Integrated hardwood forest products company Gunns has announced it may wind down its WA jarrah market as it reviews its sawmilling, processing and retail sales operations at Deanmill, Manjimup and Welshpool.
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.
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.
Timber company Gunns has put itself into the bidder's circle for Great Southern's assets, a day after it lost its bid for Timbercorp's forestry assets to a US-based company.
