Thursday, July 28, 2011

Richard Chandler

Singapore-based investment group Richard Chandler Corp. again boosted its stake in beleaguered tree-plantation operator Sino-Forest Corp. (TRE.T), this time with the purchase of more than 5.3 million common shares on Tuesday.
Last week, the company, founded by New Zealand-born entrepreneur Richard F. Chandler, bought more than 2.4 million Sino-Forest shares.
Richard Chandler Corp. bought the shares through wholly-owned Mandolin Fund Pte Ltd. It said Wednesday that Mandolin's stake in Sino-Forest now totals about 36.8 million shares, or 14.95%.
The shares acquired Tuesday were purchased on the Toronto Stock Exchange at an average price of about C$7.36 each. The average price for the shares acquired last week was about C$4.06.
Sino-Forest's stock took a beating in early June, when allegations of questionable accounting by a U.S.-based short seller surfaced. Sino-Forest, which operates in China, denied the allegations, including that it fraudulently exaggerated its tree-plantation assets.
Sino-Forest's stock tumbled 64% to C$5.23 on June 3, the day a trading halt on its shares was lifted. It hit C$1.99 on June 21 but has risen in each of the last seven sessions. Early Wednesday, it's up 8% to C$7.69.
Prominent investor Paulson & Co. dumped its Sino-Forest stake in June.