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WHO'S WHO IN THE VICTORIAN WOODCHIP ZOO?

INDEX

JULY 24, 2001 VICTORIA’S TOP WOODCHIPPER OF 2001

FACT SHEET NO.2 - MIDWAYS BACKGROUND - UNCOMPLETED

Who is the Hoohoo Club?

FACT SHEET NO.1 

VICTORIA’S TOP WOODCHIPPER OF 2001. ( JULY 24, 2001)

Old Growth Ash being clearfelled at Mount St. Leonards, Yea River catchment Feb. 2002. Most trees will be woodchipped. Profits funneled through Pitcher Partners.

RONALD GEORGE PITCHER* (Directly profiting from the woodchip exports of approximately 70,000 cubic metres of woodchips - runner up is Tim Jonas director of Pitcher Partners and Pitcher Partners Nominees Pty Ltd). 

PITCHER PARTNERS  PROFITING FROM NATIVE FOREST DESTRUCTION.

*(Mr Pitcher resigned his directorship of Pitcher Partners on August 2, 1999, one month after some of his woodchipping interests were revealed in the Friends of the Earth Fitzroy Newsletter, yet it is our belief that Mr Pitcher and Pitcher Partners are still profiting from the woodchipping and destruction of large tracts of Victorian native forests.  Mr Pitcher remains a director of Pitcher Partner Nominees Pty Ltd and several other companies profiting from the destruction of native forest).

Interestingly Pitcher Partners were auditors of Midways, whilst Ron Pitcher was both a director of Pitcher Partners and director of Midways largest shareholder company - Chebmont Pty Ltd . 

Pitcher Partners continue to audit Midways Pty Ltd even though several of Pitcher Partners directors are also directors of Pitcher Partners Nominees Pty Ltd.  Those directors are  Tim Jonas, Keith Hall, Colin Tatterson and Gregory Blashki.  Pitcher Partners Nominees Pty Ltd are the sole shareholders of Chebmont Pty Ltd, Midways largest shareholder.

Pitcher Partners continue to audit JL Gould's Pty Ltd, Acheron Investments Pty Ltd and  JLG Marysville Pty Ltd, Chebmont Pty Ltd all of which are linked to Pitcher Partner Nominees Pty Ltd through shareholdings.

Pitcher Partners are an chartered accountancy firm that broke away from KPMG in 1991.  The company’s current proprietors are, Michael John Langhammer, Michael Charles Hay, Stephen Schonberg, Frank Zahra, Tim Arthur Jonas, Terrence John Benfold, Gregory Errol Blashki, Sidney Peter Catlin, Adrian Robert Fitzpatrick, Neil James Flavel, Keith Robert Hall, Donald Bruce Rankin, Robert Rigoni, Peter Thomas Riley, Ian Duff Stewart, Colin James Tatterson, Geoffrey Edward Walsh, Matthew William Pringle, Giuseppe Michelle Rambaldi, Raymond Cummings, David Andrew Thomson, David Andrew Knowles.

RONALD PITCHER'S WOODCHIPPING BIOGRAPHY

Mr Pitcher profits from Midways Pty Ltd who export over 300,000 cubic metres of Victorian native forest woodchips and Fibre Exports Pty Ltd who export 130,000 cubic metres of Victorian native forest woodchips each year.  He also profits from his long standing directorship of JL Gould’s sawmill in Marysville.

Director:  JLGould's Sawmill since 29/1/57.

(Co director with John Gould)

Secretary:  JL Gould's Sawmill since 16/5/84.

(Sawmill located at Marysville).

Appointed Auditor:  Pitcher Partners since 18/11/91.

Ultimate Holding Company:  JLG Marysville Holdings Pty Ltd

Shares owned by Acheron Investments Pty Ltd.

Director:  Acheron Investments Pty Ltd since 21/4/60.

Secretary:  Acheron Investments Pty Ltd since 1/11/84

Address:  C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne,

Vic, 3000.

Appointed Auditor:  Pitcher Partners since 18/11/91.

Acheron Investments Pty Ltd are one third shareholders of Victoria's newest woodchip mill.  Fibre Exports Pty Ltd.  The other shareholders in Fibre Exports Pty Ltd are Associated Kiln Driers Pty Ltd and Neville Smith Group Pty Ltd.  Ultimate Holding Company for Acheron Investments Pty Ltd are JLG (Marysville) Holdings Pty Ltd.

Director and Secretary:  JLG (Marysville) Holdings Pty Ltd since 5/12/77.

Co director with John Gould.

Address:  C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000

Appointed Auditor:  Pitcher Partners since 18/11/91.

JLG (Marysville) Pty Ltd two shareholders are Pepido Pty Ltd and Dalmalee Pty Ltd.

Director and Secretary:  Pepido Pty Ltd since 11/11/97

Co director with John Gould

Address:  C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000

Both shares in Pepido Pty Ltd owned by Pitcher Partner Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher was a director from 29/10/73 and secretary from 7/8/80.

Director of Pepido Pty Ltd for 3 months in 1997 was Colin Tatterson, partner in Pitcher Partners.

Director and Secretary:  Dalmalee Pty Ltd since 6/9/77

Co director with John Gould

Address:  C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000

Both shares in Dalmalee Pty Ltd owned by Pitcher Partners Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher was a director of Pitcher Partner Nominees Pty Ltd from 29/10/73 and secretary from 7/8/80.

Director and Secretary:  Chebmont Pty Ltd since 6/7/88.

Chebmont Pty Ltd are the largest shareholders of Midway Pty Ltd.  Midway Pty Ltd export over 300,000 cubic metres of woodchips from Geelong each year.  (Interestingly Pitcher Partners have been auditors of Midway Pty Ltd since 27/11/97).  Chebmont Pty Ltd own 150959 shares in Midway Pty Ltd about 36% of Midway's total.  Pitcher Partners are also auditors for Chebmont Pty Ltd.

