Dave Groves
GUNNS Ltd had been a disaster for shareholders and attracting further investors would be “difficult, if not impossible”, an expert says.
Australian Shareholders Association chief executive Vas Kalesnikoff said shareholders were in a no-win situation, with a further share price dive likely
if the shares suspended since March began trading again.
“I suspect that with the $700-$800 million writedowns confirming the plummeting share price in the first place, any resumption of trading in the
current environment is not going to be good for shareholders — it’s a no-win situation,” he said.
“In five years, Gunns has gone from a high of $3.65 to a low of 9.5c. It last traded at 16c.
…
The substantial shareholders — those with holdings of more than 5 per cent in the timber company — are institutions that have invested people’s superannuation savings.
At June 30 last year the largest shareholder was Perpetual Trustees with 100 million shares,
Invesco Australia (52 million),
Schroder Investment (58 million),
Matthews Capital (119 million),
Unisuper (67 million),
Bank of America Corporation (76 million) and
UBS AG (63 million).
1994 … and Incat catamaran Condor 11 hits Black Jack rocks.
The top 20 shareholders hold 69 per cent of the stock and include former chairman John Gay of Gunns Ltd and Incat Tasmania chairman, Robert Clifford. … Mr Clifford is the 20th largest shareholder, with 4.4 million shares.
