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GTP, GREAT SOUTHERN LIMITED
veeone
post Posted: Dec 31 2009, 09:17 AM
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Last Great Southern assets for sale DANNY JOHN December 31, 2009 TWO of the last remaining operational assets of the failed Great Southern Group have been put up for sale by administrators to raise what money there may be left to pay unsecured creditors.
Ferrier Hodgson advertised yesterday for buyers for Great Southern Timber Holdings and Great Southern Infrastructure, which were the only subsidiaries out of 29 offshoots that creditors chose not to place in liquidation earlier this month.
Great Southern Timber has rights over 14,000 hectares of plantation timber, while Great Southern Infrastructure owns a pulp facility and a 50 per cent stake in a woodmill, both in Western Australia.
The creditors voted to give Ferriers another 45 business days to see if the two companies could be sold before meeting again and deciding whether they should be wound up.
Great Southern, which ran as many as 45 managed investment schemes covering cattle, pulpwood, almonds and vineyards, was placed in administration and subsequently receivership in May owing its bankers $600 million.
More than $1.8 billion was raised from its investor growers to help fund it schemes. The group's receivers, McGrathNicol, have been selling off assets under their control to repay as much as possible to Great Southern's lenders.
The receivers gained support just before Christmas to bring in Gunns as the new manager of eight forestry plantation schemes in a deal that prevented them from going under.
However, those moves will be of little benefit to other creditors whose claims against the group are facing a $223 million deficiency over the amount of assets said to be available once other liabilities are taken into account.
http://www.smh.com.au/business/last-great-...91230-ljz0.html



 
veeone
post Posted: May 24 2009, 10:26 AM
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http://business.smh.com.au/business/stumpe...idn.html?page=1

Some compelling reading in this article. Some of the things in this article should have been looked at more closely by the Asx and this would have been prevented i'm sure. V1
By the time the company collapsed a week ago, 47,000 investors had ploughed into tax-effective managed investment scheme (MIS) products - derived from timber and horticultural plantations - 300 accountants and financial planners had signed on to sell the products, 240,000 hectares of trees have been planted and hundreds of farmers had sold their land to Great Southern.


QUOTE
The accounting profession was forced to do some soul-searching, after it became apparent that most of Great Southern's tax-effective products were sold by accountants for generous commissions


 
Zeus
post Posted: May 19 2009, 05:49 PM
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Hi FF,

GTP has finally collapsed as expected for years and all those city-cowboys are gone!

Cheers!

 
farmer fred
post Posted: May 18 2009, 08:37 PM
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In Reply To: edliw's post @ May 18 2009, 07:36 PM

Hi edliw,

We've got a couple of corporate farmers listed on the stock exchange like AAC, PAG, SHV, TAN etc. None of them are particularly successful. Corporate farms are a bit more successful in the USA but they each get hundred of thousands each in subsidy every year. I still think farming is best left to family farmers, who have a vested interest in the success and well being of their land. These cowboys running GTP and TIM were only interested in separating investors of their money to enrich themselves.

Hope you manage to get a little bit of money returned out of all this mess

Cheers ff




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edliw
post Posted: May 18 2009, 07:36 PM
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In Reply To: farmer fred's post @ May 18 2009, 06:38 PM

Hi. Farmer Fred
Well it had to happen once the sales dropped off. Pity, there has to be room for something like this in the agriculture industry if it is run properly.

Cheers. o
o
o
o more tears, I think there bigger this time.

 
farmer fred
post Posted: May 18 2009, 06:38 PM
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In Reply To: kura's post @ May 18 2009, 05:37 PM

QUOTE
but somehow I doubt if they had the balls to do it


Nor the money, they have been trying to sell assets to get their debt down. Gunns has also sold assets so I cant see that either would be in much of a position to buy. Cant see that there would be much of a demand for MIS in the future after the debacle of TIM and GTP.

 

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kura
post Posted: May 18 2009, 05:37 PM
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In Reply To: veeone's post @ May 18 2009, 09:41 AM

Given Timbercorp & now GTP, who is left in the MIS area to fall over ? The way I see things, with so many assets that are potentially on the market now, the price won't be good for any sellers.

Disc: took a punt on FCL (Now ELD) a couple of months ago, but got out today, while I like the new look ELD, I thought their exposure to the MIS forestry sector was too great in these uncertain times. Would change my mind if they were to "swoop" on some bargain basement assets for sale, but somehow I doubt if they had the balls to do it.





 
veeone
post Posted: May 18 2009, 09:41 AM
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Forestry investment scheme owes billions May 18, 2009 - 8:19AM Australia largest forestry investment scheme has been put into administration owing more than 40,000 investors up to $4 billion. Great Southern owes up to four times as much as Timbercorp, the group's biggest rival, which collapsed in late April, The Australian reported on Monday. Up to 43,000 people have invested in the stock exchange-listed group's managed investment schemes, focused on wood pulp, cattle and wine grape production. The collapse of Great Southern, which was structured to take advantage of agriculture tax breaks for investors, could lead to as much as 1.75 million hectares of agricultural and forestry land flooding the market, The Australian reports.
http://news.smh.com.au/breaking-news-busin...90518-b7no.html




 
Zeus
post Posted: May 11 2009, 11:02 AM
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Finally, GTP announcement: Suspension from Official Quotation

The beginning of the end.



 
Zeus
post Posted: Feb 13 2009, 05:05 PM
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http://theland.farmonline.com.au/news/state/agribusiness-and-general/general/mis-forestry-ready-to-fall/1431017.aspx

MIS forestry ready to fall

MARIUS CUMING
13/02/2009 4:00:00 AM

FORESTRY managed investment schemes (MIS) are under a financial cloud and questions remain about the future of the 500,000 hectares planted to blue gums across Australia. The port of Portland in Victoria has announced more than $16 million of woodchip orders have been cancelled by Japanese interests since November, and timber giant, Gunns, also confirmed a reduction in woodchip demand from Japan.

Tax effective investment in some of the debt-laden companies involved has all but stopped, with some share prices dropping more than 95 per cent in 18 months.

A long-term follower of the MIS sector, Austock analyst, Craig Stranger, said a number of the leading companies were financially stretched having established sizeable land, forestry and orchard holdings, and had associated debt levels that were clearly too high at a difficult time to sell assets.

Some timber companies now have numerous properties on the market, with Timbercorp in the process of selling half its 100,000 hectare estate under blue gums.

Author of The Forest Wars, economist at Australian National University, Judith Ajani, is not surprised by the questions facing forestry MIS and says history will show Australia has wasted the past decade.



 
 


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