GUNNS' white knight, Richard Chandler, will complete due diligence on a proposed $150 million cornerstone investment in the company by next month.
The Kiwi-born, Singapore-based billionaire said he was looking to spur Tasmanian employment and a sustainable industry through the investment in the forestry company.
Launceston-based Gunns two weeks ago announced a proposal to raise up to $280 million in fresh capital. It also unveiled plans to take on Richard Chandler Corp as a cornerstone investor, as revealed by The Australian Financial Review.
Richard Chandler Corp said yesterday it would evaluate the Gunns investment not only on financial returns but also on the political landscape and social value creation.
"[We are] undertaking its due diligence process, which is scheduled to conclude in March," it said.
"The Richard Chandler Corp has noted the discussion on this topic in the Tasmanian press and the high degree of public interest."
Email a friend