LLC 8.45% $9.53 lendlease group

Lend Lease on Business Sunday this week.

  1. 4,330 Posts.
    http://www.standardandpoors.com/
    ------------------------------------------------------ Free Float Parallel - S&P/ASX Index
    Sydney, Australia, April 8, 2002
    April 2002
    Stocks gaining in index weight Over 10 basis points Between 5 and 10 bps Between 2 and 4 bps 1 basis point

    NAB, BHP, CBA, TLS WBC, ANZ, AMP, WOW WES, WMC, FGL, BIL CML, CSL, MBL, WFT SUN, MIG, CSR, GPT SGT, AMC, IAG, SPT QBE, TAH, MAY SGP, BEN, STO, AGL JHX, FXJ, MIM, MGR RMD, DOW, COH, BLD ORG, GMF, HLY, NCM PPX, FOA, BTO, TAB PPT, CEP, ASX, IPG ADP BOQ, FCL, BCA, APA MGI, ENV, ILU, DDF SRP, MOF, SGW ,OST TCL, SIG, CPA, ADB LUO, MCW, AWB, AFI SMS, PBB, ADZ, GNS DJS, ION, OPS, CRG PTD, MTT, SSX
    -----------------------------------------------------
    Stocks with falls in index weight . S&P/ASX 200 There are 109 stocks that are subject to a drop in index capitalisation and 7 stocks that have increased in index capitalsation. Of the 107 down-weighted stocks only 48 have a change in index weight greater than 2 basis points, and only 13 have a reduction in index weight in excess of 10 basis points. Over 10 basis points Between 5 and 10 bps Between 2 and 4 bps 1 basis point RIO, NCP, WPL, PBL WSF, LEI, AXA, CCL QAN, NCPDP, SEV HVN, TOL TEL, ALL, BBG, UEL GAN, CXP, LNN, DOT LLC, RHC APN, LHG, ART, ALN AEO, ABC, CTX, CPU CFT, PRKPA, WAN SLX, VRL, NFD, SGB HTA, WFA, AOF, BRZ TNE, MIA, AXN, JBM MYO, HPX TEM, ENE, BWA, CLH IRE, VRLPA, ROC KAZ, PDP, AUY, AQP PHY, IHG, CLI, BRS DIT, IDT, OSH, BWP JUP, PRK, CAA, MRL SHL, PPH, TIM BPC, AOR, CDO
    -----------------------------------------------------
    Standard and Poors Free Float weightings April 2002--PDF file.
    -----------------------------------------------------
    Named preffered bidder
    -----------------------------------------------------
    http://imagesignal.comsec.com.au/asxdata/20020228/pdf/00281425.pdf
    ------------------------------------------------------
    -RE: Lend Lease Woes Hit Market 20/5/2002
    ------------------------------------------------------
    Lend Lease Woes Hit Market
    ------------------------------------------------------
    The All Ordinaries index had a poor start to the week, after last week's strong performance, as shares in Lend Lease slumped. At midday the All Ords was down 15.4 points to 3346.4 while the benchmark S&P/ASX 200 dropped 17.2 points to 3395.4.
    ------------------------------------------------------
    Volume was reasonable as 271 million shares were exchanged for $710 million and nearly one stock advanced for every one that declined.
    ------------------------------------------------------
    The big story for the morning was global property group Lend Lease ($10.74, down 83 cents) which said today it was looking for a new chief executive officer after the departure of David Higgins and that it expects its growth in earnings for 2003 to be at the lower end of current analysts' forecasts.
    -----------------------------------------------------
    The group, which cut its interim dividend in February despite a rise in profit, said that it continues to expect a 2002 financial year profit after tax in excess of $210 million but added the growth in earnings for the 2003 financial year is expected to be at the lower end of current analysts' forecasts
    -----------------------------------------------------
    On a poor day for the major players on the local market, also dropping back was media conglomerate News Corporation ($13.65, down 17 cents) on reports that it could face losses of up to $US350 million (A$640 million) on its Italian pay-TV joint venture Stream.
    ------------------------------------------------------
    The speculation comes after News Corp announced an A$8.2 billion abnormal charge, mainly relating to a writedown of its investment in the Gemstar TV guide.
