Friday, April 23, 2010

Holy Gunnsmoke Batman!! The greenies have got Robin & John. --------updated links.

The ASX announcement

Jesus wept!!
Everbodies favourite logging execs to be lopped! Whose Gunna care for the trees now?
Gunns chairman 'to stand down' April 23, 2010 - 3:35PM
from the Sydney Morning Herald
"Gunns chairman John Gay will announce today that he will stand down, the Australian Financial Review reported this afternoon.
A company spokesman was not immediately available for comment.
Gunns shares were up 1 cent, or 2 per cent, to 53 cents in recent trade.
Gunns posted a 99 per cent profit drop in the half year to December 2009, to $420,000, on revenues of $325.9 million, according to Morningstar, amid tougher trading conditions.
The company has struggled for several years to complete a controversial $2.2 billion pulp mill project in northern Tasmania, which has outraged environmentalists and been slowed by difficulties securing investors.
Earlier this week, two Tasmanian Greens, who have opposed the pulp mill, were sworn into the Tasmanian Labor government's cabinet".

From ABC online...
Reports Gunns directors to step down

"Tasmanian timber company Gunns has declined to comment on newspaper reports that the chairman John Gay is to stand down.
The Financial Review has reported that Mr Gay and fellow board member Robin Gray are set to announce today that they are leaving the company.
They have been under pressure since the company posted a 98 per cent drop in its half yearly profit.
"There has been pressure on Mr Gay and fellow director Robin Gray". (ABC News: Michael Brooks)



  1. Time to break out the champagne! Next stop is an announcement the mill has been pulped. Here's to it . . .

  2. Is this the first degree of seperation along the road to dumping the project all together?
    The ASX release says that the so called new Souther Star corporation is only a "proposed" at this stage, yet Gunns says it has already appointed what appears to be a finnish director of the pulp mill.
    Gunns says it aims to have 51% stake in Southern Star. I bet my buttocks Gunns wont get near 51% IF this new company ever gets off the ground.
    What we do know for sure and I would say all the guff about Southern Star steals the focus away from, is that John Gay and Robin Gray are stepping down as directors from Gunns Board.
    As for implications for the pulp mill and its existing permits and outstanding modules, i'm not sure yet.