… this thread started out talking about finance for a pulp mill or similar.
For a moment, let’s forget lignin content, native forest conversion and FT profit (or lack thereof).
Between meetings today (Wed), I glanced at Gunns’ share price. Below 50c cents. That gives them a market cap below most minor retailers, and on par with a number of speculative mineral explorers.
Gunns is flogging assets, has bugger all free cash flow, and has scrapped MIS sales to raise money. Yet some still worry about the impact of a pulp mill.
You may not read about it in Tasmanian newspapers, but Gunns is stuffed. There is no future. No pulp mill, no more MIS sales, not more weedy, green, overcropped sauvignon blanc released under the once great Coombend label.
Let’s all move on. There are other issues that demand attention and focus.
Forget the mill. It is dead. Let’s all leave the subject alone, and crf and his cronies can go back to writing `on sale’ stickers in various Launceston Mitre 10 stores.
Gunns Declines Comment On Bank Of America Stake,
CANBERRA (Dow Jones)—A spokesman for Australia’s Gunns Ltd. (GNS.AU) declined to comment Friday about the emergence of Bank of America Corp. (BAC) on the forestry company’s share register.
Bank of America filed a substantial shareholder notice late Thursday that showed it holds 40.94 million shares of Gunns. The 5.07% stake was built through a series of on-market transactions mostly in March and April.
Asked whether there has been any contact between the two companies, Gunns’ spokesman said, “We don’t comment on discussions with shareholders.”
Nor did the spokesman shed any light on Bank of America’s intentions.
Gunns’ share price collapsed in February, tumbling from a peak at A$1.00 to open trading in March at 60 cents. The share price closed Thursday at a 10-year low of 47.5 cents.
On Feb. 22, Gunns posted a A$420,000 net profit in the first half of this fiscal year to June 30, down 98% on year.