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Gunns considers change in name and HQ

Reported by AAP
Wednesday, April 11, 2012
Topics in this article:
Asx,Fairfax Media,Gunns
World's kookiest billionairesBillionaires and their eccentric and outlandish publicity stunts.

Woodchipper Gunns is considering a name change and moving its headquarters from Tasmania in the hope that it can boost its chances of developing a controversial $2.5 billion pulp mill in the State's north.

"I can confirm that Gunns is exploring a number of things like name changes and headquarters relocations," a Gunns spokesperson said on Wednesday.

"That's part of their (Gunns') endeavour to properly position the company to get the pulp mill up, which is what they're focused on at the moment.

"Nothing's been finalised."

Fairfax media reported on Wednesday that Gunns may be considering moving its headquarters from Launceston to Melbourne and that it had lodged an application for an least one trademark, Enpax Australia.

The spokesperson said she believed that Enpax Australia was one of the new names under consideration.

She said the possible changes were aimed at reflecting the company's intended major activity of exporting pulp to Asia.

"While the pulp mill will be at Bell Bay, where the headquarters is doesn't really matter ... it doesn't have to be in Tasmania, particularly."

Gunns is seeking to raise about $400 million to cut debt and support the development of the pulp mill in northern Tasmania.

On Tuesday Gunns confirmed it was proceeding to formulate an equity offer, as detailed in an announcement on March 26.

Gunns shares were placed in a trading halt on March 9, and have not traded since, after the Singapore-based Richard Chandler Corporation (RCC) decided against investing $150 million in the woodchipper.

The investment was to have been part of a proposed $280 million capital raising for Gunns that would have given the RCC a cornerstone stake in the company.

The withdrawal of RCC prompted Gunns to reconsider its capital raising plans and it chose to seek to raise $400 million instead of $280 million.

Gunns shares last traded on the Australian Securities Exchange at 16 cents.

22/10/2014 08:32Sydney, Australia. 22 October,2014
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