Evergreen smarting over tough climate

Evergreen Forest's chairman Peter Wilson yesterday acknowledged investing in the company had not been a rewarding experience for shareholders.

"The fact that the forestry sector has not yielded acceptable investment returns is of little comfort," he told the annual meeting.

The company is in the process of winding down after the sale of all of its major assets.

Australian fund manager James Fielding Funds Management last month paid $115 million for Evergreen's land and forest assets.

Evergreen's company activities will effectively stop on November 30. Operational staff have stopped work, and administrative staff will leave at the end of the month. Evergreen shareholders approved a 4-for-5 off-market pro-rata share buyback at 35c a share.

After the buyback the company will seek offers for its shell.