Co directors with 4 others including Thorry Gunnersen*.

All 7 shares of Chebmont Pty Ltd are owned by Pitcher Partners Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher was a director from 29/10/73 and secretary from 7/8/80.

Director of Pitcher Partners Nominees Pty Ltd since 29/10/73 and Secretary since 7/8/80.

Co director with Tim Jonas, Keith Hall, Colin Tatterson and Gregory Blashki.

Address:  Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000.

5 ordinary shares owned by Ronald Pitcher (2), Tim Jonas (2) and Keith Hall (1).

Pitcher Partners are the nominated business address of several other shareholders in Midways including;  Alex Demby Timber Co. Pty Ltd, McCormack Timbers (Erica) Pty Ltd, McCormack Timbers (Broadford) Pty Ltd, McCormack Timbers Pty Ltd, McCormack Timbers Pty Ltd Staff Superannuation Fund,  and Chebmont Pty Ltd.

*Thorry Gunnersen and Ronald Pitcher share directorships in about 20 companies, stretching back to 1947.  when both men became directors of Gunnersen Investments.  (Interestingly Gunnersen was also made a director of Gould Harvesting Pty Ltd in 1995).

In 1879 Gunner Gunnersen arrived in South Australia from Norway and created a sawmilling operation in South Australia.  The business later expanded into Victoria where a partnership was created with the Alstergren, LeMessurier and Nosworthy families.  These families created a softwood business which was sold to CSR in 1988 for $140 million.  Apparently the Gunnersen's made $30 million profit from the 1988 deal.  At about this time, Gunnersen became the 'target' of conservationists fighting the importation of rainforest timber from Malaysia, a trade which was cut by 70% in 5 years.

The Gunnersen's are amongst the most wealthy families in Australia.  Thorry Gunnersen has been  amongst other things President of the World Forestry Centre in Portland Oregon and President of the National Association of Forest Industries - a woodchipping lobby group which has successfully lobbied the federal government to increase woodchipping from native forests and relax export controls on the exportation of woodchips (eg Regional Forest Agreements).  Thorry is the only director of NAFI that has been involved with the group since its inception in 1986.


25/7/01

C/- 312 Smith Street, Collingwood, 3066.

Friends of the Earth Forest Network

Ph:  (03) 9419 8700

Fax:  (03) 9416 2081

Ethics Officer - Institute of Chartered Accountants

Level 10,

600 Bourke Street, Melbourne, Victoria, 3000.

Dear ,

I am writing to you in regard to concerns I have about the activities of accountants associated with the Chartered Accountancy firm Pitcher Partners.  My main concern in the past has been the activities of Ronald George Pitcher, however I also have issues with other proprietors of Pitcher Partners.  These concerns relate to the relationship of Pitcher Partners in regard to the interests of several timber and woodchipping operations operating throughout Victoria.

I also want to raise your attention to the issue of Audit Independence, more specifically the Statement of Audit Independence prepared by the Auditing and Assurance Standards Board of the Australian Accounting Research Foundation - Issued by the Australian Accounting Research Foundation on behalf of the Australian Society of Certified Practising Accountants and The Institute of Chartered Accountants in Australia - dated February 1999.

In regards to Page 2 of that document it states; 

“3                  Statement of Auditing Standards AUS 1 requires auditors to be:

‘...straightforward, honest and sincere in their approach to their professional work.  They must be fair and must not allow prejudice or bias to override their objectivity.  They shall maintain an impartial attitude and both be, and appear to be, free of any interest which might be regarded , whatever its actual effect, as being incompatible with integrity and objectivity.’

Audit Independence

6              The concept of independence is fundamental to auditing, since the auditor’s objective is to enhance, through the expression of an independent opinion, the credibility of the reported financial information of an entity.  The value of the independent audit lies both in the fact that the auditor is, and is seen to be, independent of the audited entity, and hence is able to carry out the audit free of any externally imposed constraints.

7              The professional ethical pronouncements of the Australian Society of Certified Practising Accountants (the Society) and The Institute of Chartered Accountants in Australia (the Institute) define independence as a freedom from any interest incompatible with integrity and objectivity.

8                Independence requires a freedom from bias, personal interest, prior commitment to an interest, or susceptibility to undue influence or pressure, any of which could lead to a belief that the audit opinion was determined other than by reference to the facts of the audit alone.

10                Whatever the cause of a lack of actual independence or a perceived lack of independence, it can be damaging to the role of the auditor and ultimately to the credibility of the financial report on which the auditor is expressing an opinion.  Perceived independence may not be achieved, even though actual independence has been maintained, due to various factors, such as confusion over the facts of a particular situation or a lack of public appreciation of the role of auditing.

11            The auditor should be able to clearly demonstrate independence and should not act in a manner which may cast doubt on independence.

I believe that there are two export woodchip companies where the role of Pitcher Partners could be seen to be overstepping the mark in relation to auditors independence.

These companies are;

1.  Midway Pty Ltd

2.  Fibre Exports Pty Ltd.

Midway Pty Ltd are an export woodchip facitlity based in Geelong.  They currently export over 300,000 cubic metres of woodchips from Corio Bay to Japan.  They have been operating since the early eighties.  They are made up of shareholders from sawmilling companies across Victoria.  Up until the late nineties they were the only woodchip mill operating in Australia, not under the control of a multi-national company, meaning that profits generated by the company were ‘shared’ between a relatively small group of shareholders.

Midway Pty Ltd have some 448678 shares issued.  Chebmont Pty Ltd are the largest shareholders of Midway Pty Ltd. Chebmont Pty Ltd own 150959 shares in Midway Pty Ltd about 36% of Midway's total.

