steel plant rescue plan

Extracts from todays Gladstone Observer.

Paul Sundstrom, who is co-ordinating the rescue plan, said if sufficient money were raised, the community would end up "owning" Boulder Steel and controlling it, similar to the Bendigo Bank community branch structures.

"The new shares being offered to the community are Class 1 voting shares, which will give it this control," he said.

The rescue group is asking for a minimum contribution of $100, which allocates the Class 1 shares at 1 cent to all contributors - so a contributor of $100, would receive 10,000 shares.

"The chances of the project proceeding vary between 50% and 70%, in my carefully considered opinion, depending on the amount raised," he said.