GTP - Great Southern Plantations

[Forenth]

Director Alice McCleary has changed her holding in the company on account of dividend reinvestment and holdings in the 2006 cattle project being converted to shares. What I don't get is she had 4040 prior to the change, got 566 and 23640 respectively from dividends and cattle projects, but then ended up with a total holding of 43246 shares.

Am I missing something? Where did the extra 15000 shares come from?

 

[goodie3shoes]

We don't know how many of the 2006 cattle projects she converted.
She is a 'true believer' as she held hardly any shares but was happy to 'hold the party line' and accepted the rip-off deal.
But poor old Alice is a quality director that the world would be chasing for other quality companies.A tax accountant from Adelaide.Wouldn't you like to be her client? A pile of GTP shares after buying into the 'failed projects' that she was party too.Nice one Alice,BHP will be desperate to get your independent and incisive board room advice.
Oh,take no notice from me,I am a looney as I invested with GTP and bought the projects believing that they were a lovely company run by nice people.
I am clearly insane and should never be listened too.

 

[ThePav]

I don't think you can single out Alice. I don't think any of the directors have much to boast about. Looking from afar I can only assume that John Young is essentially in control of this board being the founding director and major shareholder. The rest of them are just along for the ride. The fact that they allow a poorly performing executive team remain unchanged throughout a series of bad business decision highlights the fact that really don't have much interest or control of this company. Most other listed companies would have inject some new "talent" to try and turn this company around, not Great Southern. Which is surprising because I am sure if they went to the market place with the salaries they are currently dishing out they would find a pretty strong list to pick from. From what I can tell this executive looks relatively unchanged over the last 4 years. This is not a healthy situation.

 

[goodie3shoes]

I wonder where INVESTOR1 went? 44 posts from 6th January to the 23 rd January.Mission accomplished? His retainer from GTP expired? Maybe his role with the company maintained? A very devious series of posts IMO.Still,hardly critical in the voting. Got me beat how they got the cows over the line. And significant YES votes on other projects. I know my decision to vote NO was based on a genuine understanding of the issues and a real concern for the ongoing viability of the company.

 

[edliw]

Not having invested ?? in the cows, I don't know the true story but the take up seems strange to me. Regards the wood lots appears alot of people only held 1-2 lots, so you have done your money already so why bother anymore. I think the serious wood lot holders voted correctly only time will tell who survives.

 

[SDE]

Got this from Australian Agricultural Co, which was released this information to the market today.

Outlook for 2009

In direct contrast to 2008 the five key earnings drivers for the business in 2009 have all trended very positively:

• In 2009 year to date, AAco’s stations have received more rainfall than in all of 2008. The resulting pasture will underpin cattle production for 2009 and into 2010. However, resulting floods increase the risk of stock losses and damage to plant and equipment. Such potential losses are factored into the Company’s budgeting assumptions and insurance programmes (on plant and equipment) where applicable.

• Feed grain costs which account for 20-25% of total cattle operating costs have more than halved from their peak of over $400 per tonne.

• During 2008, fuel costs doubled due to additional mustering, transport and water pumping required during the worst of the drought. Oil prices have since collapsed from their peak of US$145 per barrel to as low as US$35 per barrel.

• The Australian dollar is currently trading around US$0.64, restoring the competitiveness of beef exports in Japan, USA and Korea.

• Finally interest rates have reduced significantly in the past five months reducing the company’s average cost of funds.

The Meat and Livestock Association is forecasting beef prices to rise during 2009 as a consequence of herd rebuilding constraining young cattle supplies.

Seems that GS's tactic of with-holding cattle from sale, the consequent "shortfall" that this engineered, the requirement for a top up from investors and the general panic and confusion of "Project Transform" has had its desired effect. Valuable cattle exchanged for equity at over 70% discount.

Compare AAco view of 2009 compared to that of GTP.

 

[mikes]

i gather the rain and floods drowned all the cattle up north and we have bush fires and drought down south where the trees are.

