The share price closed yesterday at 53cents, a drop 4.46 per cent on Monday's result. The share price has dropped form 64cents on March 9, to 53cents, while the company has suffered a 98 per cent drop in first-half profit.

Interstate institutional investors contacted yesterday, and who were named as the forces attempting to drive out the Tasmanian directors from the board, again declined to comment.

Gunns chairman John Gay on Monday confirmed that interstate business interests had told him it would be better if the Tasmanian board members quit.

It is believed the business interests flew to Tasmania early last week to deliver the ultimatum and also said they wanted Gunns to move out of logging native forests.

Australian Greens leader Senator Bob Brown said he had not talked to any interstate investors but he believed renewal on the Gunns board would be a good thing for the state.

"Renewal is required of all companies and, in this case, renewal would open up a community dialogue, instead of the present division," Senator Brown said.

"Industry has to change and take the community with it, but Gunns can't do it with the present board. If you like, boards are like governments, and sometimes they need replacing, and it ought to be so with Gunns," Senator Brown said.

"I have not spoken with any investors, but I have had a couple of conversations with John Gay late last year about the future direction of the company," he said.

Gunns annual report says it has to repay (or refinance) debt worth $440 million by 2012, including $40 million next month.