GNS has just raised around $350 million with another $90 million...

GNS has just raised around $350 million with another $90 million or so to come. Debt/equity ration drops from about 105% to 55%. This means Gunns in better shape on balance sheet though equity price under pressure.

Gunns has made a statement that they will redeem GNSPA ("Forests") in 2nd half next year; The equivalent rate of return to say mid Oct 2009 is 34% with the bulk being capital gain. I suggest this is a very safe return and would probably outperform equities. Only risk is Gunns goes broke between now and Oct 09 which I suggest is low chance as equity raising ensures survival.