Rally a chance to send message to Gunns shareholders

The Wilderness Society (Tasmania) Inc
Media Release
22 August 2008

The Wilderness Society calls on public to make a stand tomorrow and show investors why Gunns’ pulp mill shouldn’t be supported.

Tomorrow’s rally in Launceston is a perfect opportunity for Tasmanians opposed to Gunns’ pulp mill to take a stand and send a message to shareholders considering Gunns’ equity raising venture that the majority of Tasmanians don’t want to see the pulp mill built, according to The Wilderness Society.
 
The rally, being organised by Tasmanian’s Against the Pulp Mill (TAP), will be held at 12 noon in City Park.
 
“Gunns are going out to their shareholders saying ‘we need $300–400 million to help us build a pulp mill in Tasmania’. Tomorrow’s rally is a chance for the Tasmania public to send a message to those shareholders—protect your investment, protect your reputation and protect Tasmania’s future—stop the pulp mill,” said Paul Oosting, pulp mill campaigner for The Wilderness Society.
 
“The pulp isn’t an economically viable proposition and Gunns’ shareholders need to be made aware that it is highly financially risky and will be trenchantly opposed by Tasmanians throughout its life,” said Mr Oosting.
 
“The pulp mill is currently being challenged in the Federal Court of Australia and the Supreme Court in Tasmania and has not been fully approved by the Federal Government, this is a high risk project both financially and environmentally,” said Mr Oosting.
 
Gunns is currently in a trading hold on the Australian Stock Exchange (ASX) pending an equity issue early next week when it will be asking its existing shareholders to support attempts to raise up to $400 million.
 
“Companies like Perpetual Investments, Schroder Investment Management and Colonial as well as many superannuation funds will now have an active role to play in determining the future of the pulp mill. Their decisions will impact on climate change and Tasmania’s future.

“Tomorrows rally is a perfect opportunity for the public to demonstrate their ongoing opposition to this environmentally destructive proposal. Shareholders should take careful note of this opposition,” concluded Mr Oosting.