Fire ravages Kangaroo Island Plantation Timbers (ASX:KPT) plantations

Company News

by Katrina Bullock

Kangaroo Island Plantation Timbers (ASX:KPT) has requested a lift to the trading halt it entered on 24 December as a result of the fires on Kangaroo Island.

The fires affected around 1,862 hectares of plantations which included pines at various stages of maturity, and relatively mature eucalypts.

This includes the 891 hectares which the company announced has been affected on Christmas Eve.

Two additional fires have caused additional damage since then affecting a further 971ha of plantations.

This equates to 7 per cent of the company’s estate, with an insured value of $8.45M.

Shares in Kangaroo Island Plantation Timbers (ASX:KPT) closed 4.3 per cent lower at $2.25 on Tuesday.

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.