Friday 12 May 2023

Deep cuts in New Brunswick timber royalties were 'a bit surprising,' top logging executive says

 
 

Deep cuts in New Brunswick timber royalties were 'a bit surprising,' top logging executive says

'It doesn't appear to align with the markets,' says Acadian Timber president

"It was a bit surprising to us," said Adam Sheparski. "It doesn't appear to align with the markets we are experiencing." 

Sheparski is president of Edmundston-based Acadian Timber, New Brunswick's second-largest private landowner and a major supplier of wood to New Brunswick lumber and pulp mills.

During a conference call with stock analysts last week to discuss Acadian's first quarter results, he was asked whether plans New Brunswick has to lower what it charges mill owners to supply themselves with publicly owned trees would undermine prices Acadian will be able to charge for its trees.

A man in a suit in front of a grey brick background Adam Sheparski is president of Acadian Timber. It's the third-largest landowner in New Brunswick after the province and J.D. Irving Ltd. He told stock analysts last week he was surprised by New Brunswick cutting royalty rates. (Adam Sheparski/LinkedIn)

Sheparski said he doesn't understand what the province is doing, but felt the effect on his company would be minimal in the short term.

"I know that's hard to believe, given the rates," Sheparski told analysts. 

He cited access to out-of-province markets and some contractual price protections on in-province sales as two reasons Acadian might be able to weather price cutting by the province, at least temporarily.

"In the long run we'll keep an eye on it." he said.

Earlier this month, New Brunswick posted a list of royalties it is proposing to charge forest companies for wood they cut on Crown land in 2023. The prices are retroactive to April 1 and include major reductions on some of the province's most prized timber.   

The royalty on spruce, pine and fir studwood, which is cut by mills into two-by-four lumber, is to be lowered from its current rate of $33.58 per cubic metre to $18.40. That's a $30-million royalty reduction on the 2 million cubic metres of studwood that companies take from Crown land annually.

Softwood sawlogs, which are larger and more valuable, are facing a proposed royalty reduction of $18.77 per cubic metre, a discount of up to $19 million this year from current rates, depending on annual harvested volumes. 

Eight bundles of cut wood lying horizontally in front of six vertical stacks of cut wood The J.D Irving Ltd. sawmill in Grande-Rivière outside Saint-Léonard, is New Brunswick's largest. Mills use a mixture of wood from private and public forests. Private sellers complain that low government royalty rates undercut prices mills will pay them. (Nicolas Steinbach/Radio-Canada)

There were offsetting royalty increases on some hardwoods, but not nearly as significant as the reductions representatives of New Brunswick's private wood suppliers openly worried could trigger pricing troubles for them.

"I really couldn't believe that it dropped that much," Linda Bell, the general manager of the Carleton Victoria Wood Producers Association in Florenceville, said last week.

"The more cheap wood that the mills have from Crown, the less incentive they have to buy our wood."

The Department of Natural Resources and Energy Development did not respond to questions from CBC News last week about the changes, but has publicly said the posted royalty rates are incomplete and will be added to later. 

According to the department, there are plans to supplement royalties with special charges to fund a new "private woodlot sustainability fund."

Extra royalty rates connected to the fund have not been disclosed, but last November, Natural Resources Minister Mike Holland told MLAs the "goal" is to raise $10 million a year from industry through the new charges. 

The back of a logging truck with wood on it New Brunswick has been promising to add a surcharge on Crown royalty rates to finance a new private woodlot sustainability fund. It was supposed to have been set up for April 1, but wasn't. (Nicolas Steinbach, Radio-Canada)

It's well below the $40 million to $50 million in timber royalty discounts the same industry players are also set to receive this year.

The fund, and special royalty rates to finance it, were both meant to be in place by April 1, but the department missed that deadline. Currently, neither has yet been established.   

In an email Thursday, the department said it is still working on the details.

"The regulation for the Private Woodlot Sustainability Act is being drafted by government drafters, and will be posted for comment upon their completion," wrote spokesperson Nick Brown.

