Timbercorp (TIM)
Sub-Sector: Diversified
Induction into AAG Agri-Index: 7th Nov 2000
Removal from the AAG Agri-Index: 1st May 2009
Last Updated 1st May 2009
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Overview:
Timbercorp is an agriculture investment manager, providing investment and financial services through large scale Managed Investment Schemes.
Performance:
Timbercorp have had a rough ride after copping a severe blow from the ATO and their decision to remove the deductibility of non-forestry MIS two years ago, despite the overriding of this decision in December 2008. Furthermore a tightening credit market, the economic downturn and drought have added to Timbercorp’s concerns.
Recent Trading:
Timbercorp have made headlines, falling 95% since August of 2008. In recent weeks the company has been heavily burdened by declining global asset values and a tightening credit market. Timbercorp failed to sell assets to raise money and re-pay part of its $500 million bank debt.
In the past days, Timbercorp appointed a voluntary administrator and their shares have been suspended from official quotation on the ASX.
Chart. 1st July 2008 to 30th April 2009
