Evergreen sells West Coast forestry rights

Evergreen Forests Limited announced yesterday that it has sold its forestry rights on the West Coast for $3.4 million.

Chairman Peter Wilson said this was a further sale of peripheral forest assets to assist the consolidation of its forest estate.

He said the sale price was in excess of its June 30 carrying value.

Mr Wilson said the sale would not alter the distribution range outlined earlier this week.

On Tuesday an Australian investment fund, James Fielding Funds Management, revealed it was making a $104m bid for most of Evergreen's land and forestry assets.

Evergreen is to consider the fund's offer at a special sharehoders meeting in September.

Evergreen's shares were down 3c to 30c.

- NZPA