12 Oct 2008, Comments (3)

Man-Bites-Dog story

Author: Helen

Treebeard the Ent

This is delicious: FORESTS might help to destroy Gunns Ltd’s latest old growth-chomping project.

Frankable Optionally Redeemable Equity Settleable Transferable Securities, that is.

No, this is not a joke. Surely a box of Monte Christo cigars will have been bestowed upon the banker who dreamt up this acronym.
Anyway, Gunns is looking to wrap up its $430 million capital raising by early October, before the interest rate on its Forests resets on October 14 to an expensive 12.5%…

October 14, eh? Tick, tick tick…

Of course, it’s more fun to imagine Treebeard storming into the Gunns Ltd boardroom, bearing two tonnes of old growth woodchips, all of which he forces John Gay to eat. With milk but no sugar.

Comments (3)

  • Liz says:

    Helen, I loved your blog because of the abortion campaign updates.

    Now I love it more. Liz

  • Helen says:

    Why thank you Liz! I aim to please

    (Unless, of course, you’re a forced-birther or a Gunns executive 😉 )

  • Bernice says:

    Tick tick tick but beware – the buggers appear to be preparing an assault on the Federal piggybank re infrastructure on the basis of jobs, jobs, jobs (always a winner in Tas).

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