30/10/2009 - 14:24

Gt Southern station sold for $5.5m loss

30/10/2009 - 14:24

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Receivers of failed agribusiness company Great Southern today completed the sale of the company's far north Queensland cattle station to Consolidated Pastoral Company for $48 million.

Receivers of failed agribusiness company Great Southern today completed the sale of the company's far north Queensland cattle station to Consolidated Pastoral Company for $48 million.

Great Southern bought the 596,430ha station, called Wrotham Park, for $53.5 million during a buying spree three years ago.

After the collapse of Great Southern, the receiver put the 'for sale' sign up at its three northern cattle stations; Chudleigh Park in north Queensland was sold for a loss while Moola Bulla in the Western Australian Kimberley was passed in at auction.

Sale proceeds will flow to creditors, although thousands of out-of-pocket investors believe they have a claim over some of the money.

Litigation funder IMF is funding an action on behalf of former cattle project members who were given now-worthless shares in Great Southern in exchange for $90-odd million in cattle assets a few months before the agribusiness provider was put into administration.

IMF is also representing timber scheme investors who also got caught up in the so-called Project Transfer, which was designed to provide the ailing agribusiness company with cash.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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