    -----------------------------------------------------
    Other major stocks to fall included ANZ Banking Group ($18.75, down 27 cents) and Foster's ($4.73, down six cents) while AMP Limited ($17.06, down 22 cents) gave up some of its recent gains after last week';s profit outlook statement.
    -----------------------------------------------------
    Banks were among the better performers as National Australia Bank ($35.62, up 13 cents) and Commonwealth Bank of Australia ($32.48, up ten cents) cancelled out some of the ANZ's falls while Westpac ($15.96, down three cents) also opened lower.
    -----------------------------------------------------
    The other story of interest was the press report that Coles Myer ($6.71, down one cent) and Woolworths ($12.90, down three cents) have been accused by the ACCC of forcing prospective pub operators into highly restrictive agreements over the establishment of bottle shops on a new hotel's premises.
    ------------------------------------------------------
    The Financial Review said it had obtained High Court documents that CML and WOW threatened to tie up liquor licence applicants in legal disputes potentially delaying their licences for years unless they agreed not to sell packaged alcohol.
    -----------------------------------------------------
    Only a few major stocks rose with WMC Limited ($9.79, up five cents) leading the gains on a report that Swiss resources group Xstrata may partner Alcoa in a joint takeover bid for the mining conglomerate ahead of its de-merger.
    -----------------------------------------------------
    The offer price is set to be around $10.50 a share with Xstrata likely to be interested in WMC's nickel and copper assets, the report said.
    -----------------------------------------------------
    http://www.thewest.com.au/20020521/business/tw-business-home-sto57150.html
    -----------------------------------------------------
    Market gets Lend Lease chief's scalpSMH21/5
    -----------------------------------------------------
    Market gets Lend Lease chief's scalp
    -----------------------------------------------------
    By Carolyn Cummins
    -----------------------------------------------------
    THE Lend Lease board yielded to market pressure yesterday and revealed the exit of long-standing chief executive David Higgins, while dousing expectations of a rapid rise in 2003 net profit.
    ------------------------------------------------------
    Chairman Jill Ker Conway described the surprise shift as "bringing new leadership to bear".
    ------------------------------------------------------
    Mr Higgins"contract runs until 2004 but he will move on when a replacement is found. He has been chief executive of Lend Lease for more than seven years.
    ------------------------------------------------------
    He declined to comment on whether he would receive a big payout, such as the $15 million Lend Lease paid to failed US director Sheryl Pressler for the 2001 year.
    ------------------------------------------------------
    Mr Higgins was paid $2.1 million for the year to June 30 - a sharp fall compared with $4.8 million in the 2000 year, reflecting the group's poor results for the 12 months.
    -----------------------------------------------------
    Shock announcements are becoming the norm at Lend Lease as it makes its way through the transition of core business activities, a path it has been walking for the past two years.
    -----------------------------------------------------
    As a result its share price has fallen from a high of $23 in November 2000 to a low of about $9.56.
    -----------------------------------------------------
    In that time it has gone from a property developer to a two-pronged global real estate business and funds manager.
    -----------------------------------------------------
    It now has its Real Estate Solutions business run by Ross Taylor and incorporating developer Bovis Lend Lease, and the Real Estate Investments arm run by David Ross and covering global funds management.
    -----------------------------------------------------
    Lend Lease's new chief will cover both business segments and will aim to communicate the strategy to investors.
    ------------------------------------------------------
    Analysts said although Mr Higgins was a well-respected strategist he failed to properly communicate the changes within the company to the investment community.
    ------------------------------------------------------
    The company also continues to struggle to convince investors it can replace the steady profit stream from the funds management arm, MLC, which it sold to National Australia Bank for $4.6 billion in November 1999.
    ------------------------------------------------------
    A senior Bovis executive based in the US, Luther Cochrane, was one name put forward yesterday as a possible candidate.
    ------------------------------------------------------
    Investors yesterday reacted by selling the shares down 6.66 per cent, or 77¢, to $10.80. During the day the price hit a low of $10.50.
    ------------------------------------------------------
    The search for the new executive will be conducted by a yet-to-be-appointed international recruitment agency but will look at internal and external candidates.
