GTP - Great Southern Plantations

[Jackob]

BV,

I don’t think a 17% share price rise would represent any significance at present. In my view, GTP will sooner or later go bust.

GTP has to pay $80m p.a. for debt interest and needs at least $100m p.a. to keep the company running and to maintain the existing MIS projects, but its cash flow is drying up now.

GTP has $105 million in corporate debt to pay off in September 09, and if it could get the 75% “yes” votes for all the cattle projects, it might be able to sell the cattle land for at most $130m according to itself.

So how long would it last?

I suspect after the vote the share price would collapse to under 10c before any "yes" Cattle project investors could cash any shares.

 

[drsmith]

Confucius say's it's easier to be in a generous mood when it's someone else's money growing on the trees.

 

[wooduk]

Trading halt -price sensitive to project transformation announced at 6:30 p.m. today at asx.

Probally give a clearer view at what the decisions investors will go from here and what gtp will do in the foreseeable

 

[wooduk]

ERNST AND YOUNG FINANCIAL STATEMENT 29/12/08'

VERY GRAVE STATEMENT IN REGARDS TO GTP CONTINUATION

 

[ThePav]

Hey Wooduk,

Have you only just picked up on that? It has been discussed numerous times on this board.

Great Southern are going down the tube and the auditors are covering their ****. Most people would have been able to put two and two together long before EY came out and pointed it out.

Vote day not far off. The cattle investors are the only ones who have to be concerned. Not sure why the YES vote is so high for cattle investors as they are well and truely getting ripped off. Must have been a few under the table transactions going on.

 

[bv2726]

Vote day not far off. The cattle investors are the only ones who have to be concerned. Not sure why the YES vote is so high for cattle investors as they are well and truely getting ripped off. Must have been a few under the table transactions going on.

I was thinking about this - when GTP first sent me a letter they made a mistake for the Cattle investors. They said that they would give me shares for my cattle and it would be worth a certain amount.

They used the number of heads of cattle (instead of the number of droves) and a share price of over $1. It was amazing...the figure that they offered at first would have meant a big yes vot for me.

Then they sent another letter later...apologies...blah blah blah. With a much lower figure.

Do you think lots of cattle investors didnt read the next letter and think they are going to get the first amount?

(Just a theory).

 

[wooduk]

Hey Wooduk,

Have you only just picked up on that? It has been discussed numerous times on this board.

Great Southern are going down the tube and the auditors are covering their ****. Most people would have been able to put two and two together long before EY came out and pointed it out.

Vote day not far off. The cattle investors are the only ones who have to be concerned. Not sure why the YES vote is so high for cattle investors as they are well and truely getting ripped off. Must have been a few under the table transactions going on.

DOH!on the auditors opinion,yes QUACK!
JUST GLANCED ,initialy thought it was another trip down the yellow brick road

 

[Grumpy Old Man]

So what happened today with the vote???

Was supposed to be at 9am WA time? No news at all on GTP site...

 

[wooduk]

Unconfirmed reports indicate,trees voted down and cattle crossed the line

no numbers----as yet,

what can be construed from this thin information needs to tempered with proper analysis

After hearing what is happening in the Australian economy today,I personally wish a constructive dialogue that either has the directors listening also to the mis investors besides the creditors

I am living in laa-laa land

 

[edliw]

This delay, I think it just shows the arrogance of the company directors. There has been adequet time for them to inform the market of the results.
How long dose one of these meetings take, even for Perth Time.

 

[drsmith]

Perhaps they need to inform the administrators first. They might have shut up shop for golf at 3.

Only joking

 

[wooduk]

This delay, I think it just shows the arrogance of the company directors. There has been adequet time for them to inform the market of the results.
How long dose one of these meetings take, even for Perth Time.

forum members,
James Rowe requested a trading halt as stated in a 2page statement that has been posted on the asx as price sensitive.

ASX has granted it and the company is in pre-open stance
ASX has indicated this position ( pre-open) until Wednesday the 21st at the start of opening at the latest.

KEEP

 

[slim pickins]

i am sweating away in my indonesian hotel room, thinking it must be just as hot under the collar for the GTP directors right now hauled up in their "führer bunker".

why is there no time to issue a statement? are they are busy feasting, dancing, singing, while their world falls apart around them?

i hope the GTP headquarters are not taller then 2 stories. we wouldnt want people jumping out the windows at a time like this.

info pleeeeease

 

[doctorj]

i hope the GTP headquarters are not taller then 2 stories. we wouldnt want people jumping out the windows at a time like this.

info pleeeeease

It is taller than 2 stories, but I don't think the windows open. GTP headquarters was previously the home of former gold miner Sons of Gwalia. I wonder who will be next. If that building could talk...

 

[ThePav]

Maybe everyone that voted YES had a moment of sanity and attended the meeting in an attempt to change their vote to NO?

You'd expect an announcement early tomorrow morning. They were confident with the cattle in there last announcement but they only had 68% that is still some way to get to 75%. Probably no point speculating as we'll know soon enough. Either way they are doomed, cattle will only keep the company afloat temporarily. Not sure cattle investors realise that though.

 

[wooduk]

It is taller than 2 stories, but I don't think the windows open. GTP headquarters was previously the home of former gold miner Sons of Gwalia. I wonder who will be next. If that building could talk...

HEY!
A bit of decorum,as a valued mis-adventurer----investor sorry,
I take this momentous occassion in seeing the shares to increase by an average of 4.7083333333333333333333333333333333333333333333333
per month when they hit 75 cents in 12 months time(KPMG or BUZZ box) said so!

It must be the heat and smoke from my forest estate.

P.S. Sons of Gwalia,rings a bell ?------------ OH! yes
Dennis and Co.

666

 

[Forenth]

Don't forget 75c price was if all the schemes were approved. If only cattle (at best) were a yes then the price not making 75c is OUR fault! All those who voted no put your hands up, hehehe.

I can see that argument being used as the excuse for the price failing their forecasts. Its the perfect back door for them. After all, GSL directors are only paid millions in total, how can they be expected to get anything right on those paltry numbers. Its not Macquarie Bank after all

 

[bv2726]

GTP have issued a statement to the ASX - the Cattle projects have both reached the 75% mark.

The 2006 project was 75.8%.

I cannot believe that now I am going to lose my cattle and get given dud shares and have to pay tax even though I said no.

 

[Fatcat]

GTP have issued a statement to the ASX - the Cattle projects have both reached the 75% mark.

The 2006 project was 75.8%.

I cannot believe that now I am going to lose my cattle and get given dud shares and have to pay tax even though I said no.

They really are grubs. Surely no financial planner would ever touch them again. (Storm??)

What is the end result on number/value of shares to be issued to the cattle "investors"?

 

[ThePav]

Thankfully the trees didn't go over. We need to arrange an new RE ASAP before the ship goes down. I think the winegrape projects should also be looking at a new RE.

I have to say I feel sorry for the cattle voters that votes NO that really sucks for the others well I can't help but think that perhaps you deserve each other. You need to start taking ownership of your poor financial decisions and now you need to swallow your bitter medicine.