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Gunns Ltd (ASX:GNS) boss Greg L’Estrange has defended his decision to accept a lower offer for the sawmill in Tasmania’s south-east according to a report by the Australian Financial Review. The $10 million sale is due to be finalised today.
It was sold to BRW richlisters and environmentalists Jan Cameron and Graeme Wood who have plans to turn the site into an eco-resort.
Mr L’Estrange is pushing ahead with asset sales in the hope of raising enough money to develop the company’s pulp mill at Bell Bay without a joint-venture partner.
In the six months to 31 December 2010 Gunns booked a net loss of $4.6 million.
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