FUTURE Forests (Fiji) Ltd (FFF) has quoted an additional 1,506,698 shares on the South Pacific Stock Exchange (SPSE) trading platform during pre-open session on Wednesday, November 9, 2016.
The company issued the new shares because of the mandatory conversion of FFF notes into FFF shares on 1:1 basis as stipulated in the FFF Prospectus 2011.
Prior to this additional quotation of shares, FFF had successfully quoted a total of 7,600,000 shares under the private placement issue.
Consequent to the conversion of all outstanding notes in FFFN to FFF shares, SPSE has also approved the delisting of FFFN from the SPSE main board.
Based on its most recent (June 30, 2016) audited financial statements; FFF’s price earnings ratio (PE) now stands at -5.52 times with market capitalisation at $23,942,912.
The earnings per share (EPS) for the company stands at -14.31 cents.
The exchange says FFF and FFFN first listed on the SPSE on November 21, 2011 as the only company to have listed two securities on the SPSE main board.
FFF focuses on the sustainable, large scale planting and harvest of one of world’s great hardwood timbers — teak.
Earlier this year, the company’s core assets, the teak plantations were destroyed by TC Winston.
Since then, FFF has been implementing measures to continue its operations and remain solvent to ensure business continuity.
The company has also constituted a new board of directors comprising Roderic Evers as the executive chairman, Wilco Liebregts and Greg Cornwall.
FFF’s current market price is $0.79 per share with a total of 30,307,483 shares now quoted on the SPSE trading platform.
SPSE says trading in FFF shares is suspended while the current FFF board and management return the company back to financial stability post TC Winston and until such time the company satisfactorily meets the financial indicators and additional ongoing listing requirements put in place by the SPSE listing committee.
