PROSPECTUS - THE PREMIER IRISH FORESTRY FUND PHASE II PLC.
A material contract has been entered into by Premier Woodland Management Ltd. This company has been awarded the contract for the establishment and maintenance and management of the forest. Mr. Paul Bowes and Mr. Paddy Anglim are directors of this company and are also shareholders.
As the establishment and maintenance are to be carried out by a separate company which is to be paid by grants and premia and as the value of these services will not exceed the grants and premia received, the trading expenses for afforestation do not have to be met by the fund. This will ensure that the net sums invested will be fully utilised in acquisition of lands for afforestation.
All trading expenses and costs associated with the establishment and maintenance of the forest, rest with the Premier Woodland Management Ltd.
No remuneration to the directors of the Fund will be provided for by the Fund aside from that included in set-up costs.
The authorised share capital of the fund is IR£31,000 divided into 30,000 Ordinary Shares of IR£1 each and 1,000 Preference Shares of IR£1 each. The Preference Shares will be sold at IR£1,000 each.
The Preference Shares are the only shares entitled to participate in the growth of the forest investment and, as such will be the only shares to participate in the final distribution to be made at the time the forest is harvested, in approximately 30 years. Preference Shareholders shall not have any right to attend or vote at Annual General Meetings and no dividend shall be paid on Preference Shares during the duration of the fund.
Shares of IR£1 each have been issued to the directors of the
Premier Irish Forestry Fund Phase II Plc., which have been paid up as to
25p per share. These shares will not rank for dividend, but will
carry votes to ensure that necessary decisions involving the
management of the Fund can be made.
The authorised share capital in the company has an indefinite duration and is subject to the provisions of Company Law and may be varied in accordance with the Provisions of the Memorandum and Articles of Association Shareholders' rights of pre-emption are provided for in the Memorandum and Articles of Association in accordance with the requirements of Irish Company Law. Investors are referred to the Memorandum and Articles of Association for more complete detail regarding shareholdings in the company and the management of the company.
REPORTS TO SHARE HOLDERS
An annual report comprising a review of the year, audited accounts, a valuation of the fund, and an environmental assessment will be available for inspection by the shareholders.
A regularly updated website will show the progress of the Funds. This web site is located at www.piffs.com