Looks like the vote for the forestry projects wont get up,but the cattle projects will (I presume thats because after taking into account the up front deduction and cashflows, the cattle investor almost comes out square),but in any case it looks like they will issue 95m of shares ($c50m of capital) and if the cattle scheme is approved 230m shares ($c115m of capital). Doesnt sale of the now unencumbered cattle assets and forestry assets and some other asset sales means that the existing $350m of corporate debt becomes much less of a problem? Earnings mightnt be fabulous, but the debt overhang on the NAV has been reduced a long way
GTP Price at posting:
17.5¢ Sentiment: None Disclosure: Not Held
