GUNNS is set to announce a capital raising and equity investment in a further restructure of the company still pitching to build a $2 billion-plus pulp mill.
The sale of the company's Heyfield native forest sawmill in Victoria is imminent, among a series of transactions by the company as it reshapes towards the Tamar pulp mill project.
Industry analyst Robert Eastment said there was no indication that a joint-venture announcement for the pulp mill was near.
The Heyfield mill is understood to be headed to a Melbourne investment company that will continue operations as Gunns takes a further step towards exiting native forests. Other deals yet to be tied up include an agreement on its $85 million managed investment scheme loan book, and the sale of its woodchip ship, Orana.
Gunns, suspended yesterday for 48 hours at 12.5¢, has been trading at historic lows and ended 2011 with a $10 million to $20 million forecast profit downgrade to June 30.
Last week it secured a refinancing of a $340 million senior debt facility, and of primary working capital facilities, through to the end of 2012.
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