firb approval received

Good news - FIRB approve IMA land acquisition.

See release extract below:

In a release dated 26 May 2010 TFS advised that it had entered into an Investment Management Agreement "IMA" with a AAA rated US based Institution whereby TFS will manage a 180 hectare Indian Sandalwood plantation to be planted in FY10.

The IMA is subject to and conditional upon the settlement of a related land acquisition agreement with TFS. The land acquisition agreement is conditional on, amongst other things, the investor obtaining Foreign Investment Review Board approval.

TFS wishes to advise that Foreign Investment Review Board approval has been obtained.