The Australian Financial Review reported that institutional investors confronted Gay about the company’s poor performance, which reported a 98.7 per cent drop in profits to $400,000, compared with $22m in the second half of 2009. However Gay has told Fairfax he has no intention in leaving.

Gay said, “These people said it would be better for the company if there were no Tasmanians on board but if I go, the pulp mill, the Launceston head office and other interests go with me.

“That’s what would happen because there would be no reason to keep those interests here. Anyway, it just won’t happen I was re-elected at out AGM last year.”

Gay is reported to have sold a chink of his shares just weeks before the half year end.

Fairfax also reported that the investors want the company to stop logging native forests, which they believe is bad for its international reputation.

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