Foresight Sustainable Forestry Co PLC - forestry investment trust, managed by private equity firm Foresight Group LLP - Plans placing of new shares at 107 pence each to raise investment capital to put toward an acquisition pipeline that has £76.8 million in deals under option or exclusivity. The offer price compares to net asset value per share on March 31 of 104.2p. Doesn’t say how much it intends to raise in the placing, which will be run by Jefferies International Ltd, but says largest shareholder Blackmead Infrastructure Ltd has committed to buy up to 29.99% of the new shares on offer, and the majority of the board and both fund managers will participate. Also will launch an offer for subscription for retail shareholders worth up to €8.0 million.

Foresight Sustainable Forestry has provided a 4.2% total NAV return since its initial public offering on the London Main Market back in November, it says. Since then, it has acquired 8,473 hectares of land and has been responsible for planting 250,000 trees. It will harvest 100,000 tonnes of timber during 2022.

Current stock price: 109.00p, down 2.0% on Tuesday

12-month change: up 9.0% from 100p IPO price

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