Forest Enterprises secures its funding
FOREST ENTERPRISES AUSTRALIA LIMITED 2002-06-27 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++ Forest Enterprises Australia Limited (FEA) today announced that it had successfully negotiated long-term financial arrangements with its existing bankers and another leading independent financial institution.
The Interim Chief Executive Officer of FEA, Chris Oldfield, said that the arrangements represented a secure platform from which FEA could look towards further expansion in the forest products and plantation industries.
"The arrangements we have settled today, include new funding of $6m and a restructure of the existing facilities to provide total facilities from these two institutions of approximately $11m" Mr Oldfield stated.
"The stability that these arrangements offer, come at a time when the Company is carefully exploring strategic options for expansion consistent with the Company's aim of becoming a significant participant in Australia's forest products industry though vertical integration and the value adding to its timber resource."
For further information:
Mr Andrew Webb COMPANY SECRETARY Ph (03) 6334 7811 Mobile 0407 810 901
FEA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
