Opio’s forests go unvalued

Press, 29 September 1988, Page 35

Opio’s forests go unvalued

To save costs no valuation was made of Opio Forestry Fund’s forests in the last financial year, says the trustee’s general manager, Mr B. D. Smaill, in the fund’s annual report. The forest had been inspected by a forest auditor early in 1987 and the forest was found in good health. "The forest auditor accepts

the manager’s assurances that the forest remains healthy and in good over-all condition, and that the previous high standard of field work has been maintained.” Because of the rural decline in property values, the fund’s property declined $260,000. This excluded trees. Further funds would be required to maintain the for-

est adequately through to maturity. The trustee and professional advisers were studying options available to raise capital. Opio incurred a loss of $4442 ($28,108 previously) from writing off preliminary expenses. Unitholders’ equity rose $36,584 to $1,351,909, or 108 c (105 c per unit.