While Waverley Sawmills has been sold and slated for closure, the sale of forests that support it has not been proposed "as of yet", the mill's managing director Peter Martin says.

Any sale of forests would need to be decided by 75 per cent of shareholders.

"As of yet no sales and purchase agreement has been presented to directors," he said.

A report in the Chronicle on Saturday said the forests had been sold, which Martin said had caused "great concern to contractors, staff and investors all engaged in the forest operations".

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He said if and when shareholders are presented with all detail, they will ultimately decide.