In the Legislature Thursday, Green Party Leader David Coon criticized the reductions in timber royalties as a give away to "billionaires." In an interview later, he said the delay in setting up the sustainability fund makes him question whether it is coming at all.

"I'm guessing we may never see those private wood-sustainability funds show up," said Coon.

A man wearing a suit and tie standing in front of a wooden staircase, with a microphone being held out to him at chest level. Green Party Leader David Coon criticized reductions in timber royalty rates in the Legislature Thursday. He said he's worried that delays in implementing offsetting increases to finance a new program for independent woodlot owners means the plan is in trouble. (Jacques Poitras/CBC)

In New Brunswick, royalties are meant to reflect the "fair market value of standing timber" and are determined by an annual survey of what private land owners were paid for their standing trees by mills or independent logging contractors in the prior year.

In his conference call, Sheparski suggested Acadian Timber has detected no major decline in those values that would have triggered a major reduction in government royalty charges.

"We are in the process of understanding the methodology and the result of the survey," said Sheparski.

There's sort of a disconnect in what we're seeing in the markets and what came out of their survey."

ABOUT THE AUTHOR


Robert Jones

Reporter

Robert Jones has been a reporter and producer with CBC New Brunswick since 1990. His investigative reports on petroleum pricing in New Brunswick won several regional and national awards and led to the adoption of price regulation in 2006.

CBC's Journalistic Standards and Practices
 
 
 
40 Comments
 
Hmmm Perhaps the Acadian Timber people and I should talk 
 
 
 
 
Dave white  
It is not a surprise to anyone who follows what the government has done in the past. i am tired of this.
Reply to Dave white  
Say Hey to your favourite Chief of Staff for me will ya?  

Oh My What a tangled web they weave 
 
 
 
Daniel Franklin   
"New Brunswick has been promising to add a surcharge on Crown royalty rates to finance a new private woodlot sustainability fund. It was supposed to have been set up for April 1, but wasn't."

Anyone really surprised by this with this government we have?


Reply to Daniel Franklin 
Apparently the president of a publicly held company and the private woodlot owners are just as many taxpayers who actually own the Crown assets are  
 
 
 
 
Rosco holt  
Slow to raise royalties, quick to lower them.

Whining about the debt when negotiating contracts with civil servants, giving themselves big raises, increase subsidize to industry that doesn't need it.

 
Reply to Rosco holt 
I see you are enjoying the circus 
 
 
Lou Bell
Reply to Rosco holt 
Higgs never whined about hte debt . Why should he ? Those unions signed their contracts , and if they didn't like them they never would have signed them . Liberals did all the whining because , like what a true Liberal would never do , he actually LOWERED the debt ! In fact tens of Unions have signed new contracts with the province while under Higgs leadership . You need to try harder .   
 
 
 
 
Michael Collins  
Higgs is slowly eroding his support of the working class in this province. People are struggling to make ends meet and watch as the province gives away their resources and makes billionaires even richer. What once looked like an easy win in the next election has become very questionable. 
 
 
Reply to Michael Collins
Slowly???
 
 
 
 
Louie Latour  
When it planned this 'private woodlot sustainability fund' the royalty rates were much higher, so the 'goal' then, was to extract another $10M on top of the higher royalty rates in place at the time. So this $40-$50M reduction in timber royalties means this 'sustainability fund' now, has to raise $10M in addition to the $40-$50M lost royalties. Otherwise, each NB citizen is on the hook for another $50 in taxes to balance out this lower royalty gift to those who log from crown land (and remember, resources on crown land below to you, the taxpayer).
 
 
Lou Bell
Reply to Louie Latour  
Anyon eunderstanding the story would know that fund will be paid for by those companies cutting on crown land . 
 
 
Rosco holt  
Reply to Lou Bell
These companies pay little in any funds or taxes. 
Reply to Rosco holt
Oh So True  
 
 
 
 
 
Marcel Belanger  
Government for the empire, by the empire and of the empire.

