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The Pulpwood Plantations proposal to take over Great Southern timber schemes was withdrawn today before the official vote was to take place, as attention now turns towards rival bidder Gunns.
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.
DURING times of economic uncertainty, it's normal for company bosses to explore every nook and cranny in search of opportunities to increase efficiencies.
Tony Jack's bid to take control of Great Southern's timber schemes has caught the attention of the corporate regulator after projections contained in its proposal were deemed inappropriate.
IF you measure the value of a chief executive by the salary he or she takes and compare it to what heads of similar size companies receive, Andrew Forrest would come out on top in Western Australia year in, year out.
SHARE options are a common part of high-level remuneration packages intended to be powerful incentives for company executives- but they can quickly go 'underwater' when markets tumble.
Local forestry veteran Tony Jack has accused receiver McGrathNicol of using his bid for the collapsed Great Southern timber schemes to find a better deal for the bank creditors at the expense of out-of-pocket investors.
Almost one year before Great Southern collapsed under a mountain of debt, board members of the agribusiness provider were acutely aware the company faced a serious cash-flow problem.
Former agribusiness heavyweight Great Southern was losing hundreds of millions of dollars in the months leading up to its collapse as it continued to raise money from investors.
Great Southern receiver McGrathNicol has telephoned investors in the flagship timber schemes urging them to hold off accepting the ‘rescue package’ lodged by the Gordon Martin-led Pulpwood Plantations.
