Key report in forest deal

By SIMON HENDERY

Fletcher Challenge Forests shareholders will hope that a lengthy document on the company's website today, and in their letterboxes this week, will help them see the wood for the trees.

Fletcher shareholders will be able to read the independent Grant Samuel and Associates appraisal report on Fletcher's plan to buy the $1.3 billion Central North Island Forest Partnership assets.

The company told the market last Thursday that Grant Samuel considered the deal to be fair and reasonable. The full report is being released on Fletchers' website (www.fcf.co.nz) ahead of a shareholder vote on the issue on August 13.

Tomorrow it will be the turn of IT Capital shareholders to weigh up a proposed deal, albeit on a smaller scale.

The technology firm's annual meeting is being asked to approve a plan for exo-net founders Maurice Bryham and David McKee Wright to swap their investments in three technology start-ups, plus cash, for a 41 per cent stake in the company.

The deal is opposed by Shareholders Association chairman Bruce Sheppard, who described it as "selling shareholders' hopes and prayers". Sheppard hopes to have enough proxies to scupper the plan.

Tranz Rail Holdings will tomorrow outline its plan and forecast earnings for financial years from next year to 2005. Tranz Rail shares hit a record low last week before recovering slightly.

The company, and shareholders, will hope that the briefing will help restore shareholder confidence, which has taken a beating since it issued a profit warning this month.