Simple as that folks. He may no longer be on the Irving payroll (that we know of) but sure as rain he still works for them.

 
Reply to Marcel Belanger  
Amen
 
 
 
 
Vance Jeffries  
The additional $5M for NB Power charges had to be reimbursed from somewhere didn't it?
Reply to Vance Jeffries  
Good question
 
 
 
 
Clive Gibbons 
I'm willing to bet that the reduction in royalties wasn't one bit surprising to the other large landowner in NB. 
Reply to Clive Gibbons 
Me Too
 


Adam Sheparski
Tel:       506-737-2345 ext. 2356
Email:   asheparski@acadiantimber.com 
 
 
---------- Original message ----------
From: Linda Bell <Linda.Bell@cvwpa.ca>
Date: Mon, 1 May 2023 16:15:25 +0000
Subject: RE: RE New Brunswick to cut timber royalties charged to
forestry companies up to $50M
To: David Amos <david.raymond.amos333@gmail.com>

Sorry you could not hear me – my cell phone does not work in the
office and our phone lines are out of service here now.  We have had
no power and just got it back but still no phone service.

Thanks for sending me the email – I will read through it.

Sent from Mail<https://go.microsoft.com/fwlink/?LinkId=550986> for Windows

From: David Amos<mailto:david.raymond.amos333@gmail.com>
Sent: Monday, May 1, 2023 1:01 PM
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mailto:chris.spencer@snbfpmb.ca>;
pfolkins@snbwc.ca<mailto:pfolkins@snbwc.ca>;
kim.jensen.cvfpmb@outlook.com<mailto:kim.jensen.cvfpmb@outlook.com>;
Linda Bell<mailto:Linda.Bell@cvwpa.ca>;
Davidc.Coon@gmail.com<mailto:Davidc.Coon@gmail.com>;
blaine.higgs<mailto:blaine.higgs@gnb.ca>; Holland, Mike
(LEG)<mailto:mike.holland@gnb.ca>;
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Subject: RE New Brunswick to cut timber royalties charged to forestry
companies up to $50M

https://davidraymondamos3.blogspot.com/2023/05/new-brunswick-to-cut-timber-royalties.html

Monday, 1 May 2023

New Brunswick to cut timber royalties charged to forestry companies up to $50M

https://www.cbc.ca/news/canada/new-brunswick/timber-royalties-forest-nb-softwood-1.6826576


New Brunswick to cut timber royalties charged to forestry companies up to $50M
Fees to cut lumber-quality softwood dropping 46%

Robert Jones · CBC News · Posted: May 01, 2023 7:00 AM ADT


The outside of a green-cladded industrial building with a large Irving
corporate logo sign on the front, with "grand lake timber" in green
letters below it. Several vehicles are parked in the yard around the
building. Multiple forestry companies cut wood on publicly owned land
in New Brunswick. J.D. Irving Ltd. is the largest and takes just under
half of the public wood that is turned into lumber. (CBC)

Seven months after raising royalty rates on trees cut by industry in
provincially owned forests, the New Brunswick government is proposing
up to $50 million in reductions, with some rates falling all the way
back to where they were a decade ago.

It's a move Linda Bell wasn't expecting and doesn't like.

"I really couldn't believe that it dropped that much," she said.

Bell, general manager of the Carleton Victoria Wood Producers
Association in Florenceville, says lower royalty rates reduce revenues
to the province, but they also make it difficult for private sellers
of wood to get decent prices for what they cut.

A woman smiling in front of piles of logs Linda Bell represents
independent woodlot owners in western New Brunswick and says the
province reducing the royalties it charges for wood cut on public land
undercuts smaller private sellers. (Submitted by Linda Bell)

"The more cheap wood that the mills have from Crown, the less
incentive they have to buy our wood," said Bell.

In a posting on the province's Public Review of Draft Regulations
website last week, the Department of Natural Resources and Energy
Development listed several proposed changes to timber royalties that
are charged to New Brunswick forestry companies.

The most significant is a 46 per cent reduction in charges for
softwood sawlogs and studwood used by New Brunswick sawmills to
manufacture both high and low grades of lumber.

