Macer Forest Holdings Inc. acquired 45% stake in Acadian Timber Corp. (TSX:ADN) from Brookfield Asset Management Inc. (TSX:BAM.A) for approximately $130 million on August 20, 2019. Macer has acquired an aggregate of 7,513,262 common shares at a prices of $17.00 per Share. 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. 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.

Macer Forest Holdings Inc. completed the acquisition of 45% stake in Acadian Timber Corp. (TSX:ADN) from Brookfield Asset Management Inc. (TSX:BAM.A) on August 20, 2019.