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Future Forests Quotes Additional Shares

Future Forests (Fiji) Limited (FFF) has quoted an additional 1,506,698 shares on the SPSE trading platform during pre-open session on Wednesday. This announcement was made by the South Pacific Stock
11 Nov 2016 11:01
Future Forests Quotes Additional Shares
Future Forests (Fiji) Limited

Future Forests (Fiji) Limited (FFF) has quoted an additional 1,506,698 shares on the SPSE trading platform during pre-open session on Wednesday.

This announcement was made by the South Pacific Stock Exchange (SPSE) chief executive Latileta Qoro.

She said the company issued the new shares due to the mandatory conversion of FFF notes into FFF shares on 1:1 basis as stipulated in the FFF Prospectus 2011.

Prior to this additional quotation of shares, Ms Qoro said FFF had successfully quoted a total of 7,600,000 shares under the private placement issue.

“Consequent to the conversion of all outstanding notes in FFFN to FFF shares, SPSE has also approved the delisting of FFFN from the SPSE Main Board,” she said.

“Based on its most recent (30 June, 2016) audited financial statements; FFF’s Price Earnings ratio (PE) now stands at -5.52 times with market capitalisation at $23,942,912.

“The Earnings per Share (EPS) for the company stands at -14.31 cents.

“FFF and FFFN first listed on the SPSE on 21st November 2011 as the only company to have listed two securities on the SPSE Main Board.”

Ms Qoro said the FFF focuses on the sustainable, large scale planting and harvest of one of world’s great hardwood timbers – TEAK.

Earlier this year, the company’s core assets, the Teak Plantations were majorly destroyed by Cyclone Winston.

Since then, FFF has been implementing measures to continue its operations and remain solvent to ensure business continuity.

The company has also constituted a new Board of Directors comprising of Roderic Evers as the Executive Chairman, Wilco Liebregts and Greg Cornwall.

FFF’s current market price is $0.79 per share with a total of 30,307,483 shares now quoted on the SPSE trading platform.

Ms Qoro added the trading in FFF shares is currently suspended whilst the current FFF board and management return the company back to financial stability post Tropical Cyclone Winston.

Also this is until such time the company satisfactorily meets the financial indicators and additional Ongoing Listing requirements put in place by the SPSE Listing Committee.

 



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