17/12/2009 - 15:10

Gunns closes in on Gt Southern schemes

17/12/2009 - 15:10

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Tasmanian company Gunns is moving towards gaining control over several of Great Southern's early timber schemes, according to proxy numbers, although later schemes are still under a question mark.

Gunns closes in on Gt Southern schemes

Tasmanian company Gunns is moving towards gaining control over several of Great Southern's early timber schemes, according to proxy numbers, although later schemes are still under a question mark.

The release of early proxy data comes one week before Gunns holds its investor meeting in Sydney.

Gunns requires 50 per cent worth of investor votes to secure each scheme, and is effectively in a one-horse race after rival bidders Pulpwood Plantations and Black Tree withdrew or suspended their proposals.

The proxy deadline falls on December 21.

Proxy data released by Great Southern receiver McGrathNicol shows up to 24 per cent worth of proxies have been cast in the early schemes. The receiver holds substantial voting power in the early schemes - up to 27 per cent - and those close to the process are therefore confident of reaching the 50 per cent mark.

McGrathNicol holds less sway in the later schemes - 2004 to 2006 schemes - and therefore with proxies cast so far worth less than 21 per cent it is uncertain whether Gunns will receive the required support.

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