Acadian Timber Corp. Announces Board Changes
August 20 2019 - 4:31PM
Acadian Timber Corp. (“
Acadian” or the
“
Company”) (TSX: ADN) today announced that, in
connection with the sale by Brookfield Asset Management Inc.
(“
BAM”) of 100% of its interest in Acadian to
Macer Forest Holdings Inc. (“
Macer”), it has made
changes to its Board of Directors.
Benjamin Vaughan has resigned from his position
as Chairman of Acadian’s Board, effective immediately.
“The Board would like to thank Mr. Vaughan, for
his hard work, dedication and significant contributions to
Acadian,” said Mr. Phil Brown, lead director of the
Board.
Malcolm Cockwell, current director of Acadian
and a principal of Macer, has assumed the role of Chairman of
Acadian’s Board. Dr. Peter Schleifenbaum, a PhD in forestry and
forest economics with over 30-years of experience in the North
American hardwood sector, has been appointed as a director of
Acadian. Heather Fitzpatrick, the Chief Executive Officer of
Halmont Properties Corporation (TSX Venture: HMT-X), has also been
appointed as a director of Acadian. Ms. Fitzpatrick is a Chartered
Professional Accountant, experienced in the management and
development of forest properties.
“As investors and operators with a very
long-term perspective, we were attracted to Acadian’s proven
success and strong operations team. We look forward to supporting
the ongoing implementation of the Company’s current strategy and
operations plan,” said Mr. Cockwell.
As a result of BAM’s sale of its investment in
Acadian to Macer, the stand-by-equity commitment between BAM and
Acadian has been terminated in accordance with its terms. In
addition, Acadian and its lender, Metropolitan Life Insurance
Company, have entered into an amendment to the Acadian loan
agreement, to, among other things, remove the requirement that BAM
hold a minimum equity interest in Acadian. Brookfield Timberlands
Management LP (“Brookfield LP”), a subsidiary of
BAM, is continuing to act as external manager to Acadian in
accordance with the terms of the asset management agreement between
Brookfield LP and Acadian.
Acadian Timber Corp. is a
leading supplier of primary forest products in Eastern Canada and
the Northeastern U.S. With a total of 2.4 million acres of land
under management, Acadian is one of the largest timberland
operators in New Brunswick and Maine.
Acadian owns and manages approximately 1.1
million acres of freehold timberlands in New Brunswick and Maine,
and provides timber services relating to approximately 1.3 million
acres of Crown licensed timberlands in New Brunswick. Acadian's
products include softwood and hardwood sawlogs, pulpwood and
biomass by-products, sold to approximately 85 regional
customers.
Acadian’s business strategy is to maximize cash
flows from its existing timberland assets while growing our
business by acquiring assets on a value basis and utilizing our
operations-oriented approach to drive improved
performance.
Acadian’s shares are listed for trading on the
Toronto Stock Exchange under the symbol ADN.
Macer Forest Holdings Inc. is
incorporated pursuant to the laws of Ontario. Its principal
business is to acquire and hold for the long-term shares of
companies owning and operating forest and recreational
properties.
For further information on Acadian, please visit
our website at www.acadiantimber.com or contact:
Kate White Investor Relations and Communications
Tel: 416-956-5183 Email: kwhite@acadiantimber.com
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