Ronald George Pitcher has been both Director and Secretary of Chebmont Pty Ltd since 6/7/88. Co directors of Chebmont Pty Ltd include Thorry Gunnersen*.  Pitcher Partners have been auditors of Midway Pty Ltd since 27/11/97.  All 7 shares of Chebmont Pty Ltd are ‘controlled’ by Pitcher Partners Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher has been a director of Pitcher Partner Nominees since 29/10/73 and secretary from 7/8/80.

Addition - January 2002 (not in original letter) - Pitcher Partners have been auditors of Chebmont Pty Ltd since 29/11/91 - Midways largest shareholder. This means that Pitcher Partners audit both the company and the company's largest shareholder, whilst being the controlling entity of these shares through Pitcher Partner Nominees".

Pitcher Partners were auditors of Midways, whilst Ron Pitcher was both a director of Pitcher Partners, a director of Pitcher Partner Nominees Pty Ltd  and director of Midways largest shareholder company - Chebmont Pty Ltd.  Mr Pitcher resigned his directorship of Pitcher Partners on August 2, 1999, one month after some of his woodchipping interests were revealed in the Friends of the Earth Fitzroy Newsletter, yet it is evident that Mr Pitcher still plays an active role in Chebmont Pty Ltd through his interests in Pitcher Partners Nominees Pty Ltd.

Pitcher Partners continue to audit Midways Pty Ltd even though several of Pitcher Partners directors are also directors of Pitcher Partners Nominees Pty Ltd, the sole shareholder of Chebmont Pty Ltd and hence the largest shareholder in Midway Pty Ltd.  Those Pitcher Partner directors are  Tim Jonas, Keith Hall, Colin Tatterson and Gregory Blashki.  Ron Pitcher remains a director of Pitcher Partner Nominees Pty Ltd with himself, Tim Jonas and Keith Hall being the sole shareholders of Pitcher Partner Nominees Pty Ltd.  I remain unconvinced that the concept of ‘chinese walls’ is at work at Pitcher Partners.

Pitcher Partners are the nominated business address of several other shareholders in Midways including;  Alex Demby Timber Co. Pty Ltd, McCormack Timbers (Erica) Pty Ltd, McCormack Timbers (Broadford) Pty Ltd, McCormack Timbers Pty Ltd, McCormack Timbers Pty Ltd Staff Superannuation Fund,  and Chebmont Pty Ltd. 

I am unsure whether Pitcher Partners are the auditors for these companies at the present time, although from information gained in 1994, it would appear that Pitcher Partners were the auditors for McCormack Timbers and McCormack Holdings Pty Ltd in 1994.  McCormack groups of companies currently ‘control’ 99816 shares in Midway Pty Ltd - about 22% of Midway shares.

2.  Fibre Exports Pty Ltd.

Fibre Exports Pty Ltd is a new export woodchip facility based in Geelong.  It takes about 135,000 cubic metres of woodchips largely from the Central Highlands region each year.

Fibre Exports Pty Ltd have three shareholders with 45 shares each.  Shareholders are;  Acheron Investments Pty Ltd, Associated Kiln Driers Pty Ltd and Neville Smith Group Pty Ltd. 

Ron Pitcher has been a director of Acheron Investments Pty Ltd since 21/4/60 and secretary since 1/11/84.

Registered Address for Acheron Investments Pty Ltd is:  C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000.

Pitcher Partners have been auditors of Acheron Investments Pty Ltd since 18/11/91.  The Ultimate Holding Company  for Acheron Investments Pty Ltd are JLG (Marysville) Holdings Pty Ltd.

Ron Pitcher has been director and secretary of JLG (Marysville) Holdings Pty Ltd since 5/12/77.

His co-director is John Gould.  (Pitcher and Gould have another business called JLGould's Sawmill Pty Ltd, where Pitcher is director and secretary.  The mill is based in Marysville. Appointed Auditor is Pitcher Partners, Ultimate Holding Company is JLG Marysville Holdings Pty Ltd, with shares owned by Acheron Investments Pty Ltd).

JLG (Marysville) Holdings Pty Ltd business address is Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000.  Once again the appointed auditor is Pitcher Partners (since 18/11/91).

JLG (Marysville) Pty Ltd has two shareholder companies being Pepido Pty Ltd and Dalmalee Pty Ltd.

Ron Pitcher has been a director and secretary of Pepido Pty Ltd since 11/11/97.  His co-director is John Gould.  Business address is C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000

Both shares in Pepido Pty Ltd owned by Pitcher Partner Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher has been a director of Pitcher Partner Nominees Pty Ltd from 29/10/73 and secretary from 7/8/80.  Director of Pepido Pty Ltd for 3 months in 1997 was Colin Tatterson, partner in Pitcher Partners.

Ron Pitcher has also been a director and secretary of Dalmalee Pty Ltd since 6/9/77. His co-director is John Gould.  Business address is C/- Pitcher Partners, Level 6, 161 Collins Street, Melbourne, Vic, 3000

Both shares in Dalmalee Pty Ltd owned by Pitcher Partners Nominees Pty Ltd of which Ronald Pitcher became a member on 14/2/91.  Mr Pitcher was a director of Pitcher Partner Nominees Pty Ltd from 29/10/73 and secretary from 7/8/80.

Pitcher Partners continue to audit JL Gould's Pty Ltd, Acheron Investments Pty Ltd and  JLG Marysville Pty Ltd, all of which are linked through to Pitcher Partner Nominees Pty Ltd. Ultimately the paper trail for all of these companies ends with Pitcher Partners Nominees Pty Ltd.   As is the case with Midways, 4 other directors of Pitcher Partners, Tim Jonas, Keith Hall, Colin Tatterson and Gregory Blashki are along with Ron Pitcher, directors of Pitcher Partner Nominees Pty Ltd, with Ron Pitcher, Tim Jonas and Keith Hall being the sole shareholders of Pitcher Partner Nominees Pty Ltd. 

