A FIRM backed by a former Great Southern director is poised to try and hijack the receiver's sale process by calling an extraordinary general meeting by the end of the month to gain control of the failed group's timber assets.
A number of other parties are also circling, including private equity firms and Gunns, which confirmed yesterday it is looking at becoming the responsible entity of certain forestry schemes.
Pulpwood Plantations Pty Ltd (PPPL), which was started by West Australian businessman Gordon Martin and is 50 per cent backed by US-listed fund manager Och-Ziff Capital Management, is interested in six of the pulpwood plantation projects. For PPPL's offer to proceed, the company needed 5 per cent of growers to call a meeting to replace the responsible entity.
Mr Martin said notices were going out on Monday to 11,000 grower investors about changing the responsible entity to Primary Securities.
"The meeting will be called on October 29. We are going on a road show next week seeing all the advisers throughout the eastern states," he told The Australian Financial Review.
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