Economy
Webster gets cash to buy walnuts. Gunns will get cash for the sawmill …
The Australian Financial Review today reported a Singapore listed company, Pacific Andes Resources Development, spent $51.7 million to buy Webster’s 19.8 per cent stake in Tassal, giving Webster the cash it needs to buy Gunns’ 1365 hectare walnut farm, which it manages.
Insider Trader reckons Gunns currently has the walnut assets on its books at $29 million so it will still need more cash to complete the purchase of FEA’s sawmill for a rumoured $45 million, plus meeting the costs of the recent spate of redundancies.
Gunns’ debt reduction program must be temporarily on hold.