Share Name Share Symbol Market Type Share ISIN Share Description
Highland Timber LSE:HTB London Ordinary Share GB0000429497 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 107.00p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 12.60

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Date Time Title Posts
17/7/200821:37Highland Timber- Anyone Following?69.00

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DateSubject
15/7/2003
13:22
energyi: Working with Figures... RESULTS................ -2000- -2001- -2001R -2002- Turnover............... 1,132. 1,097. 1,097. 1,604. Operating Profit/(Loss).. (89) ... 1.. (215). ( 84) Exceptional item........ (409)... 46... 106.. (650) Loss after taxation..... (672). (164). (321). (910) PROPERTIES........... -2002->B/Sht> .Mkt. -2001- ..................... -Cost- Value. Value. MktVl Freehold Forests (UK) 7,809. 6,795. 6,831. 7,996: sold F.w/ £896K cost Freehold Forests (NZ) 2,306. 2,230. 2,763. 2,747 Forestry Rights .(NZ) 1,586. 1,567. 2,676. 2,217: sold F.w/ £720K cost TOTAL Valuation..... 11,701 10,592 12,270 12,960: Sold A.w/£1616K cost NAV per HTB share... ...... ....... 99.2P 101.2P Term Bank Loan...... ...... . (750) 5% Conv.Unsec.LnStk. 6/03.. (1,350) Other Creditors..... ...... (1,578)?? Net Assets.......... ....... 7,083: 8,592 Per Share (8.83mn).. ....... 80.2P: 99.2P 101.2P One of the problems facing the Board over the next year is what recommendation to put to shareholders when the future of the Company is determined at the Annual General Meeting in 2004. Borrowings During the year, £500,000 5% Convertible Unsecured Loan Stock 2003 was redeemed at 93p per £1 Stock which, after expenses, gave the Company a profit of £ 33,000. The remaining £1,350,000 of Stock becomes repayable on 30 June 2003. To the extent that the sum due on the redemption of the Stock is not available from current cash resources, the Company's UK bankers have agreed in principle to increase the overdraft to cover the balance.
03/6/2003
04:53
ben franklin: The latest release of the Coniferous Standing Sales Price Index (to end March 2003) was published in May by the Forestry Commission. The link to the press release is: http://www.forestry.gov.uk/newsrele.nsf/WebPressReleases/CC6B1BB0D6F4E90F80256D2E0038B627 Prices (in nominal and real terms) showed a significant further fall on the already depressed March 2002 prices. Presumably this continues to impact the value of plantations (and the net asset value of companies like Highland). Around the same time FPD Savills and Tilhill published their latest UK Forestry survey (available from the Tilhill website at http://www.tef-forestry.co.uk/menu.cfm?menu=5&actilink=5). The survey shows declining per hectare values for most categories of commercial plantation, including the types owned by Highland, based on completed plantation sales over the last 12 months. With hefty debt repayments due at the end of this month, it will be interesting to see how they're refinanced. Definitely a candidate to be taken private at some point - Highland has absolutely no need to be a public company. Recently the small volumes of shares coming on to the market seem to have been readily mopped up, but the current share price discount to NAV won't look anywhere near so large if the Savills/Tilhill survey results are closely reflected in the next accounts. One bright spot in the woodland market was highlighted by Savills/Tilhill's parallel survey of small woodland sales (under 25 hectares in size) published at the same time (also on the Tilhill website). This showed a strong and apparently rising market in England & Wales, but especially in the South East, with per hectare values achieved in many cases well above those applicable to larger commercial plantations. The report ascribes this market's strength to increasing interest in small woodlands from a leisure perspective.
