It has been one of the shares to sell for much of the past six years, plunging from around $4.40 in early 2005 to current levels around 21 cents.
GNS came out of a six week trading halt today, with the group announcing a restructure of its business and the sale of non-core assets.
GNS said the sell-down of inventory and decommissioned sits is expected to generated around $60 million in 2012.
Furthermore, an agreement with the Tasmanian government may see GNS receive $23 million upon exit of its operations there.
These steps are intended to help GNS retire $340 million of debt in January 2012. The group also forecast an FY12 underlying EBIT of $40 – $50 million.
The stock has been fairly volatile today, plunging 15% on the open before reversing sharply. It is currently one of the few gainers in today’s share market action.