Wednesday, May 25, 2011

Tully takeover tussle #2

The Tully Mill takeover tussle is ongoing with the evil foreigners upping their bids above the Mackay QSL consortium. As expected the commmentariat at The Journal of Ignorance is not immpressed with a foreign takeover. Tully rejected a scrip based takeover offer last year from the now Cairns based MSF.

It was interesting at the weekend to see The Courier-Mail report the MSF proposal to move HQ to Cairns while the Journal of Ignorance simply reported the profit downgrade with no mention of the move.

"Having taken a big position in the north Queensland industry in the past year, MSF is about to move its headquarters to Cairns.

That distressed tourism destination will no doubt be grateful to have a significant corporate head office come to town."

Also of interest this week, Elders half yearly result reported a $9.2 million cyclone damage loss to their North Queensland forestry assets. Elders also signalled disposal of these red mahogany MIS (managed investment scheme) plantations. MSF has indicated that failed forestry MIS could be a source of additional cane land.

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