Third Irish forestry fund.

I live in Dublin and I get most of my local post the following day.

I see that the financial statements have now been added to the IFS home page. If the cheques were posted on Friday, there was nothing to stop Paul Brosnan placing an announcment to that effect on the website.

No post here either

I got a response to my email. She confirmed cheques were posted Friday and that they would be with clients on Tuesday based on the information from the postal carrier.

antietam1 wrote: »

Thanks for that Tuesday it is, will have to stay in in case a signature reqd.

Am guessing here - but my guess is not required.

Theres no way they sent perhaps 30K letters registered post. Would take them forever to do so.

IrForestryQ wrote: »

Just got information on the original land price per acre.

Apparently it was 1000per acre back 21 years ago and now the land should be worth around 5000per acre!!

This means just taking the value of the land into the share price thats a 5X return, 3250per share! NOT TO MENTION THE TREES HAVE ALSO GROWN! WHERE HAS THE VALUE GONE!?!

Have the management/auditors failed in there duties to be fair and protect the shareholders as they have clearly not factored this into the value of the land in the sales price!?

This is disgusting!

Would be interesting to see if the fees Brosnan and Co. get under the new owners are in line with industry norms or surprisingly high.

I imagine this was a key element of the "competitive" bidding process.

Unless their share of the takings were channeled directly to offshore bank accounts or some other kind of remuneration, 10 years of excessive management fees would probably do the job.

galwaytt wrote: »

Has anyone got a copy of the 7th fund prospectus they could scan/copy for me ? I have the ones for the 3rd and 4th.

They’re all up on the Fund page, first column: https://www.irish-forestry.ie/irish-forestry-funds.html

Tow wrote: »

"They transfer land from the 2nd Fund to the 3rd Fund?"


I think its good - I am in the 3rd fund!

On a serious note this all looks shady as xxxx. Hopefully they will be forced to explain how the hell 1300 euro return on an investment targeted to achieve 36000 can be accompanied by letters saying how good it is!

I have no problem with the 36000 not been achieved - knew it wouldn't be a long time ago - but even a quarter of it would do me fine right now!

antietam1 wrote: »

It as far as I know is 3000 shares some people have more than one, the shares are very far away Dougal.

Approx 3000 shares per fund - 17 funds to post so thats over 50K letters.

Agree that many people will have multiple shares but expect they will all come individually. So if you had three shares in different funds I think you will get three letters and cheques. I know I got multiple letters in May announcing the great news!

Unless the money is still resting in the account

Dougal might have a better idea what's going on than those in charge!

AXA certainly didn't buy into a looser.
Veon said we should sell.
Axa give veon contract to maintain .
Something smells.

Once we signed on the dotted line we gave them permission, it all in the prospectus. Have you read it?

For the research I've done in relation to forests (here & in Europe), timber prices, Sikka Spruce pests I have major concerns.

If I did I'd not be taken my wages in shares!

I agree there is a glut of bad timber on the market but also a glut of good timber which is causing the prices to fall.

Plantation owners are felling their forests before beetles get there.

I have checked, Farmers Journal say prices down, so does independent.

Going to light a few candles and rattle the rosary beads...

I think you may be only looking at the 6 Funds, there are also 12 Plans purchased by AXA.

The page number may vary, but as example looking at the Second Forestry Fund, page 13 shows the "Statement of Cash Flows" and roughly half way down is a line item "Net proceeds from disposal of forestry land". Add up this line item from the 6 funds and 12 plans to get an estimate of what AXA paid for the land.

Shareholder Funds is the final reconcilation taking account of cash that came in from the sale, was on the books, etc. These are the funds distributed to shareholders.