This appears to be a rather odd chain of events, with one third of the Fibre Exports’ shareholders being audited by some of the same individuals who are directors of the company profiting most from the woodchipping, namely Pitcher Partner Nominees Pty Ltd.

No auditor has as yet been appointed for Fibre Exports Pty Ltd as they are a newly registered woodchip company, although their business address is listed as Pitcher Partners. 

Pitcher Partners are an chartered accountancy firm that broke away from KPMG in 1991.  The company’s current proprietors are, Michael John Langhammer, Michael Charles Hay, Stephen Schonberg, Frank Zahra, Tim Arthur Jonas, Terrence John Benfold, Gregory Errol Blashki, Sidney Peter Catlin, Adrian Robert Fitzpatrick, Neil James Flavel, Keith Robert Hall, Donald Bruce Rankin, Robert Rigoni, Peter Thomas Riley, Ian Duff Stewart, Colin James Tatterson, Geoffrey Edward Walsh, Matthew William Pringle, Giuseppe Michelle Rambaldi, Raymond Cummings, David Andrew Thomson, David Andrew Knowles.

*Thorry Gunnersen and Ronald Pitcher share directorships in about 20 companies, stretching back to 1947.  when both men became directors of Gunnersen Investments.  (Interestingly Gunnersen was also made a director of Gould Harvesting Pty Ltd in 1995).

In 1879 Gunner Gunnersen arrived in South Australia from Norway and created a sawmilling operation in South Australia.  The business later expanded into Victoria where a partnership was created with the Alstergren, LeMessurier and Nosworthy families.  These families created a softwood business which was sold to CSR in 1988 for $140 million.  Apparently the Gunnersen's made $30 million profit from the 1988 deal.  At about this time, Gunnersen became the 'target' of conservationists fighting the importation of rainforest timber from Malaysia, a trade which was cut by 70% in 5 years.

The Gunnersen's are amongst the most wealthy families in Australia.  Thorry Gunnersen has been  amongst other things President of the World Forestry Centre in Portland Oregon and President of the National Association of Forest Industries - a woodchipping lobby group which has successfully lobbied the federal government to increase woodchipping from native forests and relax export controls on the exportation of woodchips (eg Regional Forest Agreements).  Thorry is the only director of NAFI that has been involved with the group since its inception in 1986.

I hope that you will investigate these issues further.  I do not make these claims lightly.  I look forward to hearing from you in the near future about the issues I have raised in this letter, with details about further possible actions taken by the Institute of Chartered Accountants about these matters.

I include photocopies of recent Australian Securities Commission Documents relating to the following companies;

1.  Midway Pty Ltd.                                             ACN:  005 616 044

2.  Chebmont Pty Ltd.                                         ACN:  007 027 278

3.  Fibre Exports Pty Ltd.                                    ACN:  094 192 131

4.  J.L.G. (Marysville) Holdings Pty Ltd                ACN:  005 402 068

5.  Acheron Investments                                      ACN:  004 471 630

6.  Pepido Pty Ltd                                               ACN:  079 578 519

7.  Dalmalee Pty Ltd                                           ACN:  005 378 334

8.  Pitcher Partners                                 Business Number:  1021540T

9.  Pitcher Partners Nominees Pty Ltd                ACN:  004 419 176

I also include older ASC information regarding;

10.  J.L.Gould Sawmills Pty Ltd                         ACN:  004 371 322

11.  McCormack Timbers Pty Ltd                        ACN:  005 203 869

Yours truly,

Additional Information sent 29 August 2001.

“I can confirm that Pitcher Partners have been auditors of McCormack Timbers (Erica) Pty Ltd, McCormack Timbers (Broadford) Pty Ltd and McCormack Timber Holdings Pty Ltd since 18/11/91 and auditors of McCormack Timbers Pty Ltd since 30/11/93.  Pitcher Partners continue to audit these companies.

It appears that Pitcher Partner Nominees have no shares in their control from the McCormack group of companies.  Shares in McCormack Timbers (Erica) Pty Ltd and McCormack Timbers (Broadford) Pty Ltd are almost all exclusively owned by McCormack Timber Holdings Pty Ltd who are audited by Pitcher Partners.

Nevertheless it still seems curious to me that Pitcher Partners audit both Midway Pty Ltd, plus the business activities of Midway Pty Ltd’s largest shareholders, those being Chebmont Pty Ltd and the McCormack group of companies, whilst at the same time being the largest shareholder of Chebmont Pty ltd through Pitcher Partner Nominees.

FACT SHEET NO.2

MIDWAYS BACKGROUND - UNCOMPLETED

Incorporated:  18/1/80.
Registered Office:  56 Hesse Street, Colac.

Directors: Suzanne Earl - 11 Colvin Grove, Hawthorn.
     Henry Peter Steel - (Solicitor) High Street, Woodend.

Both Suzanne Earl and Henry Steel resigned on the 18/1/80.

Replaced by: Douglas Keith Cowan - 47 Harris Road, Elliminyt (18/1/80)
  Lloyd Richard Balwin - 11 Airdrie Street, Colac (18/1/80).

Both Douglas Cowan and Lloyd Balwin are public accountants.  Both
resigned on 18/2/80.

Replaced by: Lawrence Campbell Bennett, Hesse Street, Colac on 18/2/80.

Midways did not trade in 1980.  Profit $50.86.  Income tax:  $43.84
900 shares issued.

Original Shareholders and Directors- 24/12/80

Name    Shares % Address

WH Bennett and Sons   100 11.1 56 Hesse Street, Colac
Black Forest Sawmills  100 11.1 81 Rose Street, Essendon
Calco Sawmilling  100 11.1 56 Hesse Street, Colac
Eureka Timber   100 11.1 Charlesworth Street, Ballarat
McCormacks Timber (Broadford) 100 11.1 71 Somers St, Burwood
Ogden Sawmilling  100 11.1 26-28 East St, Daylesford
HR & NF Olsen   100 11.1 Bullarto
ME and EC Thiele  100 11.1 Avoca
A Woodward (Forest Products) 100 11.1 17 Lydiard Street, Ballarat

Directors

Donald Henry Woodward, Russell William Colless, John Joseph Corrigan,
Gregory Henry McCormack, Allan Ogden, Harold Roy Olsen
Allan Gilbert Proctor, Lawrence Bennett

31/12/81.

