WHEN Tasmanian forestry products heavyweight Gunns missed out on securing the assets of defunct agribusiness company Timbercorp, those vying for assets of another failed timber company knew they were in trouble.
Thousands of Great Southern investors are facing substantial losses after forestry heavyweight Gunns opted against resurrecting the 2007 timber scheme.
Tasmanian forestry company Gunns declined to comment on projected investor returns for the defunct Great Southern timber schemes, moments before asking investors to support its proposal to take over the projects.
Out-of-pocket Great Southern investors are on the verge of installing Gunns to take over the defunct timber projects, after a lengthy meeting in Sydney today.
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.
Great Southern receiver McGrathNicol has opted to wind up the olive schemes operated by the fallen agribusiness company after failing to overcome a stalemate with two of the biggest names in Western Australian horticulture.
Microcap fund manager Acorn Capital has increased its stake in listed Perth-based financial planning firm Plan B Group Holdings to control almost 10 per cent of the voting power.
AS one out-of-pocket investor left the Pulpwood Plantations meeting last week, he noted that the heads of the fallen bid to take over Great Southern timber schemes could have done something to ease the pain.
Despite the onset of massive projects, Western Australia has not been handed the carte blanche to employ foreign workers given to the Snowy Mountains Scheme 60 years ago.
The Snowy Mountains Engineering Corporation is winding down its St George's Terrace office, after years of struggling to make the Perth outpost a profitable venture.
The Pulpwood Plantations proposal to take over Great Southern timber schemes was withdrawn today before the official vote was to take place, as attention now turns towards rival bidder Gunns.
DURING times of economic uncertainty, it's normal for company bosses to explore every nook and cranny in search of opportunities to increase efficiencies.
The anointing of a rival bidder by research houses means Pulpwood Plantations is an outsider to secure the necessary votes this week to take over Great Southern timber schemes.
