Bendigo and Adelaide Bank welcomes Gunns vote

Key points

• Grower investors support eight proposals put forward by Gunns
• Vote on the remaining scheme postponed until January 4, 2010
• Good news for grower investors
• Bendigo and Adelaide Bank continues to explore options for grower investors not covered by today’s proposals

Bendigo and Adelaide Bank has welcomed the support shown yesterday for the proposal by Gunns Plantations Limited to take over various forestry managed investment schemes (MIS) formerly managed by the Great Southern group of companies.

“This is great news for grower investors, who can now look forward with some optimism about the future operation and value of their forestry MIS investments,” Bendigo and Adelaide Bank spokesperson Gary Tucker said.

Growers supported eight of the nine proposals put forward by Gunns, with the ninth (the vote for the 2006 Forestry Scheme) postponed until January 4 to allow a number of proxy votes that were received after the December 21 deadline.

“This is a significant step towards ensuring value in MIS schemes for Great Southern grower investors is preserved and increased,” Mr Tucker said.

“Bendigo and Adelaide Bank continues to work with all relevant parties to ensure grower investor interests in the schemes not considered in the Gunns proposal are protected,” he said.