Midway at this time was trading in the capacity of Residual Wood
Products Marketing Consultants.
Net Profit $12.38.  Income Tax:  $10.12.

New shareholders:  ET & EW Murnane - 50 Moore Street, Colac.

20/12/82.

Same directors as 1981.  Net Profit $463.57.  Income Tax $394.22
Trade and Sundry Debtors: $15,690.57.  Sundry Creditors:  $17,205

Shareholders and Directors 8/12/83.

Shares increased from 900 to 1200.

Name    Shares % Address

WH Bennett and Sons    100 8.33 56 Hesse Street, Colac
Black Forest Sawmills   100 8.33 81 Rose Street, Essendon
Calco Sawmilling   100 8.33 56 Hesse Street, Colac
Eureka Timber   100 8.33 Charlesworth Street, Ballarat
McCormacks Timber (Broadford)  100 8.33 71 Somers St, Burwood
Ogden Sawmilling   100 8.33 26-28 East St, Daylesford
HR & NF Olsen   100 8.33 Bullarto
ME and EC Thiele   100 8.33 Avoca
A Woodward (Forest Products)  100 8.33 17 Lydiard Street, Ballarat
ET & EW Murnane   100 ???
Lloyd Colin Brunt/Mervin Brunt 100 8.33 Barongarook
Alan Francis Frizon   100 8.33 Forrest
Edward Babington Brothers  100 8.33 Lorne

Directors

Donald Henry Woodward, Russell William Colless, John Joseph Corrigan,
Gregory Henry McCormack, Murnane, Harold Roy Olsen
Allan Gilbert Proctor, Lawrence Bennett
9/11/84

Net Profit  $834.72.  Assets:  $2863.  Same shareholders and directors
as 1983.

Shareholders and Directors 8/11/85

Address for Midways moves from Colac to Geelong.  Marketers of residual
wood products.  Midway began exporting at around this time.

Nominal share capital:  $250 000 - $38,810 in shares taken up.
Cash on hand $56,941
Trade and sundry debtors: $23,283.

Net loss of  $12,125.

On 10/12/85, Midway was in Mortgage Debenture to the VEDC.  (Details
sketchy).

Name    Shares % Address

WH Bennett and Sons    7208 18.6 56 Hesse Street, Colac
Black Forest Sawmills     100   0.26 81 Rose Street, Essendon
Calco Sawmilling   2602   6.7 56 Hesse Street, Colac
McCormacks Timber (Broadford)    100   0.26 71 Somers St, Burwood
HR & NF Olsen     100   0.26 Bullarto
ME and EC Thiele     100   0.26 Avoca
A Woodward (Forest Products)    100   0.26 17 Lydiard Street, Ballarat
ET & EW Murnane   6429 16.6 Colac
Lloyd Colin Brunt/Mervin Brunt  1800   4.6 Barongarook
Alan Francis Frizon   1503   3.9 Forrest
Edward Babington Brothers    240   0.62 Lorne
JJ Corrigan Nominees  3168   8.16 Ballarat
WH Micah & Sons   2160   5.6 Erica
Victree    5400 13.9 Colac
Marbut - Gunnerson   5760 14.8 Port Melbourne/Murrundindi
Alex Demby   2040   5.2

Total    38,810     (Over 60% of shareholders based in Otways).
     (Gunnersen/McCormack - 15.06%)
Directors

Russell William Colless, John Joseph Corrigan, Gregory Henry McCormack,
Erick Murnane, Harold Roy Olsen, Allan Gilbert Proctor, Robert Bennett

Shareholders and Directors 14/11/86.

$63, 448 worth of shares taken up.
Current Assets:  $875,838
Current Liabilities:  $918,347
Share Capital: (162 500)
other assets:  $691,501
other liabilities:  $811,492
Net Tangible Assets:  $163,243
Operating Profit:  $214,876.

Midways began exporting woodchips 27/8/86.

Name    Shares % Address

WH Bennett and Sons    7208 9.9 56 Hesse Street, Colac
Black Forest Sawmills   6732 9.2 81 Rose Street, Essendon
Calco Sawmilling   2602 3.6 56 Hesse Street, Colac
McCormacks Timber (Broadford)       1508 2.1 71 Somers St, Burwood
McCormack Timber (Erica)  3730 5.1 Erica
HR & NF Olsen   1260 1.7 Bullarto
ME and EC Thiele   1188 1.6 Avoca
ET & EW Murnane   6529 8.9 Colac
Lloyd Colin Brunt/Mervin Brunt  1800 2.5 Barongarook
Alan Francis Frizon   1503 2.1 Forrest
Edward Babington Brothers    240 0.3 Lorne
JJ Corrigan Nominees   3168 4.3 Ballarat
WH Micah & Sons   2160 2.9 Erica
Victree    5400 7.4 Colac
Marbut - Gunnerson   5760 7.9 Port Melbourne/Murrundindi
Alex Demby   2040 2.8 Lilydale
A.Dunstan Timber Sales*  8100 11.1 Wodonga
WTP Portland   2520 3.4 Portland

Total    63,448     (34.7% shareholders Otway based)
* Largest Shareholders   (Gunnersen-McCormack - 15.1%)

Directors

Russell William Colless, John Joseph Corrigan, Gregory Henry McCormack,
Erick Murnane, Allan Gilbert Proctor, Robert Bennett
Peter Gunnersen

Directors  30/6/87

 73028 shares issued

Directors

Russell William Colless, John Joseph Corrigan, Gregory Henry McCormack,
Erick Murnane, Allan Gilbert Proctor, Robert Bennett
Peter Gunnersen, Joseph Bruce Maynard - c/- Dunstan & Sons Wodonga.