    -----------------------------------------------------
    The group has always prided itself on a strong internal succession program but that went awry when two key employees, Matthew Banks and Peter Waliknowski, left two years ago.
    ------------------------------------------------------
    In revealing the shift at the top table, Ms Ker Conway also poured cool water on some analysts"profit forecasts for the 2002-03 financial year but denied the company faced a profit downgrade.
    ------------------------------------------------------
    The range for the earnings stands at $225 million to $250 million.
    ------------------------------------------------------
    Ms Ker Conway said the group's internal estimates were at the lower end of analysts"expectations. She confirmed that the year to June 30 would see a profit of more than $210 million.
    -----------------------------------------------------
    One analyst said he estimated profit growth in the 2002-03 year of about 25 per cent, taking the profit to about $225 million.
    ------------------------------------------------------
    SYDNEY MORNING HERALD
    ------------------------------------------------------
    replacement of its chief executiveSYDNEY, May 21
    ------------------------------------------------------
    http://money.iwon.com/jsp/nw/nwdt_rt.jspcat=USMARKET&src=201&feed=reu§ion=news&
    ------------------------------------------------------
    Australian stocks open down, gold sector in favour
    ------------------------------------------------------
    Monday May 20, 8:37 PM EDT
    ------------------------------------------------------
    SYDNEY, May 21 (Reuters) - Australian stocks opened easier on Tuesday as most blue chips suffered in line with Wall Street's weaker close after soggy economic data hinted at a tepid recovery, but the local gold sector emerged as a safe haven.
    ------------------------------------------------------
    The benchmark S&P/ASX 200 index (AXJO) shed 4.6 points or 0.14 percent to 3,388.7 by 10:15 a.m. (0015 GMT).
    ------------------------------------------------------
    Australia's gold stocks gained, mirroring offshore trends as investors clung to so-called safe havens. Spot gold rallied overnight to its highest level since February 2000 and was last quoted at US$315.50.
    ------------------------------------------------------
    Newcrest Mining (NCM) rose 20 cents or 2.9 percent to A$7.08, Lihir Gold (LHG) rallied 4.3 percent or six cents to A$1.46 on heavy volume and Aurion Gold (AOR) gained 3.6 percent or 11 cents to A$3.21.
    ------------------------------------------------------
    The Dow Jones industrial average (DJI) fell 123.58 points, or 1.19 percent, to 10,229.50. The broader Standard & Poor's 500 Index (SPX) shed 14.71 points, or 1.33 percent, to 1,091.88. The technology-laden Nasdaq Composite Index (IXIC) fell 39.80 points, or 2.29 percent, to 1,701.59.
    ------------------------------------------------------
    A bigger-than-expected drop in the U.S. index of leading economic indicators fueled worries on Wall Street by hinting at a tepid economic recovery. CSR (CSR) shares rose five cents to A$6.83 after the construction and sugar company unveiled a better than expected annual profit of A$552.6 million and said it expected another solid result in 2002/03.
    -----------------------------------------------------
    Shares in slot machine maker Aristocrat Leisure (ALL) rose four cents to A$5.69 after it said it had made a strong start to 2002 and was on track for record growth.
    ------------------------------------------------------
    However, property group Lend Lease (LLC), active in the United States, dropped another 1.6 percent or 17 cents to A$10.63 in the wake of Monday's profit warning and the announcement of the replacement of its chief executive.
    ------------------------------------------------------
    Lend Lease
    ------------------------------------------------------
    21/5--charting
    ------------------------------------------------------
    Incredible charts
    ------------------------------------------------------
    CEO David Higgins is to depart as the group looks for new stimulus. (more)LLC fell sharply to close at $10.80 on strong volume. MACD and Relative Strength have been weak while Chaikin MF has shown accumulation - emphasizing the need for more than one indicator.
    ------------------------------------------------------
    LEND LEASE CORPORATION LIMITED 2002-05-20 ASX-SIGNAL-G
    ------------------------------------------------------
    HOMEX - Sydney

    +++++++++++++++++++++++++
    Further to the announcement made by Lend Lease Corporation Limited
    this morning in relation to the expectations of growth in earnings
    for the 2003 financial year, I advise that the range of analysts'
    forecasts to which the Company referred was $225 - $250 million.
