BRZ brazin limited

brazin up again, page-9

  1. 1,035 Posts.
    Blundy moves to take Brazin private!

    Mr Blundy is Brazin's founder and chief executive.
    Brazin said its board was waiting for more details about the
    proposal from Yoda and a committee of disinterested directors
    (Barrie Martin and George Bennett) which will consider the deal.
    Brazin also plans to seek independent legal and financial advice
    and hire an independent expert to provide a financial evaluation of
    the proposal.
    "Until full details of the proposal are received from Yoda and
    the committee has completed its consideration of the merits of the
    proposal, the board recommends that shareholders seek professional
    advice before dealing in their shareholdings," Brazin said.
    "The board does not expect to be in a position to make a
    decision in relation to this conditional proposal for some weeks."
    The proposal comes after Brazin issued a profit warning in
    April, blaming the impact of the war in Iraq and SARS.
    The group, which owns the Sanity music stores and Bras N Things
    outlets, warned its net profit would fall 45 per cent to about $12
    million for the year to June 30, 2003.
    An $8 million inventory provision for Sanity Entertainment
    Australia in the first half and other significant items would
    reduce its bottom line net profit to around $8.0 million, down 65
    per cent on 2001/02's $23.26 million result.

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