 

[Belrose]

Oh,take no notice from me,I am a looney as I invested with GTP and bought the projects believing that they were a lovely company run by nice people.
I am clearly insane and should never be listened too.

OMG ROFLMAO, goodie3shoes, I am in exactly the same boat Don't worry, we might be clearly insane, but we are in good company.

 

[Belrose]

Surprisingly, the SP doesn't seem to have dropped substantially after the 4 Feb shares went live. Should we therefore hold out some hope that 13 Feb won't kill us all as well?

Does anyone know how the flooding in Northern QLD and the terrible bushfires in VIC have affected the woodlots? Might we be lucky (don't mean to be insensitive to the horrific suffering of those who live/d down there) and get our insurance payout instead?

 

[CanOz]

Surprisingly, the SP doesn't seem to have dropped substantially after the 4 Feb shares went live. Should we therefore hold out some hope that 13 Feb won't kill us all as well?

Does anyone know how the flooding in Northern QLD and the terrible bushfires in VIC have affected the woodlots? Might we be lucky (don't mean to be insensitive to the horrific suffering of those who live/d down there) and get our insurance payout instead?

No offense folks but why would you expect anything else if you are basing your financial decisions on these?

although luck may have some factor in traders profits, without managing risk you are going to live in hope in times like these.

CanOz

 

[Forenth]

Surprisingly, the SP doesn't seem to have dropped substantially after the 4 Feb shares went live. Should we therefore hold out some hope that 13 Feb won't kill us all as well?

Does anyone know how the flooding in Northern QLD and the terrible bushfires in VIC have affected the woodlots? Might we be lucky (don't mean to be insensitive to the horrific suffering of those who live/d down there) and get our insurance payout instead?

The new shareholders are holding their breath in the hope the price will go waaaaay up. No one has to pay tax yet so there's no need to liquidate immediately. Give it until the end of the year or into 2010 when tax bills come due. That's when we might see some volume. Any gain in cashflow for GSL might bump the price up a little, but investors (shareholders now) who need to dump them to pay the tax bill will force it down. Typical volumes are so small it won't take much.

As for flood and fire damage, I don't think GSL has many (if any) woodlots in affected areas so I doubt there'd be any claim.

As for Investor1, he/she is a bit quiet. We all use names which mean something to us, something individual. But 'Investor1' isn't, its a statement more than a personalised name. It might as well be 'IamnotpartofgreatsouthernIpromise1'. The style of writing and arguments used were reminiscent of GSL's official paperwork and just like GSL issues of cashflow were ignored while those of assets were promoted as improving shareprice (which I don't believe).

Like a lot of others I maintain my suspicions. I do agree with Investor1 on one point: Shareholders should find new management.

 

[Jackob]

Surprisingly, the SP doesn't seem to have dropped substantially after the 4 Feb shares went live. Should we therefore hold out some hope that 13 Feb won't kill us all as well?

I heard that some new shareholders of the "Project Transform" (cattle) received their share statements only yesterday.

Many may not know how to sell them. Some may not care. Any way, if one had lost ~90% of the value in an investment, how would s/he still care the rest?

But the cruel reality is that there are still more downside risks with GTP share price as the chart and market "depth" apparently showing. More delay would likely result in more loss...

 

[bv2726]

I heard that some new shareholders of the "Project Transform" (cattle) received their share statements only yesterday.

Many may not know how to sell them. Some may not care. Any way, if one had lost ~90% of the value in an investment, how would s/he still care the rest?

But the cruel reality is that there are still more downside risks with GTP share price as the chart and market "depth" apparently showing. More delay would likely result in more loss...

I received my stolen Cattle shares statement two days ago. I am now in two minds of what to do. As per your last paragraph, I agree that the charts appear to show that the share price is heading in one direction (down!)...I dont know what to do.

Sell today, and get some cash back....or wait and hope....

