GUNNS would already be using the euphoria of securing the last pulp mill permits this week to bed down finance for the Bell Bay project, according to financial analyst Chris Elliott.
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Mr Elliott said that federal Environment Minister Tony Burke's approval of the three remaining modules of Gunns' environmental plan was the final piece of the jigsaw before a start on the mill.
"This will certainly put some clarity around the mill and improves Gunns' chances of going to a joint venture partner," Mr Elliott said.
"It makes it easier to go out into the marketplace and talk to financiers."
But Mr Elliott and Launceston commentator Tony Gray agreed that Gunns probably hoped that its share prices would have remained higher longer than they did after Thursday's permits announcement.
Mr Gray said that the price for Gunns' shares dropped by 7 per cent yesterday, the day after the permits had been granted.
"I think that had more to do with the broader market than related directly to what was going on here," Mr Gray said.
Gunns shares opened at 63¢ yesterday and fell to 56¢ by the close of trade. "That means that (securing the permits) hasn't been as well-received by the market as Gunns would have hoped," Mr Elliott said.
Mr Gray disagreed with other commentators who were suggesting that this week's activities set Gunns up as a takeover target.
"The company's market value might be $500 million but its debt level is more like $1 billion, so would you look at it?" he said.
"And you could say that they have a constant supply of wood chips but they are at an uncompetitive price."
Mr Gray saw the newly acquired permits as providing one less element of uncertainty for a potential equity partner in the proposed Bell Bay mill.