anz to save gunns bacon, page-3

Let's not kid ourselves that ANZ has a big slice of this pie in seeing another entity like Gunns take it off investors,as it was ANZ who put the screws on Gunns to get a JV for the pulpmill in the Tamar,but if you want to find out more on the machinations of banks acting more like the Chairman of the board,go to the Tasmanian Times or search the relationship of ANZ and its influencing events.Point in case is the recent article below.

Nobody is going to tell me that the ANZ will not activate the proxy in the schemes that GTP had salted away in the schemes.





Gunns closes in on Gt Southern schemes
17-December-09 by Jonathan Barrett


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 release of early proxy data comes one week before Gunns holds its investor meeting in Sydney.

Gunns requires 50 per cent worth of investor votes to secure each scheme, and is effectively in a one-horse race after rival bidders Pulpwood Plantations and Black Tree withdrew or suspended their proposals.

The proxy deadline falls on December 21.

Proxy data released by Great Southern receiver McGrathNicol shows up to 24 per cent worth of proxies have been cast in the early schemes. The receiver holds substantial voting power in the early schemes - up to 27 per cent - and those close to the process are therefore confident of reaching the 50 per cent mark.

McGrathNicol holds less sway in the later schemes - 2004 to 2006 schemes - and therefore with proxies cast so far worth less than 21 per cent it is uncertain whether Gunns will receive the required support.