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AAP

Gunns in talks over forestry assets

Thursday October 1, 09:35 PM

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Woodchipper Gunns Ltd said on Thursday that it was in talks with the receivers of failed agricultural projects operator Great Southern to replace Great Southern Managers Australia Ltd as the responsible entity of certain forestry managed investment schemes (MIS).

Debt-laden Great Southern, which operated 45 forestry, horticulture and cattle managed investment schemes on behalf of 43,000 investors, was placed in administration and receivership in May after its cashflow dried up and was unable to draw more support from its bankers.

Receivers McGrathNicol last month called for expressions of interest from third parties to acquire all or part of the business of Great Southern; the land owned by Great Southern entities; and other assets of Great Southern, including assets associated with Great Southern's managed investment schemes.

The receivers also called for expressions of interest from parties that want to replace Great Southern Managers Australia Ltd as the responsible entity (RE) for all, or some, of the managed investment schemes, in combination with the sales process, or separately.

Gunns has established 15 managed investment schemes in wood, wine grapes and walnuts, with about $620 million of funds under management.

Gunns currently manages more than 300,000 hectares of forestry assets, including 104,840 hectares of forestry MIS projects.

Last week, Gunns missed out in its bid to acquire forestry assets from collapsed agricultural projects firm Timbercorp Ltd.

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