I mean total comes to 56.84

LVIrish21 wrote: »

I think you are still missing some numbers. Total shareholder funds comes to 58.84 million for all the funds & plans. Here are the shareholder funds:

Funds
#2 1,390,288
#3 3,955,203
#4 3,311,130
#5 3,766,282
#6 3,333,240
#7 2,752,308
Plans
#1 3,860,353
#2 3,225,509
#3 4,476,737
#4 3,175,838
#5 3,643,216
#6 3,694,443
#7 2,842,237
#8 2,433,097
#9 2,805,188
#10 2,927,725
#11 3,013,297
#12 2,231,592
Total
56,837,683

Has anyone seen this article from the propertyfundsworld.com website posted on the 21st May:

"AXA Investment Managers - Real Assets (AXA IM - Real Assets) has completed the acquisition, on behalf of clients, of a 4,074 hectare forestry portfolio, in Ireland.

In a second transaction, AXA IM – Real Assets has agreed to acquire, on behalf of clients, a 594 hectare forest in Toulouse, South-West France, from a private investor.

The portfolio in Ireland, which is significant for the UK and Irish markets, is divided across 185 estates. Comprising one of Europe’s fastest growing wood types and the main and most valuable commercial conifer species in Ireland and the UK, the mixed age portfolio has a high average wood density of 182 sq m/ha. The portfolio’s 36-year typical crop cycle rotation is lower versus AXA IM - Real Assets’ other managed forestry assets, thereby improving the portfolio’s overall income profile. All of the estates benefit from good local infrastructure and close proximity to a number of saw mills.

Gresham House, the largest UK forestry management group, which manages over GBP1.1 billion of forest assets in the UK and Ireland, will act as the operating partner for the Irish portfolio, with forestry company Veon providing the forestry management services.

The Toulouse forest is managed by the Forestry Club de France and is predominantly comprised hardwood. Favorably located in the Forest of Giroussens, less than 30 minutes from Toulouse, the highly biodiverse area complements AXA IM – Real Assets’ existing portfolio of French forestry assets, both in terms of wood type and geographical diversification, whilst its urban positioning offers longer term change of use potential.

Following these transactions, AXA IM - Real Assets’ forestry portfolio now totals 41,000 hectares, with 15,000 hectares in France, 22,000 hectares in Finland and 4,000 hectares in Ireland. The forestry portfolio is a key tenet supporting AXA IM – Real Assets’ approach to Environmental, Social and Governance performance.

Christophe Lebrun, Head of Forestry at AXA IM - Real Assets, says: “These acquisitions, which reaffirm our commitment to responsible investing, are well aligned with our ambition to geographically diversify our forestry portfolio by crop type and maturity profile. The ability to source and then acquire what is one of the largest forestry portfolios to come on to the UK and Irish market in recent years demonstrates the strength of our origination capabilities, whilst the attractive income profile will benefit investors moving forward.

“With the wood market in Ireland forecast to double by net realizsble volume over the next five years, this acquisition provides us with a significant footprint at the early stage in this growth phase. At the same time, Ireland benefits from an optimal climate, which supports some of the highest growth rates. The Toulouse acquisition was a rare opportunity to acquire a single asset close to a major conurbation and offers the longer term potential to significantly enhance value both through improved environmental management and land value creation.”

******

We have been fed a complete line of rubbish in relation to the risks to our fund in the letters we received in May and the latest set of financial reports updated on Friday last.

What jumps out:

"Comprising one of Europe’s fastest growing wood types"
"the main and most valuable commercial conifer species in Ireland and the UK"
" The portfolio’s 36-year typical crop cycle rotation is lower versus AXA IM - Real Assets’ other managed forestry assets, thereby improving the portfolio’s overall income profile"
"All of the estates benefit from good local infrastructure and close proximity to a number of saw mills"
"With the wood market in Ireland forecast to double by net realizsble volume over the next five years"
"At the same time, Ireland benefits from an optimal climate, which supports some of the highest growth rates"


My questions:
1. How is this sale at this time to the benefit of shareholders with "With the wood market in Ireland forecast to double by net realizsble volume over the next five years"
2. If this was just a "windfall" for shareholders why the lack of transparency from the letters we receieved in May up until now?