TFS shares spike on global bank appointment

TFS Corporation shares have jumped after the sandalwood plantation manager announced global investment bank Moelis & Company had been appointed to assist in a strategic review of operations.

TFS said the review would include an assessment of all of its operations and capital management initiatives, including a proposed share buy-back scheme.

At 1:45PM, WST, TFS shares were up 13.4 per cent, trading at 38 cents.

The Perth-based sandalwood estate manager lodged a net profit of $25.9 million late last month, an increase of 28.3 per cent over the previous year.

Revenue was up 14.2 per cent to $126.8 million.

In its report to shareholders, TFS flagged a “significantly improved” operating result in FY2013.