Ann: Becoming a substantial holder , page-10

Gambier

I dont see how GNS could finance the pulp mill on its own, even assuming offtake partners took say 20% of the equity. They would need $800m for their share of the equity and they still need to reduce corporate debt by perhaps $200 or so on top of the sale of the Vic Pine Estate......where are they going to get such money? Selling 80% of the Tasmanian estate might yield up $500m-600?? (rough guess)......surely it is not possible.....

Lord