Shareholders and Directors  30/6/88

Name    Shares % Address

WH Bennett and Sons    24675 9.87 56 Hesse Street, Colac
Black Forest Sawmills   23046 9.22 81 Rose Street, Essendon
Calco Sawmilling     8908 3.56 56 Hesse Street, Colac
McCormacks Timber (Broadford)       13556      5.42 71 Somers St,
Burwood
McCormack Timber (Erica)  12769 5.11 Erica
HR & NF Olsen     4313 1.72 Bullarto
ME and EC Thiele     4067 1.63 Avoca
ET & EW Murnane   22352 8.94 Colac
Lloyd Colin Brunt/Mervin Brunt    6162 2.46 Barongarook
Alan Francis Frizon     5145 2.06 Forrest
Edward Babington Brothers      822 0.33 Lorne
JJ Corrigan Nominees   10845 4.34 Ballarat
WH Micah & Sons     7394 2.96 Erica
Victree    18486 7.39 Colac
Marbut - Gunnerson   36109    14.44 Port Melbourne/Murrundindi
Alex Demby     6984 2.79 Lilydale
A.Dunstan Timber Sales  27729    11.09 Wodonga
WTP Portland     8627 3.45 Portland
Stoll Bros      8011 3.2 Rokeby

Total     (34.61% shareholders Otway based)
     (Gunnersen-McCormack 24.97%)
Directors
Russell William Colless, John Joseph Corrigan, Gregory Henry McCormack,
Erick Murnane, Allan Gilbert Proctor, Robert Bennett
Peter Gunnersen, Andrew Field Showers - 'Porepunkah' 3740.

30/6/89

Current Assets: $2,729,016
Current Liabilities:  $3,756,271
Shareholders and directors the same as 1988.

30/7/90

VEDC loan paid up, but Midways had a mortgage with ANZ Bank - Collateral
security advance of $777,000.

1991.  Export Licence Details

Midways export licence was for 170,000 tonnes sourced from over 80
sawmills throughout Victoria and NSW.  The licence stated that from the
170,000 tonnes, no more than 30,000 tonnes would be silvicultural
thinnings.  Negotiated to increase to 250 000 tonnes for 1992.

Licence to Export Unprocessed Wood.  Mepwood 514 signed by Minister Alan
Griffiths from 1/1/91 to 31/12/91 - Total of 170 000 tonnes.



Directors and Shareholders 19/7/91

Name    Shares % Address

WH Bennett and Sons    28028 11.21 13 Dennis Street, Colac
Black Forest Sawmills   26175 10.47 RMB 1010, Calder Hy, Woodend
Calco Sawmilling   10118   4.04 13 Dennis Street, Colac
McCormacks Timber (Broadford)      15396        6.16 P/L 1578 Centre
Road, Springvale
McCormack Timber (Erica)  14502   5.80 P/L 1578 Centre Road, Springvale
N Olsen      4313   1.72 Bullarto
ME and EC Thiele     4619   1.85 320 High Street, Avoca
ET & EW Murnane   25391 10.16 13 Dennis Street, Colac
LC & ML Brunt     6999   2.79 58 Tulloh, St Elliminyt
Alan Francis Frizon     5145   2.06 Forrest
Edward Babington Brothers      933   0.37 Lorne
JJ Corrigan Nominees   12318   4.93 1 Charlesworth St, Ballarat
WH Micah & Sons     8317   3.32 P/L Thompson Valley Rd, Erica
Victree Timber   20995   8.39 P/L 188 Blackshaws Road, Altona North
Marbut - Gunnerson   41011 16.40 112 Salmon St, Port Melbourne
Alex Demby Timber Co    7931   3.17 Maroondah Hwy, Lilydale
WTP Portland     9798   3.92 P/L 112 Kepler St, Warrnambool
Stoll Bros      8011   3.20 Main Road, Rokeby

Total     (39.02% shareholders Otway based)
     (Gunnersen-McCormack 28.36%)
Directors

John Joseph Corrigan, Gregory Henry McCormack, Eric Thomas Murnane,
Allan Gilbert Proctor, Robert George Bennett, Peter Ronald Gunnersen,
David Lawrence Colless

Current assets   $2,011,998  Current Liabilities  $2,986,348
other assets   $2,134,935  other liabilities  $       9,362
net tangible assets  $1,151,223  share capital and reserves   $1,151,223

Operating profit and extraordinary items after income tax   $716,858

Directors 21/12/1992

Export licence renewed January 1992 for 170 000 tonnes.

Share structure the same as 1991.

Directors

Robert George Bennett, David Lawrence Colless, John Joseph Corrigan,
John Alexander Berwick Faulkner, Peter Ronald Gunnersen
Gregory Henry McCormack, Eric Thomas Murnane, Allan Gilbert Proctor,
John Frederick Lauchlan Wright

Export licence details 1993 (uncompleted)

Licence to Export Unprocessed Wood signed by Michael Lee for year
18/11/93 to 18/11/94;

Licence Number:  Mepwood 870 - 47 000 tonnes from lower graded logs
purchased from lower graded logs purchased from the Midlands Forest
Management Area in the State of Victoria under the Victorian Department
of Conservation and Natural Resources Licence S000271.

