A flurry of announcements and postponements puts another twist in the GTP saga. Year end results are out and a non-core sale announcement.

With TREES2 currently trading at around one third of face value and redeemable in less than one year it is going to be a fascinating and volatile month. The keys dates are early December.

In the Notice of Extraordinary General Meeting Great Southern outlines to investors why they seek to exchange shares for woodlots and cattle droves. What follows is just my notes and in no way a recommendation for anyone. The deal appears to be reasonable for MIS holders, whose real mistake was originally investing in the MIS projects. MIS investors should be angry at themselves for believing a new financial product was going to be profitable for them. New financial products are designed to make promoters, advisors and banks wealthy. None of …

Interest Rate Securities come in four primary flavours:

Corporate Bonds. An unsecured loan to a company for a fixed period of time at a fixed rate of interest.
Floating rate notes. An interest rate security that pays interest at a variable rate that is set periodically in relation to an underlying reference rate.
Convertible Notes. A loan made to a company at a fixed rate of interest with the right to be either redeemed (i.e. repaid by the company) for cash or converted into ordinary shares at a predetermined date or within a …

GTP are worth a look.
Up until mid June Ospraie were large buyers of an Australian agricultural investment company called Great Southern GTP.AX. I have previously posted about this company or at least their convertible notes. I remain long both of their convertible notes.
You can check GTP’s recent filing here
Here is a summary of GTP’s current restructuring plan
Why Ospraie was continuing to double and triple down is clear. Whether the idea will work out remains to be seen.
For the time challenged
NTA per share June 30 - $2.13
Current share price - …

Great Southern, GTP
The following was first posted on April 7 2008 on our old site.
Ospraie Funds, the world’s biggest commodities hedge fund firm with over $7 billion under management, is a major holder of Great Southern. During late February early March they increased their holding to 15%, this increased their holding by around 8% at prices ranges from $1.55 - $1.70.

Things have not always gone well for Ospraie and they had to close their Point Fund in 2006 after significant losses, being down 29% in the five months.

For …