chandler is out!, page-38

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

The failure of Richard Chandler Corporation to invest $150 million into timber firm Gunns has been placed at the foot of the company's largest shareholders, who reportedly declined to sell off a major portion of the group cheaply. Greg L'Estrange, chief executive of Gunns, said he was "disappointed" about Richard Chandler's decision to no longer invest in Gunns, admitting that shareholders were "being significantly diluted in this process so it was not a slam dunk".