Skip to main content

EcoCrops International Reports

EcoCrops International reports that The High Court in New Zealand has approved an application by the Financial Markets Authority to put 18 Forest lands companies into liquidation, a necessary step towards distributing $16 million to shareholders.
Neale Jackson and Grant Graham of KordaMentha have been appointed by the Courts as liquidators of the companies.
"The liquidations will allow us to commence the process that will result in the funds being distributed to the investors," Mr Jackson said. "We appreciate investors have waited a considerable time for their money."
He said shareholders would be contacted by October on how the liquidations would be managed, and what investors might receive.
A shareholder who has been running a Facebook page for investors, Des Howard, said the liquidation order was "the beginning of the end".
"They  have already done some work, but the size of the task is not small, let's give them a chance," he said in a posting.
The Motueka-based Forestlands group has been at the centre of a long-running dispute relating to the 2016 sale of its forestry assets.
The FMA became involved from 2017 after shareholders complained about the lack of information about the proceeds of the sale and the return to investors.
As a result $18 million from the sales were put into trust to protect shareholders' interests. However, the amount available has already been reduced by a $1.56m payout to settle a claim from Inland Revenue.
The Forestlands group had a complicated structure in which individual companies owned separate forests at various stages of growth and harvesting. The investments were managed by companies associated with the group's sole director, Rowan Kearns.
The FMA said the company has been slow to tell shareholders what was happening, had not maintained a share register nor accounting records, and consistently failed to meet reporting requirements.
There was no comment from Mr Kearns on the liquidation, although he had previously hired KordaMentha to complete preparatory work on his own plan to wind up the group.
The court said there were no doubts about the independence of KordaMentha, nor the competence and integrity of Mr Jackson and Mr Graham.
For more information on Forestry Investments contact EcoCrops International
Labels:

Comments

Post a Comment

Popular posts from this blog

Secure your online wallets & be careful with online services

You should be wary of any service designed to store your money online. Many exchanges and online wallets suffered from security breaches in the past and such services generally still do not provide enough insurance and security to be used to store money like a bank. Accordingly, you might want to use other types of Cyber currency wallets.  Otherwise, you should choose such services very carefully. Additionally, using two-factor authentication is recommended. Small amounts for everyday uses A Bitcoin wallet is like a wallet with cash. If you wouldn't keep a thousand dollars in your pocket, you might want to have the same consideration for your Bitcoin wallet. In general, it is a good practice to keep only small amounts of bitcoins on your computer, mobile, or server for everyday uses and to keep the remaining part of your funds in a safer environment. Backup your wallet Stored in a safe place, a backup of your wallet can protect you against computer failures and ma...
2 comments
Read more

Industrial wood pellets are trading at an all-time high.

EcoCrops International reports that Industrial wood pellets, as opposed to domestic wood pellets, are currently trading at an all-time high.  With the Argus 90 day Industrial wood pellet index trading at US$210 per tonne, up strongly from July 2018 where they were trading at US$175. The steep increase in prices is primarily driven by higher demand from European Power Stations.  Such as new power station coming online in the Netherland, Belgium, and Italy.  And existing Power stations such as the huge UK Drax power station burning more wood pellets and burning less coal. This trend is set to increase due to a number of factors: The EU climate change targets for reducing its greenhouse emissions, transforming the EU carbon-based fuel (coal) police towards a low carbon economy by 2050.  With targets for the reductions of greenhouse emissions is set for 2020 and 2030. Germany’s plant to phase out all coal power stations by 2038.  And the increased effici...
1 comment
Read more

China preparing solar farms in Space

Ecocrops internationa l reports that the Stations would orbit 22,000 miles from Earth and would weigh over 1,000 tons, that is 600 tons more than the International Space Station.  They plan to deploy small and medium stations between 2021 and 2025 and a megawatt level satellite in 2030. Space-based solar power has two major advantages over Earth-based solar power:  due to the orbit they can collect energy 24 hours a day, and they collect more energy as the sunlight is not filtered by the Earth’s atmosphere. Under the plans, huge satellites would be put into orbit to collect the sunlight with huge solar rays.  Once the energy is collected it would be sent back to receiving stations on earth as microwaves.  On Earth, these microwaves would be converted to electricity and fed into the grid. Due to the huge size of the satellites, the Chinese are proposing to fabricate with 3D printer technology and then assemble in the Earth orbit with robots. Pang Zhihao, a re...
1 comment
Read more