gnspa, page-28

redfrog

It appears that there is a grace period of 20 business
days from 14th October (relevant distribution date) for Gunns to declare a distribution.
This would make the latest date for declaration the 15th
November 2011 before the restrictive clauses kick in.
Maybe board is playing for time here?

Prospectus says:

2.9 Restrictions in case of non-payment

If, for any reason, a Distribution has not been
declared or a Distribution that has been declared has
not been paid in full within 20 Business Days after
the relevant Distribution Payment Date, the Issuer
must not without approval of a Special Resolution
passed at a separate meeting of Holders:
(a) declare or pay a distribution or make any
distribution on any capital securities or other
instruments of the Issuer in respect of which
the FORESTS rank equally, or in priority or set
aside any sum for the payment thereof; or
(b) redeem, reduce, cancel or acquire for any
consideration any capital securities or other
instruments of the Issuer in respect of which
the FORESTS rank equally or in priority or set
aside any sum for the payment thereof;
unless:
(c) payments are made pro...........................