In an article in today's Fin Review it states that Black Tree has "secured nearly 5 per cent of grower proxies to call a growers meeting to consider its proposal".
If I understand correctly they have sent a letter to growers, but I am yet to receive anything.
I posted my votes today backing the Gunn's proposal. To hold off voting for either PPPL or Gunn's and wait for Black Tree is the more risky proposition.
I have read the Black Tree press release from Nov 20 and their proposal is interesting. I would love more detail.
I have plantations in the Tiwi Islands for the 2007 and 2008 projects, which I have virtually written off (with a lot of sadness). I would love nothing more than for Black Tree or another RE to come along and continue the project. However the trees now belong to someone else and I don't think we're going to get them back easily, not to mention the viability of the location.
For anyone interested there is a really good report located here giving the current state of play of forestry in the Tiwi islands - http://www.aph.gov.au/senate/committee/eca_ctte/tiwi_islands/report/c02.pdf
The upshot is that the current plantations will generate revenue estimated at $90 million with costs at $75 million. Before that can happen though the port needs to be rebuilt and improved over what was there previously possibly costing as much as $50 million.
GTP Price at posting:
12.0¢ Sentiment: None Disclosure: Held
