Agribusiness investment manager Great Southern Ltd is exploring other strategic options after many investors appear to have rejected proposals to exchange their interests in plantation projects for Great Southern shares.

But Great Southern said on Tuesday that a sufficient proportion of investors may still agree to exchange their interests in cattle projects for Great Southern shares.

In August 2008, Great Southern announced a major restructuring program, Project Transform, to create a company with three business streams: forestry, agricultural investment services and cattle.

The restructure was to be facilitated through a series of proposed transactions to acquire the interests of investors in eight selected Great Southern pulpwood and cattle managed investment projects in exchange for new shares to be issued by the company.

Great Southern said at the time that the restructure would enable Great Southern to maximise the value of its significant land bank because the removal of managed investment scheme leases would provide the flexibility to use the land and assets in the most value-accretive way for shareholders.

Great Southern said on Tuesday that it had been encouraged by a strong `yes' vote that had so far been cast for the two cattle projects, although the target of 75 per cent by value needed to approve the proposals had not yet been reached.

While there was still time this week for investors to vote and to reach the required voting thresholds, based on the current proxy position it appeared unlikely that the proposals in relation to the plantation projects would be approved.

Great Southern said most investors in the plantation projects appeared to want to remain within those projects rather than exchanging their interests for Great Southern shares.

"We respect the rights of these investors and will remain committed to delivering the services required to those projects through to their conclusion," Great Southern managing director Cameron Rhodes said.

"Whilst supportive of the scheme proposals, in the absence of their approval the company has been pursuing alternative options and has commenced discussions with a number of interested parties regarding strategic business opportunities, including the sale or partial sale of various assets as previously foreshadowed to the market."

Great Southern shares were steady at 17 cents.