The Age has reported Willmott Forests Ltd
(ASX:WFL) will be requiring the service of corporate advisers Korda Mentha, following a three week suspension from the Australian Securities Exchange.
Earlier this month the agribusiness sought voluntary suspension of its securities in light of lower than expected sales for the 2010 financial year.
According to the papers reports, Willmott controls more than $400 million of investors funds, and is considering divesting non-core assets to reduce debt.
Willmott says that Australia is facing a major shortfall in future sawlog timber supplies for the existing domestic wood industries.
The company advises public investments in plantations are rapidly declining and private investment is essential to maintain the industry.
Willmott Forests reported a profit of $14.7 million for the year ending 30 June 2009.
