Some of the comments made here are not logical re Gunns:
1. Why would the write off of $149.7m in the Bell Bay project sink Gunns. This money has been expended the business is already servicing this debt. It would no doubt affect the SP but I already think its partly in there. There is no additional cash flow as a result of canning the mill. Yes there is a risk if it goes ahead but the 149m could at least start earning some return as well.
2. Mr Gray sold around 25% of his entire holding - So saying 45% of his direct holding is really playing this up beyond its worth. He still has a significant amount of money at risk.
3. Dont talk about where Gunns profitability was a few years ago - Its misleading Gunns has recently recorded a good profit despite the MIS problems.
4. Yes there are issues with GTP , Its management , behaviour, possible missing assets, trading whilst insolvent etc etc. I have also lost money on it. However I dont see why Gunns is the bad party here - The administrator still wants to collect his fee on harvest although GTP will have done nothing. Gunns has to put up money for what was already paid in the scheme but they cannot access that money.
So my comment is simple if you don't want Gunns dont vote for it but I think that a few players here have agendas that are not fully disclosed - Do yourself a favour and head over to the GNS forum.
Who benefits if no-one takes over a RE?
You may have issues with MIS but thats a polly issue not an investment issue or a GTP or Gunns issue.
I had a few GTP but they are worthless and have no MIS investments whatsoever but do own a small amount of GNS shares and far more GNSPA shares. I have no other interests in this issue at all.
GTP Price at posting:
12.0¢ Sentiment: None Disclosure: Held
