KANGAROO ISLAND PLANTATION TIMBERS LTD (ASX.KPT)

name changed to Kiland Ltd

The suspension of trading in the securities of Kangaroo Island Plantation Timbers Ltd will be lifted immediately, following the release by KPT of an announcement regarding its assessment of the damage sustained from the fire on Kangaroo Island.

The Board now believes that: the currently ascertainable effects of the summer's bushfires on the company's treecrop assets have been communicated to the market. While there are still decisions to be made that will affect the nature and profitability of the company's future operations, the scope of these decisions has been communicated to the market.

The company provides a bushfire recovery update.

The final stage in the company's development application for the Kangaroo Island Seaport has been completed. The company has today lodge its formal Response Document. The Response Document is, effectively, the final part of the Environmental Impact Statement, upon which the Department will base the planning assessment report for approval by the Minister for Planning and, separately, the federal Minister for the Environment. The company is now working through its options for the fire affected resource on behalf of its shareholders as well as the community of independent growers, to commence once the Seaport is constructed.

Claims against another insurance policy, covering fire damage to houses, fences and sheds, are also being prepared by the company and a $1 million progress payment has now been received against the cost of replacing these assets. The compny is required to repay loans with any insurance proceeds in excess of $250,000. In support of the company, CBA has requested only a partial repayment and it has been agreed that $8 million of the $11 million initial insurance proceeds will be used towards this. The company's debt will be immediately reduced to $21.7 million as a result, with this amount expected to be fully repaid from remaining insurance proceeds, leaving the company with substantial net cash.

The company lodges its Appendix 4D and Interim 2019.

The company releases a Quarterly letter to shareholders.

The company's insurer, Primacy Underwriting Management, has accepted the claim for losses as notified by the company. The company has received a first progress payment of $10 million from its timber insurance policy. The balance of the claim is being progressed by the insurer and further details will be released once the claim has been finalised. The company is revising its business plan. As part of this, the board is discussing with the Commonwealth Bank the terms of its existing financing schedule.

The company lodges its Quarterly Report and Appendix 4C Dec 2019.

The company requests the voluntary suspension of its securities be continued until the company is able to inform the market on: the insurance settlement pertaining to the fire damage; and the financial impact and effect on operations to the company due to the fire damage.

The company now has access to satellite imagery that enables its forestry manager to classify fire-affected plantations according to the severity of damage to the tree crop. In approximate terms, and on a preliminary basis, the company estimates that only 5% of its treecrop has not been fire-affected. A further 5% has experienced predominantly ground fire, with only minor canopy damage. The remaining 90% has suffered significant canopy fire, which was severe in 35% of the estate and complete to the point of total defoliation in 55% of the estate. The effect of this is that, whether individual trees go on to produce new growth or not, an estimated 90% of KIPT's trees are, for all practical and economic purposes, no longer productive. When the treecrops of independent growers are included, this means that approximately 15,000 ha of plantations will need to be felled in order to return the land to production. The task is urgent, as timber quality deteriorates with time, even when stockpiled under ideal conditions. Moreover, the situation is complicated by the lack of an approved deep-water port and the reduced economic value and reduced volume of fire-damaged timber. The company remains committed to securing final approval for its proposed deep-water wharf at Smith Bay. The proposed KI Seaport will be essential to enable the removal and sale of trees that would otherwise need to be chain-felled and completely burnt in situ. The company has also begun employing a small taskforce to assist our neighbours and to work alongside volunteers from BlazeAid to re-establish fences for stock, along forestry boundaries.

Kangaroo Island has been subjected to renewed fire activity, as the Ravine Fire escaped containment lines during another extreme weather event on Thursday 9 January. KIPT's own fire crews worked alongside South Australian Country Fire Service brigades attempting to control the eastward spread of the fire. The fire burnt a large area of farmland, causing further damage to buildings, fences, property and, several of the company's remaining plantations. Light rain has since fallen across the fireground. The company's Timber Creek Mill was in the fire's path and suffered some damage. The preservation plant at the mill was undamaged. This equipment will be essential in turning smaller fire-damaged pine logs into much-needed treated fence posts. About 3,000km of fencing will have to be replaced urgently on Kangaroo Island following the fires, and mainland supplies of fence posts will be needed in the Adelaide Hills and other fire-affected regions of Australia.

In relation to the fires on Kangaroo island, KIPT staff and consultants are currently doing the following: Assessing fire damage, both from the air and, where it is safe to do so, on the ground; Determining which plantation areas are too damaged to have any commercial value, which fire-affected areas can be salvaged and which areas have relatively high survival rates and can be allowed to grow until harvest; Where it is safe to do so, attempting to contain residual hot spots, some of which are burning in remnant native vegetation within the company's plantations. This work is important to protect the company's assets and those of its neighbours from any renewed outbreaks. The company is considering its options for the salvage of fire-damaged timber and is working through the other actions outlined in its announcement of 6 January 2020.

The securities of Kangaroo Island Plantation Timbers Ltd will be suspended from quotation immediately under Listing Rule 17.2, at the request of KPT, pending the release of an announcement regarding its assessment of the damage sustained from the fire on Kangaroo Island.

we understand that on or about this date the company split its shares 10 for 1

The suspension of trading in the securities of Kangaroo Island Plantation Timbers Ltd will be lifted immediately, following lodgement of its half year accounts for the period ended 31 December 2016.

The company lodges its Appendix 4D and Interim Report December 2016.

The company releases the Half Year revaluation of assets.

The securities of the company will be suspended from official quotation from the commencement of trading today 1 March 2017 following failure to lodge its half yearly reports/accounts for the period ended 31 December 2016 in accordance with ASX Listing Rules.

name changed from RuralAus Investments Limited