIO")”
group of market participants and differentiated asset to asset, the
Board’s estimates of gross realisation proceeds are inherently
It is Stafford’s observation that OIO currently takes 9 months or more
uncertain. Valuation subjectivity is amplified in the current wind-
to process applications, However the OIO has stated that it will give
down scenario.”
priority in exceptional circumstances, such as to accommodate other
statutory timeframes (e.g. takeover regulations).
Stafford’s offer provides certainty on value together with a
rapid exit timeframe. “The jurisdictions in which some of the
properties are located have slow-moving
administrative and legal regimes, creating the
possibility of guarantees, warranties and escrow
“There is risk of post-sale tax assessments in accounts.”
Brazil, whereby buyers and sellers can be held
jointly liable for certain taxes, even post-sale.”
Stafford’s all-cash offer eliminates any need for guarantees,
warranties or escrow accounts.
Stafford’s all-cash offer eliminates this risk.
“The sale of a diverse portfolio across multiple
jurisdictions and geographies presents a
“The Group has significant exposure to the New Zealand Dollar complex sales transaction with many variables.”
and Brazilian Real.”
Stafford provides certainty of the sale for 100% of the assets
Estimated US 2.8 cents/share decrease in last 6
via a single corporate transaction.
months due to FX.
Stafford’s offer provides certainty of sale for the entire Phaunos portfolio.
15Cambium Global Timberland Ltd : Case study
• A liquidation process can take a Cambium NAV vs market cap
significant period of time - 80
Cambium has still not sold all of 30 November 2012
Liquidation of fund announced
its assets 5½ years after 70
24 April 2014
commencing a liquidation process. Asset Sale (GBP 5.4m)
• At the time of Cambium’s 60
14 May 2014
liquidation decision in 2012 its Asset Sale (GBP 5.7m)
NAV was GBP 68 million1. 50
GBP million
29 August 2014
• To date GBP 5 million has been Asset Sale (GBP 1.2m) 29 August 2017
40 Asset Sale (GBP 2.4m)
returned to shareholders, and the 27 January 2015
NAV has fallen to GBP 16 million 30
Tender Offer (GBP 5m)
in May 20181.
• Admin fees, plus property 20 May 2018
management and operating costs 51%
have totalled GBP 14 million since 10 discount
to NAV
20121.
• The Phaunos Board have indicated 0
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Oct
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Oct
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Oct
Apr
Apr
Apr
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Apr
Apr
Apr
Jul
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an estimated 14-20 month
realisation timeline with the 2012 2013 2014 2015 2016 2017 2018
potential to be extended.
Net Asset Value (NAV) Market Cap
Cambium’s wind-up has taken 5½ years and to date has returned only GBP 5m from a starting NAV of GBP 68m.
1 Cambium financial reports ( www.cambium.je/financials )
16Timeline and next steps
• Forms of acceptance for Shareholders (where required) will accompany Stafford’s formal offer document
expected to be released in the second half of July 2018.
• The first closing date for shareholder acceptances will be no earlier than 21 days after the posting of the offer
document.
• The entire process is expected to be completed before the end of October 2018.
Indicative Phaunos completion timeline via an all cash offer 1
JULY AUGUST SEPTEMBER OCTOBER
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M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W T F S S M T W
1 Process milestone Timing
1.1 Stafford announce all-cash offer
1.2 Distribute offer document to shareholders D-Day
1.3 First closing date 2 D+21
Latest date for Phaunos to publish
1.4 D+39
material new information
Acceptances can be withdrawn if not now
1.5 D+42
unconditional
Latest date for Stafford to send revised
1.6 D+46
offer document
13h00: latest time by which acceptances
1.7 D+60
can be received
17h00: latest time by which announcement
of acceptances and purchases can be
1.8 D+60
made, subject to extension with consent of
Panel
Midnight : latest time by which offer must
be declared unconditional as to
1.9 D+60
acceptances, subject to extension with
consent of Panel
Earliest date on which offer can no longer
be accepted (assuming offer became
1.10 D+74
unconditional as to acceptances on Day
60)
All other conditions to the offer must be
1.11 D+81
satisfied
Last day for sending of consideration to
1.12 D+95
Phaunos shareholders
1 Assumes that the Offer Document is posted on 18 July. Except with the consent of the Panel, the Offer Document must be published within 28 days of the Rule 2.7 announcement.
2 Assumes a first closing date of 21 days after the publication of the Offer Document.
Note: The timeline above is based on the assumption that consent from the NZ OIO is obtained within the timeline indicated.
17Conclusion
• Stafford believes that it’s Cash Offer of US 49 cents/share represents fair value and a good opportunity for
Phaunos Shareholders given that:
• It represents a premium to Phaunos’ NAV as at 31 December 2017 of USD 51 cents/share (after having
been adjusted downwards for FX movements and the compulsory redemption of Phaunos shares
announced in January 2018);
• it covers the entirety of the Phaunos asset portfolio, including GTFF, NTP, and Aurora, which are not
part of the current sales process, thereby eliminating the risks associated with an extended realisation
process;
• Sale of all of the assets is achieved via a single transaction;
• Stafford’s expects to complete its offer process in 3-4 months, which will provide Shareholders with an
accelerated exit compared with the 14-20 month timeframe estimated by the Phaunos Board, and
which has the potential to be extended further;
• Stafford estimates that the time value of money cost for its process relative to the Board’s asset
realisation process is US 3-4 cents/share;
• the Cash Offer is fully funded from Stafford’s SIT VIII Fund.
18Appendix 1 – Definitions, sources, and
bases of calculation
In this presentation, unless otherwise stated, or the context otherwise requires, the following sources and bases of
calculation have been used:
• Historical financial information relating to Phaunos has been extracted or derived from the Phaunos 2017 Annual
Report released on the London Stock Exchange or from previous Annual Reports published on the company’s
website.
• References to Matariki Forest’s NAV refer to the value of the 23.01% interest in that company held by Phaunos,
and not to the entire asset.
• The 14-20 month timeline estimated by the Phaunos Board for the asset realisation process commences from the
date of publication of its 2017 annual accounts at the end of April 2018.
• The 3-4 month timeline estimated by Stafford for its all-cash offer commences from the announcement
confirming its intent to make an offer for Phaunos.
• In adjusting Phaunos’ 31 December 2017 NAV for exchange rate movements Stafford has used the following
rates sourced from Bloomberg for 29 June 2018:
• USD 1 = BRL 3.8474
• USD 1 = NZD 1.4770
• Source for discount rates used in valuing New Zealand timberland comprises published financial statements of
the following companies; Greenheart NZ Holding Company; Forestry Fund 9 NZ; GTI 8 NZ; Kaingaroa
Timberlands; Nelson Forests; Pan Pac Forest Products; Sunchang Forestry NZ; Taumata Plantations; Tasman Bay
Forest Company; Te Waihou Plantations; Tiaki Plantations Company; Timbergrow Plantations Company; and
Wenita Forest Products.
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