Gunns liquidator warns investors about takeover offerFriday 17 May 2013 The liquidator of the collapsed Tasmanian timber company Gunns has warned plantation scheme investors against accepting a takeover offer from Macquarie Group. Macquarie Group has approached investors with a plan to transfer control of hundreds of thousands of hectares of timber plantations to the firm WA Blue Gum reports ABC News.Under the restructure, investors would continue to own the trees and pay pruning and management fees to WA Blue Gum until harvest. But Gunns' liquidator PPB Advisory wants to sell the trees over the next four months and distribute the proceeds among investors. It has written to investors warning them Macquarie's plan could cost more than AU$23 million in fees and expose them to legal and tax risks. PPB says its own plan would cost investors AU$3.5 million. Investors will vote on the proposal at the end of the month. Source: ABC News |
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