http://www.businessspectator.com.au/bs.nsf/Article/Timbercorp-ord...

http://www.businessspectator.com.au/bs.nsf/Article/Timbercorp-ordinary-shares-worthless-pd20100624-6PVEV?opendocument&src=rss

Timbercorp ordinary shares worthless.
Published 9:40 AM, 24 Jun 2010
By a staff reporter

Timbercorp Ltd stakeholders' ordinary shares are valueless, the company's liquidator says.

In a statement to the Australian Securities Exchange (ASX), KordaMentha liquidator Mark Korda said shareholders could choose to make a capital loss on ordinary shares bought on or after September 20, 1985, for the 2010 financial year.

"I have reasonable grounds to believe that the following shareholders (or class of shareholders) in the company will receive any distribution for their shares," Mr Korda said of ordinary shareholders.

He said a capital loss was not available to shares acquired under an employee share scheme.

Timbercorp shares ceased trading on April 23.

The company's creditors voted to have 40 of the group's companies wound up on June 29.

About 10,000 people invested $800 million in Timbercorp's forestry schemes before it went into administration in April.

Timbercorp also operated managed investments schemes which grew almonds, olives, mangoes, avocados, citrus and table grapes.