Summary of spin terms extracted from Gunns' statements to the ASX from 2007 on a pulp mill joint venture partner and finance

Here is the spin to cover a lack of substance extracted from 20 statements issued by Gunns to the ASX about imminent financing and construction from 2007.

Summary of key words and phrases from statements (the only bit you need to know)
“substantially progressed, completed in the near term, proceed quickly, final stages of completion, commencing on site construction, final terms, finalise the arrangement, strong international interest, active discussions, discussions continuing, continuing to progress, continuing to work positively, progress discussions, continuing to negotiate, continuing talks, continuing with the project, quickly as possible, move forward, will continue, quickly as possible, progressing, on target, expecting to reach agreement, finalised, moving forward positively, project ready.”

Extracts from Gunns’ ASX statements from 2007 to present

  1. The company has substantially progressed commercial aspects of the project. These matters will now be completed in the near term and the project will be presented for final sign off by the Gunns Limited Board.    4 October 2007
  2. Contingent upon achieving the final approval for the project from the Federal Government, the Company is well positioned to proceed quickly with commencement of the project. Supplier and construction contracts are in the final stages of completion.    22 October 2007
  3. The program for completion of outstanding commercial negotiations is consistent with the Board’s objective of commencing on site construction activity by June 2008 with mill production commencing in July 2010.    28 February 2008
  4. Final terms are currently being negotiated on the project financing structure for the pulp mill. Analyst Briefing Notes.    March 2008
  5. The company is proceeding to finalise the arrangement of finance facilities for the project.    29 May 2008
  6. The company continues to receive strong international interest in relation to the financing of the Bell Bay Mill and all approvals required for the project remain on track, Mr Gay said. We are in active discussions with a number of banks in relation to financing of the project.    3 July 2008
  7. Discussions continuing with a number of potential equity partners… Includes a number of industry participants who have expressed an interest in making a direct equity investment… It is Gunns’ current intention that a joint venture equity partner will be invited to take up to a 50% interest in the Mill Project    29 August 2008
  8. The company is continuing to progress discussions with potential joint venture partners for the mill. The discussions to date have been positive. Gunns AGM  30 October 2008
  9. In the past weeks we have continued to progress discussions with potential joint venture partners for the mill. Our discussions have been positive and are continuing on a basis which is consistent with our objective of reaching agreement on key terms early in the 2009 year.    19 November 2008
  10. We can reconfirm our advice to the market that the Bell Bay Mill project remains on track, with Gunns continuing to negotiate with a banking syndicate to reach financial close, as well as continuing talks with potential joint venture partners.    1 December 2008
  11. We will now be continuing with the project as quickly as possible and looking to move forward with the overall financing structure.    29 January 2009
  12. …the Company will continue with the project as quickly as possible in progressing the financing structure to achieve financial close.    9 February 2009
  13. On target to select a Joint Venture partner by April 2009.    26 February 2009
  14. We are expecting to reach agreement on key terms with a partner by the end of April 2009, he (John Gay) said.    26 February 2009
  15. The company will provide a further market update when the terms of the agreement are finalised, which is expected to be in June 2009.    21 April 2009
  16. Gunns has now made a decision to proceed with one Company to develop a Joint Venture Agreement for the project, and is moving forward positively with the preferred partner on that basis.    29 June  2009
  17. Negotiations are continuing positively. In parallel with the joint venture process, Gunns has continued to progress negotiations with project finance banks. 31 August 2009.
  18. The company is continuing to work positively with its banking group to close the project finance facilities. Chairman’s address AGM, 11 November 2009.
  19. Discussions with project equity partners and the banking syndicate were continuing positively. 6 January 2010.
  20. The Bell Bay pulp mill project is being held in a ‘project ready’ status to allow us to immediately commence construction on financial close. As designed, the mill will be the most environmentally advanced mill in the world. 22 February 2010.