ASIC stops three forestry prospectuses

The Australian Securities and Investments Commission (ASIC) has placed final stop orders on three prospectuses issued by APT Projects Ltd for the APT Eucalypt Solidwood Project 2001, the APT Pine Solidwood Project 2001 and the Frankland River Olive Project 2001.

APT Projects Ltd is a wholly owned subsidiary of Australian Plantation Timber Limited (Administrator and Receiver and Manager Appointed).

ASIC issued the final stop orders to finalise the interim stop orders and because the financial positions of the APT entities remain uncertain.

The final stop orders mean that the three prospectuses cannot be used to raise funds. They follow interim orders placed on the prospectuses after Australian Plantation Timber Limited appointed Mervyn Kitay of Grant Thornton as Voluntary Administrator on 30 July 2001.

ASIC issued the interim stop orders after the Voluntary Administrator was appointed to ensure that no funds could be raised until the new circumstances of the entities, in particular their financial positions, were fully disclosed.

The final stop orders were issued with the consent of the directors and Voluntary Administrator of APT Projects Ltd.

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