Based on current royalties and historical volumes cut on public land,
the price drop will likely cost the province and save forest companies
$50 million in fees this year.

The department is asking for public comment on the changes but did not
respond to a series of questions about them last week.

New Brunswick raised the royalty rates on publicly owned timber for
the first time in seven years last September in a belated, but heavily
promoted effort to profit from two years of record lumber prices.

A sign with a tree symbol and the Irving logo next to a pile of wood
New Brunswick forestry companies saw their revenues from wood
manufacturing increase by more than $1 billion when lumber prices
surged. New Brunswick raised its timber royalties only as prices fell
and is now retracting most of the increases. (CBC)

"We've instigated an increase for this year, a fairly significant
increase," Natural Resources Minister Mike Holland told CBC News last
summer in one of a number of interviews announcing the higher fees.

In 2021, New Brunswick wood manufacturers, mostly sawmills, reported a
record $2.6 billion in sales, $1.2 billion more than two years earlier
on similar amounts of production.

That helped convince the province it should charge more for trees the
mills were using, but the financial bonanza around lumber had largely
fizzled by the time royalties were finally raised in the second half
of 2022.

    Delays in boosting timber royalties saved N.B. forest companies millions

    N.B. companies with forest properties on both sides of U.S. border
paying higher taxes in Maine

With lumber prices now into more normal ranges, the province has
decided to roll back royalties as well.

But unlike the increases, which took effect last September after
months of deliberation and the 60-day waiting period observed before
changes in fees are normally implemented, reductions will be faster
than immediate. They are to take effect retroactive to April 1st.

That irks Bell, who said the speed at which royalty rates are being
cut is in stark contrast to the indecision and delays that preceded
raising them.

 "They certainly didn't put the rates up very fast when the prices
went up, but they sure put it down fast when the markets aren't as
good," said Bell.

"It's typical of what the government does. I am just astonished at the
rates that the government uses for this taxpayer asset."

A man wearing a suit standing in front of a brown building Natural
Resources and Energy Development Minister Mike Holland publicly
announced when timber royalties were increasing last summer, but his
department did not respond to questions last week about plans to cut
them. (Jacques Poitras/CBC)

New Brunswick forestry companies cut a variety of trees of differing
values from publicly owned land every year.

The most lucrative are spruce, pine and fir trees large and straight
enough to be cut into lumber. In a typical year, companies cut three
million cubic metres of softwood for sawmill use from public land.

About 850,000 cubic metres of those amounts are softwood sawlogs,
which carry a current royalty of $40.60 per cubic metre. That was
raised from $31.09 last year, but is now proposed to fall to $21.83.

Royalties on softwood sawlogs in New Brunswick have not been that low
since 2012.

That is causing some confusion in the forestry sector, since higher
royalties were meant to help finance a new private woodlot
sustainability fund, announced by the province six months ago, that is
supposed to help smaller private owners of forests manage their lots
more efficiently.

A softwood forest New Brunswick companies cut millions of trees
annually from publicly owned forests and in exchange pay the province
royalties. (Radio-Canada)

Kim Jensen, general manager of the Carleton-Victoria forest products
marketing board, said she doesn't know if the fund is still to be paid
for by royalty rates or some other surcharge or mechanism the province
hasn't explained yet.

"We've heard nothing. It's been dead silence," said Jensen.

Not all rates are declining, however.

There is a proposed 34 per cent increase in poplar and hardwood
pulpwood royalties. Based on traditional volumes, that could add $2.2
million in revenue to offset some of the reductions.

The public has until May 24 to comment on the proposed changes.
ABOUT THE AUTHOR
Robert Jones

Reporter

Robert Jones has been a reporter and producer with CBC New Brunswick
since 1990. His investigative reports on petroleum pricing in New
Brunswick won several regional and national awards and led to the
adoption of price regulation in 2006.
CBC's Journalistic Standards and Practices



61 Comments


David Amos
We get the governments we deserve when apathy rules the day eh?

