More Gt Southern schemes to be wound up

Returns to investors in two of Great Southern's wine schemes are likely to be lower after receivers McGrathNicol recommended the 2006 and 2007 wine grape income projects be wound up.

McGrathNicol said the vineyards are unlikely to produce a 2010 vintage with the land already falling into disrepair since limited funding ran out last month.

McGrathNicol added that a minimum of $7.5 million was needed for both schemes to produce a vintage for next year, however there had been no late offers.

Offtake arrangements for the schemes have already been terminated.

Earlier this month, McGrathNicol wound up the 2008 wine grape income project when no buyers had emerged.

Meantime, McGrathNicol today said it will wind up the Templegate Forestry Trust Wombat scheme, with the property having not been replanted since it was destroyed in the 2003 Canberra fires.