The Tasmanian Examiner A NEW national group of hybrid...

The Tasmanian Examiner


A NEW national group of hybrid shareholders in forest company Gunns has written to Premier Lara Giddings urging her to help ensure the viability of the company.

Spokesman for the NSW-based group Gaby Berger said that he had sent the same letter yesterday to media outlets, other politicians and banks in a call for support for Gunns at a critical time for the company.

He had not yet received a reply from Ms Giddings.

Mr Berger said that Forests Investor Group Supporters, or FIGS, had become increasingly alarmed at media speculation that a group of hedge funds was about to put Gunns into liquidation.

``This would lead to devastating job losses and a wipeout for investors,'' Mr Berger said.

The company has up to $120 million of investment from hybrid shareholders.

The investments typically combine equity and debt features with investors expecting periodic fixed-interest payments and profits when share prices increase.

A spokeswoman for Gunns said that the company welcomed the FIGS support.

``The pulp mill investment remains at the heart of Gunns' business strategy and it believes it is worthy of the support of media, government and banks,'' the spokeswoman said.

The company's full-year results are due out at the end of the week.

The company's share trading has been suspended since mid-March.

Mr Berger said that his group had been advised that the banks to which Gunns owed more than $400 million had started to sell off their debt to hedge funds.

The Gunns spokeswoman said that the company had until the end of the year to move out of its Lindsay Street, Launceston headquarters.

There had been speculation that it had to be out of the site by the end of November to make way for new owner Bunnings.




Gaby Berger

Gaby Berger pioneered and founded an IT Software company in 1973 which he ran for 30 years before selling it and retiring. He has a BE, MBA, Graduate Diploma in Applied Finance and Investment and is a Fellow of the Australian Computer Society.

Gaby has served on several communal boards including Moriah College, Maccabi Tennis Club and Maroubra Synagogue where he co-chaired the Development Committee and chaired the Fundraising Committees for the redevelopment of the Shule.

Gaby joined the Montefiore Board in December 2010, his interest and skill sets include strategic planning, finance and investments, IT and systems, HR and staffing, project management and religious affairs. He is married with 3 adult sons
www.montefiorehome.com.au/Gaby-Berger/default.aspx