    ------------------------------------------------------
    S J Sharpe
    COMPANY SECRETARY
    LEND LEASE CORPORATION LIMITED 2002-05-20 ASX-SIGNAL-G

    HOMEX - Sydney
    -----------------------------------------------------
    +++++++++++++++++++++++++
    Lend Lease Corporation Limited ("Lend Lease") announced today that
    the CEO, David Higgins, and the Board have jointly agreed to a global
    search for a successor to Mr Higgins, which will include both
    internal and external candidates.
    ------------------------------------------------------
    Lend Lease Chairman, Jill Ker Conway, said bringing forward theleadership handover process was jointly agreed with David at theannual strategy review meeting held last week at Bovis Lend Lease's
    UK headquarters at Harrow.
    ------------------------------------------------------
    The Board sees the next phase of Lend Lease's evolution as criticalto the long term success of the global real estate platformsestablished under Mr Higgins' leadership, and has concluded thatbringing new leadership to bear in building the company is desirable.
    ------------------------------------------------------
    There are clear indications of success in both platforms and thetasks ahead will require different attributes from those successfullydeployed to build Lend Lease's offshore presence.
    ------------------------------------------------------
    There are also areas where the performance of certain aspects of thebusiness remain of concern to the Board and management, and MrHiggins has been asked to spend a significant proportion of his timeduring the remainder of his term working with Lend Lease Real EstateInvestment Management leadership on the specific issues impacting onhigher profitabilityfor shareholders, while also improvinginvestment performance for clients in the US Real Estate InvestmentManagement business.
    -----------------------------------------------------
    Ms Ker Conway said that a Board Committee will work closely with MrHiggins and senior executive team during the recruitment period onthe key issues relating to business transition.
    ------------------------------------------------------
    "David initiated and has driven Lend Lease's strategy in building atruly global organisation. I have admired his contribution andleadership since he was appointed CEO in 1995," Ms Ker Conway said.
    ------------------------------------------------------
    Mr Higgins said his time as CEO had been tremendously challenging and rewarding.
    -----------------------------------------------------
    "It has been very important to Lend Lease's long term growthprospects to move on to world stage," Mr Higgins said.
    -----------------------------------------------------
    "I am proud of the two global real estate business platforms that wehave today, agree with the Board's desire to seek out a new CEO tosee through the next stage consolidating and capitalising on the
    strategy we have put in place.
    ------------------------------------------------------
    "I remain committed to the company and I am looking forward tocompleting the elements of our transition strategy," Mr Higgins said.
    ------------------------------------------------------
    "I will have been in the CEO's role for more than eight incrediblybusy years by the end my appointment. I personally think that is longenough, given the demands of the these days," Mr Higgins said.
    ------------------------------------------------------
    Ms Ker Conway confirmed that the Lend Lease Board continues to expecta 2002 financial year profit after tax in excess of A$210 million.
    ------------------------------------------------------
    The Board is also expecting growth in earnings for the 2003 financialyear, subject to normal factors regarding market and economicconditions. The growth in earnings for 2003 financial year isexpected to be at the lower end of current analysts' forecasts.
    ------------------------------------------------------
    S J SharpeCOMPANY SECRETARY
    ------------------------------------------------------
    http://www.thewest.com.au/20020521/business/tw-business-home-sto57150.html
    ------------------------------------------------------
    Market gets Lend Lease chief's scalp
    ------------------------------------------------------
    By Carolyn Cummins
    ------------------------------------------------------
    THE Lend Lease board yielded to market pressure yesterday and revealed the exit of long-standing chief executive David Higgins, while dousing expectations of a rapid rise in 2003 net profit.
    -----------------------------------------------------
    Chairman Jill Ker Conway described the surprise shift as "bringing new leadership to bear".
    ------------------------------------------------------
    Mr Higgins"contract runs until 2004 but he will move on when a replacement is found. He has been chief executive of Lend Lease for more than seven years.
    ------------------------------------------------------
    He declined to comment on whether he would receive a big payout, such as the $15 million Lend Lease paid to failed US director Sheryl Pressler for the 2001 year.
