Foresight Sustain. - Company Update and Notice of Results

Foresight Sustainable Forestry

31/05/2022 07:00

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RNS Number : 3046N  Foresight Sustain. Forestry Co PLC  31 May 2022

31 May 2022

 

Foresight Sustainable Forestry Company Plc

("FSF" or "the Company")

 

Company Update and Notice of Results

 

 

Foresight Sustainable Forestry Company Plc, an investment company that invests
in UK forestry and afforestation assets, today announces the acquisition of an
afforestation site, the creation of a Sustainability and ESG Committee, the
launch of its Forestry Skills Training Programme and the publication date of
its Interim Results.

 

Acquisition

 

On 6 May 2022, FSF completed the acquisition of Dove Hill. The afforestation
property is located near Dalry, Scotland and has a total area of 70 hectares.
The acquired property, well suited for the establishment of a high-yielding
woodland creation scheme, will increase the total area of FSF's portfolio to
8,543 hectares. Following the acquisition, the percentage (by value) of
afforestation sites in the portfolio has increased to 37%. Successfully
developing land for afforestation, which drives returns through capital
appreciation and access to voluntary carbon credits, is a core part of FSF's
strategy.

 

The site was acquired for £1.1m in aggregate (inclusive of tax and other
transaction costs). As a result, of the £130m raised at FSF's IPO, just
c.£3m remains available for further acquisitions.

 

Sustainability and ESG Committee

 

FSF is also pleased to announce the creation of its Sustainability and
Environmental, Social and Governance Committee ("the Sustainability & ESG
Committee"). The central purpose of the Committee is to; have oversight of the
Company's Sustainability and ESG strategy, objectives, guiding principles and
policies; to assess and prioritise Sustainability and ESG risks and
opportunities; to monitor and assess the Company's adherence to Sustainability
and ESG objectives and key performance indicators ("KPIs"); and to oversee the
preparation of a separate annual Sustainability and ESG report.

 

FSF Board member Josephine Bush has been appointed to Chair this Committee.
FSF's investment strategy and operations have an imbedded focus on
Sustainability and ESG issues and the formation of the Committee further
reinforces the Company's commitment.

 

Forestry Skills Training Programme

 

In partnership with Tilhill Forestry Limited, the UK's leading forest
management, timber harvesting and landscaping company, FSF is launching a
Forestry Skills Training Programme. Initially focused in Wales, the programme
is targeted to extend to Scotland and England in due course. The initiative
will directly help rural farming communities adapt to afforestation-related
land use change by providing local community members with the skills,
training, qualifications, and safety equipment required to seek employment in
the forestry sector.

 

Notice of Results

 

FSF will publish its Interim Results for the period to 31 March 2022 on
Tuesday, 14 June 2022.

 

The Company will host a virtual analyst presentation at 9:00 a.m. (UK time) on
Tuesday 14 June 2022. To register your interest in attending the presentation,
please contact Citigate Dewe Rogerson at fsfc@citigatedewerogerson.com
(mailto:fsfc@citigatedewerogerson.com) .

 

Richard Kelly, Co-Head of Foresight Sustainable Forestry Company, commented:

 

"We are delighted to have completed another afforestation acquisition which
see FSF's IPO proceeds almost fully invested. Investments into afforestation
allow the Company to add significant value when they achieve development
milestones. They also initiate additional carbon sequestration, increase the
supply of sustainable UK timber, as well as enhancing biodiversity levels and
offering societal benefits.

 

The formation of our Sustainability & ESG committee adds further
governance to FSF's aim of making a direct contribution to the twin fights
against climate change and biodiversity loss. We are also proud to be
launching with Tilhill our Forestry Skills Training Programme - an exciting
development which will benefit local communities by supporting their
participation in the opportunities created by afforestation-related land use
change."

 

 

About the Company

Foresight Sustainable Forestry Company Plc ("the Company") is an externally
managed investment company investing in a diversified portfolio of UK forestry
and afforestation assets. Targeting a net total return of more than CPI +5%,
the Company provides investors with the opportunity for real returns and
capital appreciation driven by the prevailing global imbalance between supply
and demand for timber; the inflation-protection qualities of UK land
freeholds; and biological tree growth of 3% to 4% not correlated to financial
markets. It also offers outstanding sustainability and ESG attributes and
access to carbon units related to carbon sequestration from new afforestation
planting. The Company targets value creation as the afforestation projects
successfully achieve development milestones in the process of converting open
ground into established commercial forest and woodland areas. The Company is
seeking to make a direct contribution in the fight against climate change
through forestry and afforestation carbon sequestration initiatives and to
preserve and proactively enhance natural capital and biodiversity across its
portfolio. It is managed by Foresight Group LLP.
https://fsfc.foresightgroup.eu/ (https://fsfc.foresightgroup.eu/)

 

 

For further information, please contact:

 Foresight Sustainable Forestry Company Plc            +44 20 3667 8100

 Robert Guest

 Richard Kelly

 fsfc@foresightgroup.eu

 Jefferies International Limited                       +44 20 7029 8000

 Neil Winward

 Will Soutar

 Citigate Dewe Rogerson                                +44 7768 981763

 Toby Moore (toby.moore@citigatedewerogerson.com
 (mailto:toby.moore@citigatedewerogerson.com) )

 Jos Bieneman (jos.bieneman@citigatedewerogerson.com
 (mailto:jos.bieneman@citigatedewerogerson.com) )

 

 

This announcement does not constitute, and may not be construed as, an offer
to sell or an invitation to purchase investments of any description, or the
provision of investment advice by any party. No information set out in this
announcement is intended to form the basis of any contract of sale, investment
decision or any decision to purchase securities in the Company.

 

This announcement may include statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "expects", "intends", "may", "will",
"targeting" or "should" or, in each case, their negative or other variations
or comparable terminology. All statements other than statements of historical
facts included in this announcement, including, without limitation, those
regarding the Company's financial position, strategy, plans, proposed
acquisitions and objectives, are forward-looking statements.

 

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