1. On November 25 GTP announced project investors would receive the maximum number of shares under the plan.
2. Then on November 27 GTP announced they were postponing the meeting for both project investors and shareholders. They stated this was due to new information. Investors meeting now likely to be on January 19th.
3. Then today December 1 GTP announced the conditional sale of 3% of their land for $23M. CEO Cameron Rhodes said “whilst this estate only represents 3% of the current value of GSL’s forestry land holdings the sale price of $23M represents over 37% of GSL’s market capitalisation…” This appears purposefully deceptive of Mr Rhodes. He would be well aware that comparing to market cap is meaningless for such a heavily indebted company. Enterprise value (which includes debt) should be used. On a positive note the sale price was at a mere 10% discount to book.
4. GTP also announced their preliminary year end and transformation results today.

• Operations lost $33.8M and goodwill was cut by $30M for a reported after tax loss of $63.8M. If I use Mr Rhodes logic that amount is greater their market capitalisation.
• MIS sales fell 24% to $314M
• Corporate expenses down 26.3%
• NTA of $1.90
• Gearing 53% (debt/debt+equity) or 44% (debt to assets) Covenant for GTPGA is 65% limit on debt to assets.
• MIS remain core activity, a 2009 product is already on market and a new one is due early 2009.
• No final dividend.
• Current proxies of project investors have been shown. 4 of the 8 are clearly in favour with the earliest 3 projects against and the middle one split. 1998-2000 projects are unlikely to approve share swap deal.

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