Great Southern finalises restructure

Great Southern is expecting to reap over $125 million over the next five years from its managed investment scheme plantation interests as it finalises acceptances for its plantation projects.

The company said today that individual offer acceptances for six of its plantation projects ranged from 13 per cent to 27 per cent, with total book value of MIS interests acquired reaching $63.8 million.

Last month, Great Southern held a meeting with investors who held interests in two cattle and six plantation projects in a bid to buy their stakes as part of a $700 million restructure plan.

The company reached the minimum 75 per cent approval for the issue of Great Southern shares to investors in the two cattle projects.

Today, Great Southern said that based on the final results, the company will issue a total of around 308 million new shares.

In return the company said it will acquire MIS plantation interests that are expected to deliver over $125 million of net harvest proceeds over the next five years and a significant cattle business free from MIS encumbrances.