Tidewater Investments' bailout plans for Goldlink GrowthPlus have now been lodged with the Australian Securities Exchange (ASX).

Tidewater originally advised the market on November 20 that it would offer three of its shares for every 14 GrowthPlus shares.

"If we gain control of Goldlink GrowthPlus, we will invest the money in investments listed on the ASX that are quoted at a significant discount to their net asset values," Tidewater managing director Andrew Brown said.

Tidewater, through its wholly-owned subsidiary, Discount Assets, currently holds an 8.1 per cent interest in GrowthPlus voting shares.

Two GrowthPlus board members, Brown and Clare Porta, are associated with Tidewater and will not participate in the consideration of the offer.

Tidewater last month completed the acquisition of Cheviot Asset Management, which runs the ASX-listed Cheviot Kirribilly Vineyard Property Group.

It is also sub-contracted to manage around $50 million on behalf of ASX-listed Fat Prophets Australia Fund.  

Goldlink GrowthPlus is part of GoldLink Group, set up in 1998, which developed a strategy of direct investment in resources through royalties and equity investment.

GrowthPlus was launched in mid-2005 and looked to provide capital growth over the medium to long term.

It listed on the ASX in August 2005 after an oversubscribed $30 million initial public offering.

Earlier this year, the group had to liquidate its investment portfolio after the manager failed to retain the portfolio's value, resulting in a net loss of around $31 million, compared with a net profit after tax of $6.5 million in 2006.