30/5/2002
17:27
ben franklin: Have been looking at this company trying to work out if it's as cheap as it first appears. Would appreciate help from anyone who knows the UK timber market and this company in particular. At first glance Highland Timber seemed a promising investment - timber must surely have excellent long term potential, Highland's net asset value using the latest FIM (Highland's forest manager) valuation is just over £1 a share, yet the shares can be bought for 75p. Why the discount? Looking at the latest accounts and at recent data on UK timber prices and plantation values threw up 2 reasons why these shares maybe aren't so cheap after all. First is they could be heading for problems with excessive borrowings. Forestry is an ultra long term asset but five years of near continuous losses means Highland now has £2.6m of very short term loans and overdrafts to repay in the next 2 years. That's a hell of a lot to find for a little company with no cash and only £8m of net assets. This year they're increasing timber felling in the UK which will raise money, but it also means they're selling their timber assets at ultra low prices. The Forestry Commission's latest 6 monthly timber price series was published this week and conifer prices are down 9.5% on a year ago and are now at a near 30 year low. Not a great time to have to sell timber. To make matters worse, most of this debt is convertible loan stock. With the shares at 75p and the conversion price well over a £1, no loan stock holder will want to convert to shares and the debt will have to be repaid. Second reason is Highland's average UK plantation values seem very high. If so their net asset value per share may be significantly overstated. The UK plantations were last valued at 31/12/01. However, as this week's Forestry Commission figures show, UK timber prices have fallen sharply up to 31 March this year. Highland Timber's annual report includes almost all of FIM's latest investment bulletin commentary on the state of the UK market. Only one bit, the last paragraph, didn't appear. It said that market conditions in Wales (where Highland has 3 plantations) were poor with few plantation sales! Another forestry manager, Tilhill, publishes a UK forestry plantation sales survey every 6 months. Their latest report published this month shows that the average value of recent transactions for mature UK conifer plantations is around £2,400 per hectare. Average values for less mature plantations are lower. Highland Timber's average value of their UK plantations at 31/12/01 is something like £3,300 per hectare. Highland may have better than average UK plantations, but £900 per hectare is a substantial premium and it assumes all their plantations are mature. If they needed to bring their UK plantation value down to the latest Tilhill average, the fall in net asset value would be over £2m - enough to wipe out the share price discount to net asset value.
08/8/2001
03:38
usedbook: They are planting trees everywhere. Assets are 9M,the share price 5M,so they must be cheap. No.Doesnt work that way. Wouldnt touch with a bargepole-only thing keeping it up is director buying
07/8/2001
13:28
energyi: Market Cap. 5.52 m : 8.83 m shs x 62.50 p Only 8.83 million shares O/S. Future course to be voted at 2004 AGM. RESULTS................ -2000- -2001- -2001R -2002- Turnover............... 1,132. 1,097. 1,097. 1,604. Operating Profit/(Loss).. (89) ... 1.. (215). ( 84) Exceptional item........ (409)... 46... 106.. (650) Loss after taxation..... (672). (164). (321). (910) PROPERTIES........... -2002->B/Sht> .Mkt. -2001- ..................... -Cost- Value. Value. MktVl Freehold Forests (UK) 7,809. 6,795. 6,831. 7,996: sold F.w/ £896K cost Freehold Forests (NZ) 2,306. 2,230. 2,763. 2,747 Forestry Rights .(NZ) 1,586. 1,567. 2,676. 2,217: sold F.w/ £720K cost TOTAL Valuation..... 11,701 10,592 12,270 12,960: Sold A.w/£1616K cost NAV per HTB share... ...... ....... 99.2P 101.2P Term Bank Loan...... ...... . (750) 5% Conv.Unsec.LnStk. 6/03.. (1,350) Other Creditors..... ...... (1,578)?? Net Assets.......... ....... 7,083: 8,592 Per Share (8.83mn).. ....... 80.2P: 99.2P 101.2P One of the problems facing the Board over the next year is what recommendation to put to shareholders when the future of the Company is determined at the Annual General Meeting in 2004. Website: http://www.highlandtimber.co.uk THE TIMBER thread: http://www.advfn.com/cmn/fbb/thread.php3?id=1098975 I've also picked it up on my "Timber" thread on the PBB. Here's the URL: http://www.advfn.com/cmn/pbb/thread.php3?id=953179 Site with Info on HTB: http://www.fimltd.co.uk/highland.htm TreeVest (old site): http://basic1.easily.co.uk/05E04B/00A01C/timber.htm Forests in Latvia: http://www.ltn.lv/~zemes/index_en.htm
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