 

[Forenth]

I received my stolen Cattle shares statement two days ago. I am now in two minds of what to do. As per your last paragraph, I agree that the charts appear to show that the share price is heading in one direction (down!)...I dont know what to do.

Sell today, and get some cash back....or wait and hope....

I encourage anyone who has had their investment taken against their will to continue to harass ASIC (who are sitting on their hands) as well as all media, current affairs etc as well as their local MP's office.

While this scam hasn't affected me I have contacted all these numerous times. Unfortunately they are all ignoring the issue but I have not given up trying. If I was a retiree whose retirement plans have now been destroyed then this would be as bad as HIH to me. Even woodlot investors are still in danger, I have no doubt GSL will be issuing this same plan to other projects within 12 months. They may even be bold enough (ie. arrogant enough) to reissue the scheme to 1999-2003 investors to try to pick up some more woodlots.

People, make some noise!

 

[Fatcat]

I encourage anyone who has had their investment taken against their will to continue to harass ASIC (who are sitting on their hands) as well as all media, current affairs etc as well as their local MP's office.

While this scam hasn't affected me I have contacted all these numerous times. Unfortunately they are all ignoring the issue but I have not given up trying. If I was a retiree whose retirement plans have now been destroyed then this would be as bad as HIH to me. Even woodlot investors are still in danger, I have no doubt GSL will be issuing this same plan to other projects within 12 months. They may even be bold enough (ie. arrogant enough) to reissue the scheme to 1999-2003 investors to try to pick up some more woodlots.

People, make some noise!

I complained to ASIC, and received a letter a few days later saying the matter and been reviewed, with no action to be taken again Great Southern (aka the grubs).
My financial "adviser", still counting his well earned commission from the grubs, sent an email suggesting I hold onto the shares given they have traded as high as $3.00 in recent times. Deadset genius this guy.....I'm sure he must be related to the Cassimatis' somewhere along the line.

 

[irenebrisbane]

At least you got a letter Fatcat. I didn't even get an acknowledgement. Still waiting to see what happens with our tree lots in the 1998/1999 harvest.

 

[Belrose]

well, for what it's worth, I've added my 2 cents worth through the ASIC complaints form. Thanks for the details Forenth, much appreciated. Hopefully if enough people write, they'll do something.

 

[cathadfab]

Thought I would put my cattle investor's hand up and say I have received my Holding Statement in the past few days. I now own 35460 shares, valued today at .125 cents each, total $4432.50. As I also borrowed the money from Great Southern on a 3 year term, I also now still have to pay nearly $5000 to the company before I own my $4432.50 shareholding. If I don't pay up, the company holds escrow, so I suppose they would pluck my paltrey offering back at some stage.

I never wanted shares. I've never had any luck with shares. I bought cows because they seemed like a good idea. People eat meat. Cow's like to reproduce. It's what they do. The cows just fitted in with how I wanted to invest my money, something I believed in.

I just can't get my head around how the company can issue shares that they say are worth 50 cents, when I only have to look online to know they aren't and haven't been for a very long time. If my 50 cent shares were in fact worth 50 cents, I would be looking at getting close to my money back after factoring tax deductions and the one lonely dividend I had this year.

The only thing I hope now is that the company improves on the stock exchange to a point where I can get some money back once the shares become mine, in six months time, if they last that long. Hopefully too my investment will now help the plantation investors so at least only us cattle folk end up out of pocket.

Am I allowed to say 'Bastards' on here?

 

[wooduk]

Alas reality has begun to set in,the numbers are in and the realisation of what path people will take is or is coming to the black hole in our investment -----and now to cross the Rubicon into $$$$$$$$$$ oblivion OR get
onto Dennis&Co

 

[drsmith]

The only thing I hope now is that the company improves on the stock exchange to a point where I can get some money back once the shares become mine, in six months time, if they last that long. Hopefully too my investment will now help the plantation investors so at least only us cattle folk end up out of pocket.

Am I allowed to say 'Bastards' on here?

Perhaps this a silly question but given the current situation, is it your intention to repay any more of the loan ?