Other details of licences missing

Directors and Shareholders  16/12/93

Name    Shares % Address

WH Bennett and Sons    29967 11.98 13 Dennis Street, Colac
Black Forest Sawmills   27327 10.93 RMB 1010, Calder Hy, Woodend
Calco Sawmilling   10818   4.33 13 Dennis Street, Colac
McCormacks Timber (Broadford)      16461        6.58 P/L 1578 Centre
Road, Springvale
McCormack Timber (Erica)  15506   6.20 P/L 1578 Centre Road, Springvale
N Olsen      4313   1.73 1 Jamieson St, Daylesford.
ME and EC Thiele     4938   1.97 320 High Street, Avoca
ET & EW Murnane   27148 10.86 13 Dennis Street, Colac
LC & ML Brunt     7484   2.99 58 Tulloh, St Elliminyt
Edward Babington Brothers      997   0.39 Lorne
JJ Corrigan Nominees   13169   5.27 1 Charlesworth St, Ballarat
WH Micah & Sons     8892   3.56 P/L Thompson Valley Rd, Erica
Victree Timber   22447   8.98 P/L 188 Blackshaws Road, Altona North
Marbut - Gunnerson   43849 17.54 112 Salmon St, Port Melbourne
Alex Demby Timber Co    8480   3.39 Maroondah Hwy, Lilydale
Stoll Bros Pty Ltd     8204   3.28 Main Road, Rokeby

Total     (39.53% shareholders Otway based)
     (Gunnersen-McCormack 30.32%)
Directors

Robert George Bennett, Stuart Hamilton Bennett, David Lawrence Colless,
Russell William Colless, John Joseph Corrigan, John Leonard Corrigan,
Gary Arthur Demby, John Alexander Berwick Faulkner (Sec), Peter Ronald
Gunnersen, Thorald Harvey Gunnersen, Glen Robert Higgins (Kyneton),
Gregory Henry McCormack, Ronald Francis McCormack, Eric Thomas Murnane
Michael Wallace Murnane, Allan Gilbert Proctor, Geoffrey Mark Proctor,
John Frederick Lauchlan Wright


Export Licence Details 1994  (Uncompleted)

Midway have three federal export licences through the Department of
Primary Resources to export 330 000 tonnes of woodchips per year sourced
from "sawmill and silvicultural residues from private forests" and
"logging, silvicultural and sawmill residues from crown lands and
private forests"

19/12/94 - Licence to Export Unprocessed Wood for 1/1/95 to 31/12/95,
signed by David Beddall;

*Licence Number:  Mepwood 1039 - Midway Wood Products Pty Ltd - 64 000
tonnes from lower graded logs purchased from the Midlands Forest
Management Area in the State of Victoria under the Victorian Department
of Conservation and Natural Resources.  Licence S000271.

*Licence Number:  Mepwood 1091 - Midway Wood Product Pty Ltd - 170 000
tonnes from sawmill residues and silvicultural thinnings from private
property in Victoria.

*Sometime in 1994 Midways took up another export licence - 96 000 tonnes
sourced from logging, silvicultural and sawmill residues from crown and
private forests.  This licence had an expiry date of 30/6/95.

Total = 330 000 tonnes.

Shareholder details the same as 1993.

Export licence details 1995.

On 1/12/95 the following export licence was granted for Midways - Source
RFA Documents.  (Please note there is some confusion over the exact
licence details for this period, with two different licence
arrangements!?)

47 500 tonnes from the Central Highlands
47 500 tonnes from Western Victoria
47 500 tonnes from Gippsland
100 000 tonnes from East Gippsland

This totalled 290 000 tonnes.  (Stage one licence (80% of 290 000
tonnes) = 232 000).

On 31/12/95  Midways was granted a follow on licence from 1994 of 330
000 tonnes

3 seperate licences consisting of;

170 000 tonnes
An additional 96 000 tonnes (approved in 1994)
An additional licence of 64 000 tonnes.

Whether this means that two seperate licences were going on at the same
time I'm unsure.

11/6/96

>>From press release 11/6/96.  "On Tuesday, Primary Industries Minister
John Anderson granted five new woodchip export licences for 1996
totalling some 415 000 tonnes of native forest wood . . . The new
licences include an additional 50 000 tonnes to Midway", although it
wasn't specified where the 50 000 tonnes would come from.

On 31/10/96 Resources Minister John Anderson granted the following
licences totalling 400 000 tonnes.

250 000 tonnes to be sourced from sawmill residues, silvicultural
thinnings + other.
150 000 tonnes sawmill residues and silvicultural thinnings.

Export woodchip licences.
Current at 25/5/98 until present day.


300 000 tonnes per annum - Softwood from private plantations/pulplogs,
thinnings and sawmill residues.  Duration 1/4/97 to 31/12/99.  Licence
Type:  unprocessed wood regulations.

Midways Wood Products Pty Ltd:

149 000 tonnes per annum - Hardwood woodchips from native forests.
Transitional Licence from 2/9/97 to 31/12/99.  From Central Highlands
Victoria Region.

182 000 tonnes per annum - Hardwood woodchips from native forests.
Transitional Licence from 2/9/97 to 31/12/99.  From West Victoria
Region.

24 000 tonnes per annum - Hardwood woodchips from native forests.
Transitional Licence from 2/9/97 to 31/12/99.  From North East Victoria
Region.

35 000 tonnes per annum - Hardwood woodchips from native forests.
Transitional Licence from 2/9/97 to 31/12/99.  From Gippsland Victoria
Region.

10 000 tonnes per annum - Hardwood woodchips from native forests.
Transitional Licence from 1/1/97 to 31/12/99.  From Tumut NSW.

Total:  390 000 hardwood tonnes from Victoria, 10 000 hardwood tonnes
from NSW, 300 000 softwood tonnes from Victoria.  This licence for 400
000 tonnes will cover the duration 1997-2000.

According to the RFA for the Central Highlands p53; "Midways has a
production capacity of around 500 000 tonnes a year . . . Of the
eucalypt resource received approximately 40% (or 115 000 tonnes) are
sourced from the Central Highlands.  Approximately 57% of the eucalypt
resources received from the Central Highlands are provided as sawmill
residues, with the remainder provided as residual logs."

