Madrum you better tell how many posts you have made on this...

Madrum you better tell how many posts you have made on this forum and also tell wooduk about the suspension.

Comment from TT indicates,and preeeety dramatically about an ASX complaint,so as readers don't get lost in their etheral opinion, and yes I am areader also,It is interesting indeed.
------------------------------------------------------------------------------------------------------------------------Quote statement and source below

Gunns ASX Complaint. Trading complaint: Gunns requested and have been granted a two day trading halt pending a company announcement from the 4/8/2011. This was granted but there was NO company announcement of any significance made. They then requested an indefinite extension on the same excuse and were again granted this request.

It is my belief Gunns are lying: This trading halt request is merely a ploy to prevent them from being declared insolvent. There has been no company announcement of any significance and ALL they are doing is bidding for time and hoping for another government grant from either the Federal or State government. This has already been denied by the Federal government and the Greens have stated they will bring down the State government if they do make any such donation to Gunns.

Previously, Gunns on 22 documented occasions (note) in the past have announced that they have a �potential� Joint Venture Partner (JVP) and on NONE of these occasions has one materialized. This again was just used as a ploy to inflate their share prices, I believe.

The company is currently worth $186 Million (Book Value with over-valued assets) and has debts of $650+ million and a further loan of $200 Million from the ANZ Bank. The recent sales of some of these assets, such as Triabunna Mill, have raised less than 50% of their book value, but this has NOT been reflected in their financial report.

Further, their wood suppliers currently refuse to supply them with timber due to their unpaid bills and Forestry Tasmania is also owed $55 Million for default on their wood supply contract.

Currently they are also being sued in the High Court by their own shareholders for misrepresentation and failure to disclose matters that affect their future share price. They a re currently selling assets to pay for the interest on their loans, and last month they defaulted on part payment of these too.

I believe GUNNS IS CURRENTLY TRADING WHILE INSOLVENT !! And this trading halt is merely a ploy to prevent the market from closing them down.

I am surprised that the ASX allows itself to be deceived by this ploy and allows itself to be used in this fashion.

I would request on behalf of all shareholders and all Tasmanian communities that this trading halt is lifted and that the shareholders themselves should be allowed to declare whether they need Gunns to continue as an entity.

I look forward to your consideration of these comments and your reply.

Barnaby Drake

See Also : http://www.tapvision.info/node/696 for an independent financial analysis by John Lawrence

Posted by Barnaby Drake on 10/08/11 at 09:15 PM