Administrators list two NT mahogany farms, among last assets of failed Great Southern Group
Two Northern Territory mahogany plantation farms – among the last remaining operational assets of the failed Great Southern Group – have been put up for sale by administrators.
Ferrier Hodgson has advertised the holdings Theyona and Blackbull, which comprise a combined 14,342 hectares, on behalf of Great Southern HVT Pty Ltd (in liquidation.)
Theyona is the larger of the two Douglas-Daly district holdings, at 9,400 hectares.
Offers are due by June 13 with Andrew Gray at Colliers and Angelo Castorina at Ferry Property.
Great Southern, which ran as many as 45 managed investment schemes covering cattle, pulpwood, almonds and vineyards, was placed in administration and subsequently receivership in 2009 owing its bankers $600 million.
More than $1.8 billion was raised from its investor growers to help fund it schemes.
GSHVT is a landholding company with respect to 38 teak and mahogany properties that were leased to GSMAL for the purposes of the GSMAL HVT 2007 and 2008 schemes, and seven unencumbered properties that are not subject to these schemes.
Following their appointment on May 18, 2009, the R&M of GSMAL assumed control of the scheme properties by virtue of their control of the lessee, GSMAL.
GSHVT recently entered into a contract to sell another NT holding, Mentabie.
It is among the five properties that have been sold, totalling around $3.8 million.
Ferrier Hodgson advised the funds realised from sales been utilised to make payment of GSHVT’s pre-appointment land tax liability which was required to effectuate the transfer of these properties.
“The balance of these funds have been utilised to meet ongoing operational and realisation costs for certain GSHVT properties, and issues associated with resolving the default notices issued to Lowell and the completion of the Lowell ASA,” the recent report noted.
It also noted that an interim dividend of 1.23 cents in the dollar was distributed to admitted creditors on January 12, 2012.