David Amos
Reply to David Amos
"The public has until May 24 to comment on the proposed changes"

I say no way

What say you?



claude bourgeois
I guess Higgs is still working for Irving.


David Amos
Reply to claude bourgeois
Thats been blatantly obvious for years





Gary MacKay
I find this kind of action by government counter intuitive. The US
will probably see this as a subsidy and they will most likely impose a
tariff to counter the reduction and we will spend more tax dollars
fighting that as they (US) collect from the mills. Even if we win the
US refuses to comply. This has been the routine for decades for some
reason we have not learned from this bit of history IMO.


David Amos
Reply to Gary MacKay
Well put




Vladamir Smirnoff
It’s not just Higgs to blame. It appears the conservative caucus is in
support of the reduction.


David Amos
Content Deactivated
Reply to Vladamir Smirnoff
They follow Higgy's orders

 

https://www.acadiantimber.com/ 

 

ACADIAN TIMBER CORP. ANNOUNCES ELECTION OF DIRECTORS
Edmundston, NEW BRUNSWICK, May 5, 2023 – Acadian Timber Corp. (TSX:ADN) (the “Company”) announced that the nominees listed in the management proxy circular for the 2023 Annual Meeting of Shareholders were elected as directors of the Company. Detailed results of the votes for the election of directors held at the virtual Annual Meeting of Shareholders on May 4, 2023 are set out below.


Nominee Votes For % For Votes Withheld % Withheld
Malcolm Cockwell 10,958,022 97.74% 252,821 2.26%
Heather Fitzpatrick 11,168,192 99.62% 42,651 0.38%
Karen Oldfield 11,165,839 99.60% 45,004 0.40%
Erika Reilly 11,187,204 99.79% 23,639 0.21%
Bruce Robertson 11,171,553 99.65% 39,290 0.35%
Adam Sheparski 11,187,109 99.79% 23,734 0.21%


About Acadian Timber

Acadian Timber Corp. (“Acadian”) is one of the largest timberland owners in Eastern Canada and the
Northeastern U.S. and has a total of approximately 2.4 million acres of land under management. Acadian owns and manages approximately 761,000 acres of freehold timberlands in New Brunswick,
approximately 300,000 acres of freehold timberlands in Maine and provides timber services relating to
approximately 1.3 million acres of Crown licensed timberlands in New Brunswick. Acadian’s products
include softwood and hardwood sawlogs, pulpwood, and biomass by‐products, sold to approximately 90 regional customers.

Acadian’s business strategy is to maximize cash flows from its existing timberland assets through
sustainable forest management and other land use activities while growing its business by acquiring assets and actively managing these assets to drive improved performance.

Acadian’s shares are listed for trading on the Toronto Stock Exchange under the symbol ADN.
For further information, please visit our website at www.acadiantimber.com or contact:

Susan Wood
Chief Financial Officer
Tel: 506‐737‐2345
Email: ir@acadiantimber.com

 




The current Board of Directors comprises six members. The names and biographies of each of the Directors are set forth below.

Malcolm Cockwell

Mr. Cockwell is the Managing Director of Haliburton Forest & Wildlife Reserve, a private land stewardship company that operates a mid-sized hardwood sawmill as well as a diverse ecotourism business, and owns approximately 100,000 acres of hardwood timberland in central Ontario. Having previously served as General Manager of Haliburton Forest since January 2014, he was appointed Managing Director in 2016. In addition to his work with Haliburton Forest, Mr. Cockwell is a PhD Candidate at the Faculty of Forestry at the University of Toronto with research interests focused on hardwood silviculture and processing. He holds a B.Sc. in Forestry from the University of Toronto and is a Registered Professional Forester in Ontario. Mr. Cockwell also serves on the board of directors of Forests Ontario and represents Haliburton Forest at the Ontario Forest Industries Association. Mr. Cockwell is a resident of Haliburton, Ontario, Canada.

Mr. Cockwell has been a Director since May 8, 2018. Mr. Cockwell assumed the role of Chairman on August 20, 2019.

