I stand corrected on Heyfield on PT's advice that the two Victorian ITC businesses were rolled into one by GNS. However, I know that the two ITC Tasmanian businesses (Southwood in the south and the Neville Smith operation in the north) were sold.
Another correction on my previous post: in 2009 GNS said they'd run down the ITS inventory over 18 months (not immediately, as I had said). BTW, it's not hard to reduce inventory, especially when you were already in that line of business(Smithton; Lindsay St etc).
However, I still stand by my core assertion that it is definitely not $120m of assets being sold for $28m. GNS might still have an impairment to book on the sale but it won't be anything like $92m, which was implied by PT's post!
GNS Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
