Fortress Paper stock bounce caused by more than turmoil in Greece, analyst says

Chad Wasilenkoff CEO of Fortress Paper.

Shares in Fortress Paper Ltd., the Vancouver-based company, have bounced more than 50 per cent in the last three months amid speculation that, should Greece leave the eurozone, Fortress’s mill in Landquart, Switzerland is well-placed to win the contract to supply paper for?a new version of Greece’s historic currency, the drachma.

The Landquart mill, in eastern Switzerland close to the Austrian border, produces security paper for that Swiss franc; ten governments in the eurozone use Fortress’s paper to print the euro.

“There is speculation available on the market,” agrees Irwin Michael, a Toronto-based investor whose ABC Dirt Cheap Stock Fund held a position in Forest Paper up to now. IA Michael Investments Counsel still owns Fortress Paper bonds.

Chad Wasilenkoff, the main executive of Fortress?Paper, said from London, England on Monday that his company has no deal to provide bank note paper to Greece.

“When Greece were to pull out from the euro, the Greeks would require their very own currency, and we as a supplier could be interested in tendering on that,” he said. “But it would be up to Greece to place out a tender.”