GNS - Gunns Limited

[Ginyuu]

Hi guys,

Has anyone bought any shares from GNS or know the situation at the moment? It has been on a trading halt since March and I am unable to pull my money out (of what remains).

I hear it's doing badly, does anyone know what to do? or whether this situation will eventually turn around? :(

[gv1]

Went on receivership....doesn't look like investors will get to see the dough.

[Ginyuu]

:( that sounds pretty bad. What happens when it is on receivership?

[Ginyuu]

What happens when it goes on receivership??

[soulman]

What happens when it goes on receivership??

Basically it means the shares is at 0. All asset sales will go to Gunns creditors in whatever cents in a dollar. Shareholders lost the lot. It's the most disastrous event for shareholders.

[gv1]

From The Australian

CREDITORS have voted to liquidate failed Tasmanian timber company Gunns.

Around 80 people owed money by the former timber giant attended a second creditors meeting in Launceston on Tuesday, organised by administrator PPB Advisory.
"The creditors resolved unanimously to wind up the Gunns group of companies," PPB's Daniel Bryant told reporters.
Mr Bryant said PPB, now the liquidator, would examine whether recovery could include action against former directors.
Creditors had been offered little choice after a detailed report from PPB released last week found they were unlikely to see any money.
The report concluded Gunns has debts of around $3 billion and recommended liquidation.
It said workers' entitlements totalling around $10 million would be paid.

[gv1]

Former Gunns boss John Gay fined rather than jailed for insider trading. Quite slack ASIC. Toothless tigers.

[macduffy]

Probably.

But note that the sentence was handed down by a judge in the Tasmanian Supreme Court, not by ASIC.

http://www.smh.com.au/business/former-gunns-boss-avoids-jail-over-insider-trading-20130823-2sfqv.html