Timbercorp forestry investor growers have thrown their support behind TC Growers, a consortium that has signalled an interest in acquiring Timbercorp assets and establishing a new forestry company.
At a series of public meetings held around the country, investor growers voted unanimously to work with TC Growers to obtain an independent forest enterprise valuation.
"An independent, whole-of-enterprise valuation will assist the investor growers and our consortium and its potential financial partners to understand the commercial options," TC Growers spokesperson John Roche said in a statement.
"Based on any offers that come from that, investor growers will be in a far stronger position to decide if they want to remain in the MIS (managed investment scheme) or sell their trees to the consortium."
TC Growers is a consortium made up of timber industry superannuation fund First Super, an international investor, the Penola Pulp Mill and the management of Timbercorp Forestry.
"First Super is supportive of the processes and see it as a positive thing," First Super spokesperson Phil Davey said.
According to Davey, the independent valuations will be co-owned by the grower investors even if they decide not to go ahead with the TC Growers deal.
"We are trying to be ethical as the investor growers have gone through enough," Davey said.
The final meeting with investor growers concluded yesterday in Adelaide and next week TC Growers will continue its consultations, meeting several hundred landowners who lease their land to Timbercorp Forestry.
Meanwhile, the Supreme Court of Victoria is still hearing the case involving Timbercorp liquidator KordaMentha as it attempts to wind up 14 almond and olive projects.
"Negotiations have been going since 7am Monday morning. They were unable to come to a resolution so proceedings are ongoing," Garnaut Private Client Advisers and Timbercorp Growers Group representative Chris Rylands said.
