INVESTOR growers in two of Great Southern Group's last remaining managed investment schemes are set to hand at least one of the crops over to a new responsible entity, knowing that a vote today against the rescue plan will see the businesses wound up.
Separate meetings of the 2007 and 2008 almond projects will be held in Sydney, at which the growers will decide whether to appoint Great Southern's former funds management arm as the new operator of the schemes.
However, the investors know they have little alternative but to back the plan proposed by Rural Funds Management since McGrathNicol, the receivers of Great Southern, have warned that the current manager is insolvent and has no money to maintain and develop the almond trees.
A vote against will not only trigger the winding up of the schemes (in which there is currently little commercial value) but will also see the investors' trees handed over to the owners and leasors of the land they are growing on because Great Southern is in default of its lease payments.
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