Greens urge Gunns to update market
The Tasmanian Greens have called on the timber giant Gunns to inform the Australian Securities Exchange about developments in a court case it is fighting.
Last week Gunns lost a bid to have the Tasmanian Conservation Trust pay a $400,000 bond to cover court costs if the TCT’s legal challenge to the Gunns Tamar Valley pulp mill failed.
Justice Stephen Holt dismissed the bid on the basis the TCT’s legal challenge was not weak and did not lack merit.
The Tasmanian Greens’ Kim Booth said the court decision was of such significance that Gunns needed to inform the stock market immediately.
“They should be putting out an ASX statement detailing what’s happened in the courts because this was an application by Gunns to try and prevent the TCT arguing this case unless they stumped up $300 to $400,000 upfront,” Mr Booth said.
“That’s been a successful strategy in the past but it’s failed because the courts have ruled against Gunns.”
A spokeswoman for Gunns said the company does not comment on matters before the court.