Directors and Shareholders March 1999

Name / shares % / address

WH Bennett and Sons     35995 7.57 13 Dennis Street, Colac
Black Forest Sawmills      9359 1.97 RMB 1010, Calder Hy, Woodend
Calco Investments No 2   10818 2.27 PO Box 133, Colac
McCormacks Timber (Broadford)        19956      4.19         Pitcher
Partners, 6th Floor, 161 Collins St
McCormack Timber (Erica)    18798 3.95 Pitcher Partners, 6th Floor, 161
Collins St
McCormacks Timber Pty Ltd    55511    11.67 Pitcher Partners, 6th Floor,
161Collins St
M&E Thiele Enterprises Super Acct       4398      0.92 PO Box 34, Avoca
Esma Clara & Edward Thiele        5930 1.25 PO Box 34, Avoca
ET & EW Murnane      32911 6.92 PO Box 328, Colac
Faye Irmina & Mervyn Louis Brunt           2565      0.54 58 Tulloh St
Elliminyt
Colin Lloyd & Louis Mervyn Brunt          8990 1.89 58 Tulloh St,
Elliminyt
Babington Brothers           1208 0.25 23 Deans Marsh Road, Lorne
JJ Corrigan Nominees     23882 5.02 c/- 10 Stawell Street South,
Ballarat East
WH Micah & Sons     10779 2.27 P/L Thompson Valley Rd, Erica
Victree Timber    26963 5.67 188-189 Blackshaws Road, Altona North
Marbut  Pty Ltd*     53159    11.17 112 Salmon St, Port Melbourne
Chebmont Pty Ltd*    97800    20.57 Pitcher Partners, 6th Floor,
161Collins St
Alex Demby Co Pty Ltd    10281 2.16 Pitcher Partners, 6th Floor, 161
Collins St
Alex Demby Timber Co Super Fund        9983      2.09 Toolangi WSD,
Healesville
Stoll Bros Pty Ltd          9945 2.09         PO Box 347, Warragul
Hamilton St Pty Ltd (as a trustee          334 0.07 13 Dennis Street,
Colac
for SH Bennett Super Fund)
The Corrigan Super Fund        3667 0.77 c/- 10 Stawell Street South,
Ballarat East
Forest Superannuation       5046 1.06 Thompson Valley Road, Erica
McCormack Timbers
Staff Superannuation Fund         5551 1.17 Pitcher Partners, 6th Floor,
161Collins St

Total     (25.18% shareholders Otway based)
     (Gunnersen-McCormack 52.72%)

*Chebmont - Midways largest single shareholder.  All shares of Chebmont
owned by Pitcher Partner Nominees (most likely superannuation).
Directors:  Peter and Thorald Gunnersen, Ronald Pitcher, Peter and Nils
Koren  (Peter Koren has been involved in several companies including the
Kain and Shelton Group (based in Mount Gambier - wholesale and retail
fuel distributors), Scott Corporation (transport, warehousing and
distrubution) and is a director of K&S Blakistons Pty Ltd).

*Marbut's largest shareholders are Chebmont.  Marbut is a sawmilling,
kiln drying, wood moulding, import company

Midway Directors

Lawrence Bennett, Stuart Bennett, Gary Demby, David Lawrence Colless,
Russell William Colless, John Joseph Corrigan, John Leonard Corrigan,
Peter Ronald Gunnersen, Thorald Harvey Gunnersen, Gregory Henry
McCormack, Eric Thomas Murnane, Michael Wallace Murnane

Midway  Shareholders and Company Structure - 12 June 2001:

Directors

Stuart Hamilton Bennett, John Joseph Corrigan, Peter Ronald Gunnersen, Thorald Harvey Gunnersen, Gregory Henry McCormack, Lee Thomas Murnane, Gary Arthur Demby.

Alternate Director:

Michael Wallace Murnane

Appointed Auditor:

Pitcher Partners

Share Structure:

Number of shares Issued:  448678

Total Amount Paid:  3478741.00

Members  
 Shares   
%
W.H.Bennett and Sons, Colac                                                                            
35995   
  8.02
WH Micah & Sons, Erica                                                                                     
10779
   2.40
M&E Thiele Enterprises Pty Ltd Superannuation Account, Avoca                      
4398
0.98
Forest Superannuation Pty Ltd, Erica                                                                   
5046 
1.12
Stoll Bros. Pty Ltd, Warrugul                                                                                
 9945 
2.22
Calco Investments No 2 Pty Ltd, Colac                                                                
 22630
5.04
ET & EW Murnane Pty Ltd, Colac                                                                   
32911 
7.33
Collin Brunt Lloyd, Elliminyt                                                                                  
 8990
2.00
Alex Demby Timber Co Pty Ltd, Pitcher Partners, Melb                                   
 10281 
2.29
McCormack Timbers (Erica) Pty Ltd, Pitcher Partners, Melb                       
18798   
4.19
McCormack Timbers (Broadford) Pty Ltd, Pitcher Partners, Melb                 
 19956  
4.45
McCormack Timbers Pty Ltd, Pitcher Partners, Melb                                   
55511
12.37
J&J Corrigan Nominees Pty Ltd, Oakleigh South                                             
4965  
1.11
McCormack Timbers Pty Ltd Staff Super Fund, Pitcher Part.                         
5551   
1.24
Edward Thiele Murray, Avoca                                                                           
  5930
1.32
J&J Corrigan Nominees Pty Ltd, Oakleigh South                                             
  8064
1.79
Black Forest Timbers Pty Ltd, Woodend                                                      
   9359 
    2.08
Alex Demby Timber Co Pty Ltd, Healesville                                                   
 9983   
2.22
J&J Corrigan Nominees Pty Ltd, Oakleigh South                                           
  14520
  3.24
Chebmont Pty Ltd, Pitcher Partners, Melb                                                     
150959 
33.64

Otways based Mills - 22.40%

Companies associated with Pitcher Partners - 58.1

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