We would like to take this opportunity to wish you and your family a Merry Xmas and a prosperous 2009. Hasn’t 2008 flown by!

Your forests have enjoyed a diverse range of climatic conditions with a very dry summer and then a very sodden winter. Here’s to a little more consistency in the summer months to come. Our Forest Managers have put together a Forest Management report which you will find on page 3.

The hot topic at present is Climate Change and the recently passed Emissions Trading Scheme (ETS). As you will be aware this legislation was seemingly rushed through and now with the introduction of the new National led coalition, further changes may be made. The word from industry is that any change will be minor and unlikely to impact on opportunities available to Geenplan investors. Further, any changes are not likely to come into force until the second Kyoto commitment period which starts in 2013. Any review looks likely to cause a delay in the implementation of the ETS.

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