Media reports June 2010

29 June 2010 The Tasmanian Government says the Gunns proposal for the Tamar Valley pulp mill is in better shape than it has been for a long time. The Treasurer Michael Aird has told a budget estimates committee he plans to meet the new chief executive of Gunns Greg L'Estrange. Mr Aird says Tasmania has the forestry resources to supply the proposed $2.2 billion mill. "We have considerable private sector plantation resources in this state and it is there ready to support a pulp mill," he said. Yahoo finance

11 June 2010 Gunns has revealed it has three potential partners for Southern Star Corporation, the company established to build and operate the proposed Tamar Valley pulp mill. Gunns holds the majority share in Southern Star Corporation, but is talking to three potential equity partners about what they can provide for the $2.2 billion pulp mill venture. Yahoo finance

10 June 2010 A move to sell off more assets (land and trees) owned by plantation company Great Southern has created uncertainty for Gunns. Gunns manages blue gum plantations on these properties on behalf of Great Southern investors but previously told the stock exchange that it plans to use the timber from the plantations to ensure its Tamar Valley pulp mill is 100 per cent plantation based. Yahoo finance

9 June 2010 The chief executive of Gunns (Mr L'Estrange) has foreshadowed a new direction for the company after the resignation of its high-profile chairman (John Gay). "I think the company is moving more away from conflict as a means of resolving issues to, how do we actually sit down and work for resolution," he said. Yahoo finance

8 June 2010 The Tasmanian Greens today called on Premier David Bartlett to rule out any further Tasmanian Government subsidisation of Gunns’ proposed pulp mill. “Premier David Bartlett today flunked the opportunity to be a statesman and issue a death certificate for the mill, instead reverting to his old ways and attempting to resuscitate the corpse of the pulp mill,” said Mr Booth. “The economy of the Tamar Valley has stalled under the cloud of this toxic mill proposal.” “The public have rejected it, the market has rejected it, Gunns’ shareholders have rejected it, and it now seems that the only people on the planet who want a pulp mill in the Tamar Valley are David Bartlett and Labor.” Tasmanian Times

7 June 2010 The law firm preparing a class action against Gunns says it has been contacted by "significantly more than 100 shareholders" who may be eligible. Lawyer Ben Slade says the firm is now waiting on a final decision from litigation fund IMF Australia on whether it will fund the case. Yahoo finance

3 June 2010 The Commonwealth Bank of Australia has announced it is no longer a substantial shareholder of Tasmanian timber company Gunns. The bank says it has now sold 11 million Gunns' shares. Shadforth's financial analyst Matthew Torenius says many shareholders have been unhappy with Gunns' profit drop. ABC

2 June 2010 Speculation of a Gunns Ltd takeover continued yesterday despite a number of companies declaring their role in last week's mass trading. Around 35per cent of the company has changed hands in the last week. Examiner