Tiwi Islands – Northern Territory

Great Southern remains in trading halt 11 May 2009

Posted by tiwiccbb on May 11, 2009

http://www.abc.net.au/news/stories/2009/05/11/2566619.htm?section=business

11/5/2009
ABC ONLINE
Great Southern remains in trading halt

A timber company operating on the Tiwi Islands in the Northern Territory has been given more time to publicise its financial details.

Great Southern operates a timber plantation on Melville Island.

In an announcement to the stock exchange this morning, the company has asked to be suspended from being listed and quoted.

Last week the timber company was placed in a trading halt and was given until today to release details about its finances.

The company has been granted an extension and is expected to outline its managed investment schemes and working capital by next Monday.

Great Southern says it is business as usual and there are no job cuts planned at this stage.

It says the company wants to provide as much certainty as possible and will make an announcement some time this week.

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4 Responses to “Great Southern remains in trading halt 11 May 2009”

  1. tiwiccbb said

    http://www.businessspectator.com.au/bs.nsf/Article/Great-Southern-set-to-update-market-on-planned-sal-pd20090512-RXQ5T?opendocument&src=rss

    Great Southern set to update market on planned sales

    5:03 AM, 12 May 2009

    By a staff reporter

    Great Southern Ltd is poised to release an announcement about its sales program and working capital requirements.

    The debt troubled tree plantation company is on the brink of selling 44 tree farms across NSW and Queensland, sources have told the Australian Financial Review newspaper.

    “The company is seeking a voluntary suspension pending the release of an announcement on the company’s 2009 MIS sales program and working capital requirements,” Great Southern said in a statement to the ASX on Monday.

    Great Southern said it would release an announcement before the market opens on May 18.

    With $697 million in debt, it is believed that Great Southern is still in discussions with its banks of $109 million re-financing due in October, the paper said.

    The suspension comes after a two day trading halt, entered on May 7.

  2. zacd said

    Great Southern stays on hold

    May 14th, 2009

    TIWI Island forestry company Great Southern remains in a trading halt after it requested the Australian Stock Exchange put a stop on its shares.

    The trading halt began last week and will remain in place until the company makes an announcement on its future, a message on the ASX website said.

    This week Great Southern won an extension and will have until next Monday to make its position clear.

    The company says it is business as usual and no job cuts are planned yet.

    Next week, Great Southern will face a Senate committee inquiry in Darwin into forestry and mining operations on the Tiwi Islands.

    The company will be grilled over the forestry operations in the wake of a 2008 finding that it had illegally cleared forests in buffer zones around the permitted logging area.

  3. zacd said

    http://blogs.crikey.com.au/northern/2009/05/19/if-an-mis-fell-in-the-forestthe-timbercorp-great-southern-industry-of-greed-in-the-nt/#comments

  4. stock said

    Great, thanks! ^_^

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