SYB symbion health limited

MAY, page-11

  1. 635 Posts.
    re: MAY - Jacktrader Jacktrader: << If anyone has news on that, would be great to see a post on it >>

    Stock to Watch: MAYNE GROUP
    10:27, Monday, 5 August 2002

    Sydney - Monday - August 5: (RWE)
    ---------------------------------
    MAYNE GROUP NEGOTIATING SALE OF LOGISTICS DIVISION
    Overview
    --------
    Mayne last week said it had entered confidential discussions for the sale its logistics division.
    Analysts expect the assets to sell for between $550 million and $600 million.
    Mayne has said the demerger of the unit was still its preferred option but it may sell it to trade.
    The company first announced plans for the demerger of its logistics division in May.
    At the time, considering the unit made only a minimal
    contribution to its business, Mayne considered simply giving its shareholders the assets.
    But last Thursday, company spokesman Rob Tassie said the company was considering a trade sale after being approached by several suitors.
    Mayne has not revealed the identity of interested parties but they are believed to include Toll Holdings, K&S, Patrick, Linfox, Kerry Group and private equity groups such as Castle Harlan, Aust Mezzanine and ABN AMRO.


    Share Details
    -------------
    Last price: $3.81
    High/Low for year: $7.58/$3.63
    P/E Ratio: 11.67
    Dividend Yield: 3.4 per cent
    Background
    ----------
    Mayne Group Ltd, formerly Mayne Nickless Ltd, is an
    international service company based in Australia.
    The company has two divisions: healthcare and contract
    logistics.
    Mayne is looking at demerging its non-healthcare logistics
    business in order to focus on its core healthcare operations.
    The company is expected to reveal further details of the
    demerger around the end of the third quarter of this year.
    It is believed the spinoff will be completed by the end of 2002.
    The company also said chief executive Mr Peter Smedley would
    retire at the end of the year after overseeing the demerger process.
    Maynes share price slumped after a profit warning on April 23.
    The company forecast net profit for the 2002 financial year
    would come in 13 per cent to 18 per cent below consensus forecasts of
    $206.9 million, due to lower hospital earnings.
    The announcement followed a disappointing interim result.
    While net profit before significant items for the half to
    end-December was almost double that of the previous corresponding
    period, the result was still at the low end of expectations.

 
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