Economy
Gunns Share Price: 42c … and falling
Gunns at 42 cents. The end is near?
NEW FUNDING AGREEMENT –
GUNNS LTD (“GUNNS”)
1. The Board of Directors of IMF (Australia) Ltd (“IMF”) announces that it proposes to fund claims that certain current and former Gunns investors have against Gunns Ltd (“the Gunns claims”).
2. The Gunns claims relate to alleged misleading or deceptive conduct and alleged breaches by Gunns of its continuous disclosure obligations between 31 August 2009 and 22 February 2010 (“the Period”).
3. Shareholders who purchased Gunns securities during the Period on the ASX may be eligible to participate in the claim which IMF will fund subject to the specific factors set out in the funding documentation.
4. IMF will include the claim value in its next Quarterly Case Investment Portfolio Report.
5. Further information is available by calling IMF on 1800 016 646 or on www.imf.com.au
Download announcement: HERE
Jarvis Cocker, just after midday:
All Ordinaries down 70 points, with a total fall of 10% since April 19. Market falls almost entirely due to nervousness about European economic health, with investors reacting today to Germany’s decision to halt naked short selling on financial stocks.
Gunns down to a ten-year low on light volume – analyst consensus now `basket case’, institutions in too deep to lock in losses. Losses over last month 23%.
Little scope for short term recovery in Gunns, unless Feds announce compensation package today, a move which would see the environment minister pelted with fruit and hounded from office by both conservations and business tired of seeing millions thrown at dying companies.
Posted by Jarvis Cocker on 19/05/10 at 12:11 PM