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Great Southern still hopeful

GREAT Southern says it remains hopeful that investors will change their mind about a $700 million restructure plan, despite the majority backing only part of the proposal. At a special meeting held this week, the majority of investors voted to swap their interest in two beef cattle projects for 176 million new shares in Great Southern. However, the company failed to get the required 75 per cent interest from investors for a similar proposal for six plantation projects. Both proposals are subject to a shareholder vote. Great Southern managing director Cameron Rhodes said, while the plantation result was disappointing, the company respected the choice of investors. “However, we remain hopeful that many of those investors will see the success of the beef cattle projects as an endorsement and strengthening of Great Southern and will still support the individual offer to exchange their interest in the plantation projects for shares in the company,” he said.

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