Many thanks to Jason for saving me the walk across the road from my office to the public library. This is the article I was going off in search of:
THE SOUTHLAND TIMES
12 SEP 1997
Edition 1
Page 13CanWest `enthusiastic’ about forestry potential
——————————————————————————–CANWEST Global Communications is enthusiastic about the potential of a multi-million dollar forestry development it is funding near Manapouri.
The Canadian-owned media giant is the ultimate owner of CWF, a unit trust funding the establishment of a plantation on 952ha at Redcliffs Station.
CanWest is listed on both the Toronto and New York Stock Exchanges.
CWF Unit Trust has a 50-year licence agreement with the Trinity Foundation, an Auckland-based charitable foundation administered by the Anglican Church.
CWF Unit Trust trustee Warwick Webb, of Auckland, yesterday said planting of douglas fir seedlings would probably start on the property about the middle of next year, depending on weather and availability of seedlings.
“We saw it as a good investment — douglas fir has been getting good wraps.”
Mr Webb said CanWest was looking to diversify its investment base and responded to a proposal.
He was not prepared to comment on how much CanWest was putting into the venture, but confirmed it owned all the units in the trust.
Mr Webb said this was the first forestry venture the company had got involved in New Zealand.
CanWest was not concerned about waiting 50 years for a return on its investment, he said. It was confident prices would continue to increase.
The Trinity Foundation bought 2500ha of farmland on Redcliffs Station from Bill and Hilda Speight earlier this year for at least $1 million.
CWF has employed forestry consultant Pine Plan New Zealand to establish and manage the forest.
The plantation is expected to be worth $1.8 billion in 50 years.
Gosh – looks like this forestry stuff is where the money is. No pesky listeners to concern yourselves with, no advertisers with their ample free parking and 15% off sales, no talent demanding ludicrous raises and generating BSA fines – just trees. Quiet, respectable, slow-growing trees.
Further disclaimer: remember – Andrew Dubber is not an investment advisor any more than he is an oil rig firefighter. This is intended for entertainment purposes only. Like radio, really.