Heather Fitzpatrick

Ms. Fitzpatrick is the President and CEO of Halmont Properties Corporation (TSX Venture: HMT-X). Ms. Fitzpatrick holds a bachelor’s degree in commerce from Memorial University of Newfoundland and has served in a variety of senior accounting roles with the Bank of Montreal and other firms over the last ten years. Halmont invests directly and indirectly in commercial real estate, forest properties, and in securities of companies holding property, energy, and infrastructure assets. Ms. Fitzpatrick is a Chartered Professional Accountant.

Ms. Fitzpatrick has been a Director since August 20, 2019.

Karen Oldfield

Ms. Oldfield was the President and CEO of the Halifax Port Authority, a position which she held for more than 17 years. Ms. Oldfield has global experience in trade development, particularly new markets combined with expertise in supply chain management and logistics. Additionally, Ms. Oldfield currently serves as Chair of the Board of Governors for Saint Mary’s University and is a Director of the Conference Board of Canada.

Ms. Oldfield is the Chair of the Compensation Nominating and Corporate Governance Committee and is the Lead independent Director. Ms. Oldfield has been a Director since May 9, 2019.

Erika Reilly

Ms. Reilly has over 15 years of capital markets experience and has been an investment professional with Brookfield since 2006. She has led growth and divestiture initiatives, public and private financings, and has played a key role in restructurings and asset management of timberland and infrastructure businesses. Erika has worked with Acadian since its inception and has served as President and Chief Executive Officer of the company from September 2019 to July 2021 and served as Chief Financial Officer of the company from 2013 to 2016. Erika holds a Bachelor of Commerce in finance from the University of British Columbia.

Ms. Reilly has been a Director since May 6, 2021.

Bruce Robertson

Mr. Robertson is the Vice President, Investments of The Woodbridge Company Limited and has held this position since September 2013. Prior to joining Woodbridge, Mr. Robertson held various executive positions at private equity firms focused largely on markets in Canada and the United States. Mr. Robertson received his Bachelor of Commerce (Honours) degree from Queen’s University in 1988 and has served on the board of directors of both private and publicly-listed companies, including his current positions as director of Morguard Corporation and as trustee of Morguard North American Residential REIT. Mr. Robertson is a resident of Toronto, Ontario, Canada.

Mr. Robertson is the Chair of Audit Committee. Mr. Robertson has been a Director since February 2018.

Adam Sheparski

Mr. Sheparski was appointed President and Chief Executive Officer of Acadian on July 30, 2021, having held the office of Chief Financial Officer since February 2020. Prior to joining Acadian, Mr. Sheparski held multiple senior executive roles within Empire Company Limited and Sobeys Inc. During this time, he managed multiple M&A transactions, streamlined operations to achieve millions in annual savings, and created structural changes to support long term sustainability for the organization. Mr. Sheparski began his career in 1999 with PricewaterhouseCoopers where he was a CPA CA and led the audits for public clients in the aviation, aerospace, and manufacturing industries. Mr. Sheparski holds a Bachelor of Business Administration from St. Francis Xavier University and is a member of CPA Nova Scotia.

Mr. Sheparski has been a Director since July 30, 2021.

Adam Sheparski President
Tel: 1-506-737-2345 ext. 2356

Susan Wood
Chief Financial Officer

E-mail: ir@acadiantimber.com

 

https://www.haliburtonforest.com/our-management-team/

 

Malcolm Cockwell

Managing Director

Originally from Toronto, Malcolm holds a B.Sc. in Forestry from the University of Toronto and is a PhD Candidate at the same institution’s Faculty of Forestry.

After working closely with Peter Schleifenbaum for several years, Malcolm took responsibility for Haliburton Forest as the Managing Director in December 2016.

In addition to his work at Haliburton Forest, Malcolm is a Registered Professional Forester, serves on the Board of Directors of Forests Ontario, and represents Haliburton Forest at the Ontario Forest Industries Association.

