Louis Dreyfus Energy Holdings Ltd
04 June 2007
4 June 2007
OFFER FOR FOREST ASSETS OF HIGHLAND TIMBER PLC
Louis Dreyfus Energy Holdings ('LDEH') announces that, following a letter of
intention dated 4 May 2007 to Highland Timber PLC ('HT') and a subsequent due
diligence process undertaken with HT, LDEH has made an offer to acquire HT's
forest assets for a total cash consideration of GBP11,100,000 (the 'Offer').
The Offer was made to HT on 31 May 2007 and is subject only to (i) confirmatory
due diligence as to title and liabilities and (ii) agreed documentation. LDEH
believes that the Offer represents a material improvement over the proposed
transaction announced by HT on 18 May 2007.
Notwithstanding LDEH submitting the Offer in accordance with the timetable
indicated by LDEH to HT, on 1 June 2007 HT informed LDEH that it was not able to
consider the Offer due to exclusivity arrangements in place with another party.
However, LDEH believes that the Offer represents a substantial benefit for both
HT and its shareholders.
LDEH is consulting with its advisers and is reviewing its options.
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