Kangaroo Island Plantation Timbers halted over bushfire damage

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Timber company halted over bushfire damage

Trading in Kangaroo Island Plantation Timbers (KIPT) will be suspended until the end of the month while it assesses the damage from bushfires, which have burnt a third of the island

KIPT told the ASX is needs time to assess the damage, including opportunities to sell fire-affected timber, work out a future business strategy, and assess the carrying value of land and timber assets. The company says it also needs time to help the rest of the island community and ”make progress towards a favourable conclusion of the development assessment process for the Kangaroo Island Seaport, which remains critical to the Company’s medium and long term future”. 

KIPT shares last traded at $1.96. The company is 23.3 per cent owned by Samuel Terry Asset Management, and Robert Millner’s Washington H Soul Pattinson owns a further 12 per cent. 

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ASX futures up 36 points or 0.5% to 6709 near 7.30am AEDT

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Tensions in the Middle East was the major macroeconomic story yesterday. Nerves were rattled on Friday after the US announced that it had killed top Iranian General Qasem Soleimani, and sparked concerns of an outright conflict in the Middle East. Asian and European stock markets generally underperformed yesterday as a result of the news, which occurred on Friday after the region’s markets had closed. Its impacts appear to be exhausted now, however, with Wall Street stock indices trading largely flat overnight.

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Source: Thanks smh.com