todays paper

Hope if you guys are trading it you know what the big boys know,viz,


Seems 52 cents or less is the figure , according to this article


http://www.smh.com.au/business/timber-gunns-could-be-headed-for-the-chipper-20100225-p63y.html


Timber! Gunns could be headed for the chipper
DAVID SYMONS
February 26, 2010

THE market has been kind to Gunns this week, marking the timber company's shares down by just 32 per cent since the surprise announcement that net profit tumbled by 98 per cent to $420,000 in the first half due to weak woodchip demand in Asia and currency pressures.

With no improvement in operating conditions on the horizon, and little investor confidence in the company's ability to manage its assets, Gunns' survival is in question. The company has just four months to deliver a solution before bank covenant breaches, with ugly consequences, become a possibility.

The company is pinning its hopes on a planned corporate reorganisation into four divisions in a bid to attract investment into its long-delayed $2 billion Bell Bay pulp mill and to highlight the underlying value of its plantation assets.

The challenge of completing the restructure and attracting external investment is out of step with the tight timetable, so Gunns' management and advisers from Nomura Australia should not be expecting much sleep between now and the end of June.

Shareholders turning their minds to disaster scenarios may take some comfort from the value of assets on the Gunns balance sheet. Plantation assets have a book value of around $1.2 billion, while debt and hybrid securities total around $780 million. So shareholders would share in around $420 million of net assets (about 52 per share, a little shy of the current share price of 58.5) on a winding up - provided that the plantations can be sold for book value. And there's the rub. With the woodchip market in the doldrums, buyers are unlikely to place full value on the plantation assets without a nearby pulp mill.

Watch out below.

Hope this helps