Timbercorp Update

In recent weeks you would have received mailings from the TC Growers Group. This group appears to be the committees that were set up in the initial creditors meetings that are consulting with the administrator. The administrator ‘by law’ is required to look after you interests along with other creditors. It would appear that TC Growers is doing it ‘by heart’. From what we have read there is nothing that you need to do for them to represent your interests, as your interests are the same as the other growers. They are asking for $25 per tree lot to enable them to hire some people to be active in the representation. It is up to you whether or not you pay that to them.

Agri Risk may have contacted you with regard to insurance on your trees. That is a legitimate matter. Because of Timbercorp’s insolvency, the payments for the insurance cannot go through Timbercorp. Furthermore, the last insurance was only paid up to May. The administrators have worked with Agri Risk to offer the insurance to you directly. This is something that you should take up.

Greath Southern Update

The Kailis and Sumich olive companies have joined together to put a proposal together to provide a “…sound, commercially based solution” for those investing in Olives. They are the ones purchasing the olives and olive oil, so they have a vested interest in the production of the olives continuing.

With all of the projects, Great Southern is working with many interested parties in working out whether they can continue with a new ‘Responsible Entity’, replacing Great Southern as the manager of the project. They have reported good progress towards that end, however, it also looks like the management agreements will have to be modified in favour of the new responsible entities to make the projects attractive enough for them to take them on. But at this stage, that is looking like the most likely outcome: the projects continuing with new management.

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