Timbercorp dumps MIS schemesFriday, 28/11/2008Agribusiness...

Timbercorp dumps MIS schemes

Friday, 28/11/2008

Agribusiness company Timbercorp says it won't run any managed investment schemes in 2009.

The company, which has focused on MIS schemes in the past, says it will now restructure due to the economic crisis and uncertainty about how the schemes will be treated for tax purposes in the future.

As well as forestry plantations in three states, Timbercorp grows avocadoes in Queensland and olives and almonds in Victoria.

The company is also selling all of its forestry plantations and some of its horticultural properties, but Timbercorp's Matt Trewin says they're still committed to farming.

"We will be selling some assets, but leasing them back, so we still have use of the assets," he says.

"From those asset sales, we'll be applying that money towards debt, but also to develop some of our other agribusiness interests."

http://www.abc.net.au/rural/news/content/200811/s2432320.htm