24/11/2009 - 15:42

Gt Southern receiver in vote battle

24/11/2009 - 15:42

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The receiver of failed MIS promoter Great Southern has taken legal action to win the right to vote on the future of a number of forestry schemes caught up in the collapse.

Gt Southern receiver in vote battle

The receiver of failed MIS promoter Great Southern taken legal action to win the right to vote on the future of a number of forestry schemes caught up in the collapse.

Tony McGrath of McGrathNicol has taken his case to the Victorian Supreme Court in a bid to win approval for Great Southern, which he representsas receiver, to participate in an investor vote over the future of the responsible entity which will ultimately control the fate of the investments.

Great Southern owns up 30 per cent of some schemes, thought likely to be enough votes to determine the outcome of the responsible entity poll.

McGrathNicol has already backed a deal by Tasmanian forestry group Gunns as a favoured option to take over the running of the schemes as responsible entity.

However, investors have other options before them including offers from the Tony Jack-led Black Tree and a joint venture between Gordon Martin and Nick Tana called Pulpwood Plantations.

 

 

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