capital raising and equity stake, page-4

CANBERRA (Dow Jones)--Singapore-based, New Zealand-born billionaire Richard
Chandler's Chandler Corp. will take a 25% to 40% stake in Australian forestry
company Gunns Ltd. (GNS.AU), the Australian Financial Review reported Tuesday.
Gunns is understood to be seeking to raise between A$250 million and A$350 million in
fresh equity that would help erase some of its A$580 million debt, the paper reported
without citing a source.
Chandler, who is worth a reported US$4 billion, holds interests in a wide range of
businesses, including telecommunications, power, steel, banking and energy, and is the
biggest shareholder in Canadian forestry group Sinoforests, it said.
Gunns was placed in a trading halt Monday, pending news of a capital raising and
equity placement.