    -----------------------------------------------------
    Mr Higgins was paid $2.1 million for the year to June 30 - a sharp fall compared with $4.8 million in the 2000 year, reflecting the group's poor results for the 12 months.
    -----------------------------------------------------
    Shock announcements are becoming the norm at Lend Lease as it makes its way through the transition of core business activities, a path it has been walking for the past two years.
    ------------------------------------------------------
    As a result its share price has fallen from a high of $23 in November 2000 to a low of about $9.56.
    ------------------------------------------------------
    In that time it has gone from a property developer to a two-pronged global real estate business and funds manager.
    ------------------------------------------------------
    It now has its Real Estate Solutions business run by Ross Taylor and incorporating developer Bovis Lend Lease, and the Real Estate Investments arm run by David Ross and covering global funds management.
    ------------------------------------------------------
    Lend Lease's new chief will cover both business segments and will aim to communicate the strategy to investors.
    ------------------------------------------------------
    Analysts said although Mr Higgins was a well-respected strategist he failed to properly communicate the changes within the company to the investment community.
    -----------------------------------------------------
    The company also continues to struggle to convince investors it can replace the steady profit stream from the funds management arm, MLC, which it sold to National Australia Bank for $4.6 billion in November 1999.
    ------------------------------------------------------
    A senior Bovis executive based in the US, Luther Cochrane, was one name put forward yesterday as a possible candidate.
    ------------------------------------------------------
    Investors yesterday reacted by selling the shares down 6.66 per cent, or 77¢, to $10.80. During the day the price hit a low of $10.50.
    ------------------------------------------------------
    The search for the new executive will be conducted by a yet-to-be-appointed international recruitment agency but will look at internal and external candidates.
    ------------------------------------------------------
    The group has always prided itself on a strong internal succession program but that went awry when two key employees, Matthew Banks and Peter Waliknowski, left two years ago.
    ------------------------------------------------------
    In revealing the shift at the top table, Ms Ker Conway also poured cool water on some analysts"profit forecasts for the 2002-03 financial year but denied the company faced a profit downgrade.
    ------------------------------------------------------
    The range for the earnings stands at $225 million to $250 million.
    ------------------------------------------------------
    Ms Ker Conway said the group's internal estimates were at the lower end of analysts"expectations. She confirmed that the year to June 30 would see a profit of more than $210 million.
    ------------------------------------------------------
    One analyst said he estimated profit growth in the 2002-03 year of about 25 per cent, taking the profit to about $225 million.
    ------------------------------------------------------
    SYDNEY MORNING HERALD
    ------------------------------------------------------
    22/5--market depth.
    -----------------------------------------------------
    LLC Description: LEND LEASE CORPORATION LIMITED ORDINARY Market Status: Normal Time: 22/05/2002 - 11:48:58
    ----------------------------------------------------- Last Change In Value Change In Percent
    10.7300 0.1400 1.3220%
    High Low Opened Closed Trades Volume Traded All Ordinaries
    10.8000 10.5900 10.5900 10.5900 502 1,523,076 11:48:58 3,338.8998 0.3094%
    ----------------------------------------------------
    Buyers Sellers
    Quantity Units Price Price Units Quantity

    1 341 10.7200 1 10.7400 19,266 2
    2 4,918 10.7100 2 10.7500 15,000 1
    7 21,550 10.7000 3 10.7700 8,350 1
    3 1,709 10.6800 4 10.7800 10,000 1
    3 7,170 10.6700 5 10.7900 17,000 2
    3 2,370 10.6600 6 10.8000 16,408 6
    5 24,900 10.6500 7 10.8100 3,495 2
    2 7,300 10.6300 8 10.8400 725 2
    1 2,000 10.6100 9 10.8500 11,300 3
    6 2,740 10.6000 10 10.8900 1,000 1
    -----------------------------------------------------
    Warning: "Please be aware that the market may have moved during the time it takes to place an order."
