UK's Foresight Sustainable Forestry acquires 70-hectare Dove Hill afforestation property in Scotland, for £1.1M; site increases total area of FSF's portfolio to 8,543 hectares and is well-suited for establishing high-yielding woodland creation scheme

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LONDON , May 31, 2022 (press release) –

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.

 

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/

 

 

For further information, please contact:

 

Foresight Sustainable Forestry Company Plc

Robert Guest

Richard Kelly

fsfc@foresightgroup.eu 

+44 20 3667 8100

 

Jefferies International Limited

Neil Winward

Will Soutar

+44 20 7029 8000

 

Citigate Dewe Rogerson

Toby Moore (toby.moore@citigatedewerogerson.com)

Jos Bieneman (jos.bieneman@citigatedewerogerson.com)

+44 7768 981763

 

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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