Sandalwood plantation manager TFS Corporation
(ASX:TFC) says that a top US institutional investor has taken up the final two of three options to invest in 399 hectares of TFS Indian sandalwood plantations.
The plantations will be established in the Northern Territory towards in the first half of 2016 with two payment tranches due by then.
TFS lost cricketing great Adam Gilchrist as a board member back in May last year after increasing media commitments on the cricketer’s time. TFS spent 2014 refreshing and expanding its board with the appointment of RGM Equity managing director John Groppoli and former West Coast Eagles chairman Dalton Gooding to the table.
The latest investment is the largest of four investments in the company the US investment institution has made and amounts to an estimated $40 million plus life of plantation investment in the product.
TFS Corporation reported a net profit of $82.5 million for the 2014 financial year.