    ------------------------------------------------------
    signs of improvement a higher high 23/5
    ------------------------------------------------------
    LLC Description: LEND LEASE CORPORATION LIMITED ORDINARY Market Status: Normal Time: 23/05/2002 - 14:22:26
    Last Change In Value Change In Percent
    10.7100 -0.0600 -0.5571%
    High Low Opened Closed Trades Volume Traded All Ordinaries
    10.9000 10.7100 10.8000 10.7700 474 1,135,043 14:22:26 3,322.9999 -0.5358%
    -----------------------------------------------------
    Buyers Sellers
    Quantity Units Price Price Units Quantity
    -----------------------------------------------------
    2 11,938 10.7100 1 10.7200 3,634 1
    17 30,490 10.7000 2 10.7300 10,062 3
    3 2,500 10.6800 3 10.7400 2,200 3
    2 1,470 10.6600 4 10.7500 4,484 2
    6 5,700 10.6500 5 10.7700 6,500 1
    2 2,500 10.6100 6 10.7900 1,600 1
    14 11,850 10.6000 7 10.8000 35,215 3
    2 1,050 10.5800 8 10.8300 850 1
    3 3,900 10.5700 9 10.8400 1,227 1
    8 7,570 10.5500 10 10.8500 650 1
    -----------------------------------------------------
    Warning: "Please be aware that the market may have moved during the time it takes to place an order."
    ------------------------------------------------------
    low is higherthan previous low 10.65 24/5
    ------------------------------------------------------
    LLC Description: LEND LEASE CORPORATION LIMITED ORDINARY Market Status: Normal Time: 24/05/2002 - 12:38:14
    Last Change In Value Change In Percent
    10.6700 -0.1200 -1.1121%
    High Low Opened Closed Trades Volume Traded All Ordinaries
    10.7800 10.6500 10.7800 10.7900 246 1,399,132 12:38:14 3,333.8998 0.2737%
    -----------------------------------------------------
    Buyers Sellers
    Quantity Units Price Price Units Quantity

    1 3,851 10.6600 1 10.6800 8,537 1
    3 3,594 10.6500 2 10.6900 779 1
    1 600 10.6400 3 10.7000 3,000 2
    2 4,200 10.6200 4 10.7100 16,000 2
    1 2,000 10.6100 5 10.7500 70,000 2
    19 16,500 10.6000 6 10.7900 567 2
    1 450 10.5800 7 10.8000 20,386 7
    3 3,900 10.5700 8 10.8400 824 1
    1 1,400 10.5600 9 10.8500 3,450 3
    10 10,070 10.5500 10 10.8800 1,500 1
    -----------------------------------------------------
    Warning: "Please be aware that the market may have moved during the time it takes to place an order."
    ------------------------------------------------------
    RE: LLC - Millennium Site 24/5/02
    ------------------------------------------------------
    LLC are very close to getting the Millennium Site job in the UK, it will be a billion pound development.
    ------------------------------------------------------
    Also looks like they will promote from within for the top job, UK boss may get the nod.
    ------------------------------------------------------
    Business Sunday this week Lend Lease.24/5/02 6:37:24 PM
    -----------------------------------------------------
    www.finance.ninemsn.com.au/businesssunday
    ------------------------------------------------------
    This week on Business Sunday ...
    ------------------------------------------------------
    "Tax Commissioner's crackdown on GSTMichael Pascoe speaks with Tax Commissioner Michael Carmody about changes he will announce in
    the administration of the Business Activity Statement, a key component of the GST.
    -----------------------------------------------------
    Australia's independent wholesalersHelen McCombie profiles Australia's third retail force, independent wholesaler, Metcash TradingLtd. Metcash has assumed the mantle of Franklins after its break-up and sale last year. Metcashis servicing some 100 Franklins stores through its IGA group.
    ------------------------------------------------------
    Will zinc miner emerge from administration?Ali Moore talks with John Spark of Ferrier Hodgson, administrator of failed zinc miner,Pasminco, about the completion this week of the difficult debt to equity swap which should seethe company re-emerge from administration later this year.
    ------------------------------------------------------
    Lend Lease looking for a leaderMichael Pascoe also talks to Jill Kerr Conway, Chairman of property services group, Lend Lease
    Corp Ltd, about the departure this week of CEO, David Higgins, and the future direction of thecompany."

