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 Tussle with banks to decide Great Southern's future 

Tussle with banks to decide Great Southern's future

26 Oct, 2009 11:03 AM
The future of Great Southern's billion-dollar forestry assets has come down to a tussle between the failed company's banks and bidders for its management rights.

According to The Australian Financial Review, more than 40,000 grower investors are waiting on a final proposal from Gunns after receiving bids from Black Tree Proprietary and Pulpwood Plantations earlier this month.

Behind the bids for management rights, the real game is for Great Southern's land - 190,000 hectares of prime freehold.

Gunns's offer is expected to be made this week but it is taking longer than anticipated as the banks try to save as much of their security over the land assets as they can.

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Date: Newest first | Oldest first
Gunns never do what they say they will. Don't expect a "proposal" from them any time soon.
Posted by phil, 26/10/2009 2:40:09 PM, on Stock & Land
Trust Gunns at your peril. A concise summary of 4 years of the subterfuge by Gunns Limited and the Tasmanian State Government!

http://tapvision.info/files/Th e%20Gunns%20Dossier-Pulp%20Mill%2 0Smoke%20and%20Mirrors%20v004.pdf

These statements have been collated by TAP Research from media reports, documentaries and publications from 2004 to the present and are hyperlink referenced for easy checking. Pulp and paper expert Dr Warwick Raverty, reached the “sad conclusion that Gunns is not a fit and proper company to build a pulp mill anywhere” in Tasmania (14 March 2007). That conclusion is supported by the Gunns Dossier: Pulp Mill Smoke and Mirrors, a record of 186 statements from CEO John Gay and Gunns Ltd, and State and Federal governments relating to the planned pulp mill in the Tamar Valley. If you think Gunns are still a good investment after reading and absorbing the data in "pulp mill smoke and mirrors" I hope you can afford to lose your stake and still smile. Regards Ross.

Posted by Ross, 27/10/2009 6:55:53 AM, on Stock & Land
Is it good for Tasmania that one company becomes so dominant in one small state? No! Gunns should be opposed for no better reason than they are already too dominant in the social fabric of Tasmania.
Posted by buckandjoan Emberg, 27/10/2009 8:56:55 AM, on Stock & Land
Gunns Ltd have just recently been trying to 'green' up their image - those of us who are familiar with the modus operandi of this outfit know however to stay well clear.
Posted by Valleywatcher, 27/10/2009 10:30:28 AM, on Stock & Land
ONLY TRUST people and enterprises that deliver against their promises. Do not, under ANY circumstances trust people or enterprises who don't. This is what we teach our children. Ask yourself what has changed for us as adults. ONLY TRUST people and enterprises that deliver against their promises.
Posted by Richard Butler, 27/10/2009 1:07:52 PM, on Stock & Land
The comments I am hearing on the grapevine from those who have recently lost their jobs with Gunns is that they are pleased to be out of there. It's not a healthy place to work from all accounts. They also say they are worried about earning a crust in the future, of course.
Posted by Michael Cassidy, 27/10/2009 8:54:46 PM, on Stock & Land
Gunns withdrew from the Resource Planning and Development Commission process assessing its Bell Bay Pulp Mill Proposal, stating that the delay this process would impose would be untenable. This statemnent was made before all. There has been indications that this action was taken because they were advised they would not pass the assessment.

Despite what Gunns said, years later, it is still attempting to proceed. This is sufficient evidence for any person considering dealing with Gunns that they should carry out their own detailed assessment of past statements the firm has made and subsequent actions and revelations. Failing to do so would be totally illogical and on your own head.

Posted by Tasmanian Voter, 3/11/2009 10:55:52 AM, on Stock & Land

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