When Malcolm isn’t working, he can usually be found stomping around in the forest.

 
 
 Malcolm Cockwell's headquarters phone number is (705) 754-2198
 
 

Brookfield Asset Management Inc; Macer Forest Holdings Inc.: Early Warning Release

TORONTO, Aug. 20, 2019  (GLOBE NEWSWIRE) --  Brookfield Asset Management  Inc.
(“Brookfield”) and Macer Forest Holdings Inc. (“Macer”) report that Macer  has
acquired and  Brookfield has  disposed  of an  aggregate of  7,513,262  common
shares (the  “Shares”) in  the capital  of Acadian  Timber Corp.  (“Acadian”),
pursuant to a  private transaction  at a price  of $17.00  per Share  totaling
aggregate consideration  of approximately  $128 million  in cash.  The  Shares
represent approximately 45%  of the  issued and outstanding  common shares  of
Acadian.

Macer acquired the Shares for  investment purposes. Prior to the  transaction,
Macer did not hold any securities  of Acadian; however, Malcolm Cockwell,  the
President and  principal shareholder  of Macer  and an  associate own  214,400
common  shares  of  Acadian.  Macer  may  acquire  or  dispose  of  additional
securities of  Acadian in  the  future on  the  open market,  through  private
transactions or otherwise, as the circumstances or market conditions warrant.

Brookfield disposed  of  the  Shares  as  part  of  its  investment  strategy.
Brookfield no longer owns or controls any shares of Acadian and, at this time,
Brookfield has no intention to acquire additional securities of Acadian.

The Shares  were  acquired pursuant  to  the private  agreement  exemption  in
accordance with section 4.2 of National Instrument 62-104 – Take-Over Bids and
Issuer Bids.

As a  result of  this  transaction, Benjamin  Vaughan  has resigned  from  his
position as Chairman of Acadian’s  Board of Directors, effective  immediately.
Malcolm Cockwell, current director  of Acadian and a  principal of Macer,  has
assumed the  role  of  Chairman of  Acadian’s  Board.  Brookfield  Timberlands
Management LP (“Brookfield LP”), a subsidiary of Brookfield, is continuing  to
act as external manager to Acadian in  accordance with the terms of the  asset
management agreement between Brookfield LP and Acadian.

In accordance with National  Instrument 62-103, an  Early Warning Report  with
additional information in respect  of the foregoing matters  will be filed  in
respect of the transaction for Brookfield and Macer. A copy of such report may
be obtained from the SEDAR profile of Acadian at www.sedar.com.

Acadian’s head office is located at Suite 1800 – 1055 West Georgia Street,  PO
Box 11179, Royal Centre, Vancouver, B.C. V6E 2R5.

Brookfield Asset Management Inc. is a leading global alternative asset manager
with over $385 billion in assets under management. The company has more than a
120-year history of owning and operating  assets with a focus on real  estate,
renewable power, infrastructure and private equity. Brookfield offers a  range
of public and private  investment products and services,  and is co-listed  on
the New York, Toronto and Euronext stock exchanges under the symbol BAM, BAM.A
and BAMA, respectively.

Brookfield’s head office is located at Brookfield Place, 181 Bay Street, Suite
300, Toronto, ON M5J 2T3.

Macer Forest Holdings Inc.  is incorporated pursuant to  the laws of  Ontario.
Its principal business  is to  acquire and hold  for the  long-term shares  of
companies owning and operating forest and recreational properties. 

Macer’s head office is located at 400 – 51 Yonge Street, Toronto, ON  M5E 1J1.

For more  information  on Brookfield,  please  visit Brookfield’s  website  at
www.brookfield.com or contact: 

Claire Holland                       Linda Northwood
Communications & Media               Investor Relations
Tel: (416) 369-8236                  Tel: (416) 359-8647
Email: claire.holland@brookfield.com Email: linda.northwood@brookfield.com

For more information on Macer, please contact:

Malcolm Cockwell, RPF
President
Tel: (705) 754-2198
Email: mcockwell@haliburtonforest.com
 

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