    -----------------------------------------------------
    http://www.heraldsun.news.com.au/common/story_page/0,5478,4382791%5E664,00.html
    ------------------------------------------------------
    Lend Lease moves on25may02
    ------------------------------------------------------
    SETTING profit targets is not rare at Lend Lease. Hitting them is.
    ------------------------------------------------------
    So when a new target was set at its annual high-level planning session in England last week, the importance of hitting it was not lost on chairman Jill Ker Conway and her board. The target? Double earnings in three years.
    ------------------------------------------------------
    When combined with the substance of an interview with Ms Ker Conway, it explains the shock announcement that chief executive David Higgins will leave.
    ------------------------------------------------------
    Since becoming boss in 1995, Mr Higgins has transformed Lend Lease from a hotch-potch of primarily Australian businesses into a global property player with two distinct units: real estate and investment management.
    ------------------------------------------------------
    Revenue is up from $3.4 billion in 1998 to $11.5 billion last year, and offshore earnings from 12 per cent to 79 per cent.
    ------------------------------------------------------
    Mr Higgins achieved the metamorphosis by buying businesses. These included British building group Bovis for $722 million, Boston Financial Group for $267 million and Delfin for $172 million, among many, many others.
    ------------------------------------------------------
    The Lend Lease board has hailed his work in bringing about the strategic changes.
    ------------------------------------------------------
    But the buys -- and the controversial sale of funds management company MLC -- left Lend Lease bloated by high costs from duplications and overlaps.
    -----------------------------------------------------
    And the board realised Mr Higgins wasn't the man to make the group leaner and meaner.
    ------------------------------------------------------
    The all-you-can-eat Higgins era was over.
    ------------------------------------------------------
    "What was clear in this planning session and had not been clear in previous ones was that we were really through that phase," Ms Ker Conway said.
    ------------------------------------------------------
    "David Higgins is a man of extraordinary vision whose interest is in global markets and the opportunities that they are creating.
    ------------------------------------------------------
    "He's really very, very gifted at acquisition of companies.
    ------------------------------------------------------
    "Those are things that interest him enormously.
    -----------------------------------------------------
    "I would not want to suggest for one minute that
    ------------------------------------------------------
    if he wanted to he couldn't do the other operating things as well.
    ------------------------------------------------------
    "But, honestly, they are not his major interest.
    ------------------------------------------------------
    "That emerged for us all, including David, during that business planning session."
    -----------------------------------------------------
    So on Monday, Ms Ker Conway announced that Lend Lease was beginning the search for a replacement.
    ------------------------------------------------------
    Meanwhile, Mr Higgins will stay in the top job, probably until early in 2003, according to an e-mail Ms Ker Conway sent to staff.
    ------------------------------------------------------
    Finding a new CEO is not the only problem Ms Ker Conway has.
    -----------------------------------------------------
    There is talk of another profit warning.
    -----------------------------------------------------
    This has a particular sting to it because Lend Lease made three profit warnings in 2001, which combined to cut the share price in half.
    ------------------------------------------------------
    Another 18 per cent has gone since then -- most of it this week -- taking the total shaved from Lend Lease's worth to $5.4 billion.
    ------------------------------------------------------
    Ms Ker Conway ended her official statement to the exchange this week by saying "growth in earnings for 2003 financial year is expected to be at the lower end of current analysts' forecasts".
    ------------------------------------------------------
    But "calling it a profit warning is a misnomer", she now says.
    ------------------------------------------------------
    "Our profit is on track. We are where we thought we would be. But the analysts were all over the place.
    ------------------------------------------------------
    "We gave guidance to close the range, which we've successfully done."
    -----------------------------------------------------
    They've closed it all right. Down.
    ------------------------------------------------------
    UBS Warburg analyst Mark Ebbinghaus revised down his 2003 forecast by
    -----------------------------------------------------
    5 per cent, while Deutsche Bank's Andrew Nicholas cut his 2003 forecast by 10 per cent.
    ------------------------------------------------------
    Others say the choice of CEO will heavily influence the share price direction.
    ----------------------------------------------------
    "The calibre of the new CEO will be a key contributing factor to a potential re-rating," Mr Ebbinghaus said.
    ------------------------------------------------------
    Lend Lease shares fell 11c to $10.68 yesterday.
    ------------------------------------------------------
 
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