RADNOR, PA — Pardee Resources Company (OTC: PDER) has announced the conclusion of its initiative to market approximately 47,000 acres of hardwood timberland tracts located in central and southern West Virginia. Despite efforts to facilitate a sale, the process has ended without a transaction.
“While our marketing efforts yielded multiple offers, none were acceptable to the Company and thus the Company has elected to retain the properties and continue to manage them for the benefit of its shareholders,” said Carleton P. Erdman, President and CEO.
The initiative aims to reduce the company’s focus on non-core assets and align its portfolio with its long-term business strategy. The decision to retain the timberland tracts allows Pardee Resources Company to maintain control over a valuable resource while also ensuring steady cash flow for future investments.
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