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Lang Corp Ltd News

06 Feb 2001

Howard Smith Posts Flat Results

Hardware and towage group Howard Smith Ltd. pointed to a difficult market for its main hardware and industrial supplies businesses on Tuesday, after posting a flat half year result. Although recent data pointed to a housing recovery, actual spending on hardware was expected to lag housing approvals and a break in economic conditions was not expected until at least mid-year. "The outlook for the next four months is tough," managing director Ian Tsicalas told reporters after the group reported a net profit of A$54.10 million for the six months to December 31, 2000, up slightly on A$53.56 million a year ago. Tsicalas said Howard Smith could still meet earlier forecasts and beat its A$102.9 million 1999/00 full year net profit, saying the first half net profit increase was "sustainable".

14 Oct 1999

Holyman To Back New Lang Bid

Holyman Ltd.'s board of directors will reportedly recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46.

11 Oct 1999

Holyman To Support New Adsteam Offer

Ferry and transport group Holyman Ltd. will recommend a revised 65 cents a share cash takeover offer from Adsteam Marine Ltd. in the absence of a higher offer. Earlier, Adsteam Marine lifted its hostile bid for Holyman to 65 cents per share from 52 cents. The new offer tops a rival bid from stevedore company Lang Corp Ltd., which has a 61 cent per share offer on the table. However, managing director James Bryant said shareholders need be in no hurry to accept and should await details of Lang Corp's offer, due in early October.

15 Oct 1999

Holyman To Back New Lang Bid

Holyman Ltd.'s board of directors will recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46. "We have discussed it and obviously we think it's good news for shareholders," managing director James Bryant said. "The board of directors will recommend that shareholders accept in the absence of another bid," he said. Adsteam Marine chief executive David Ryan said the company would consider its next move.

01 Oct 1999

Adsteam Extends Offer For Holyman

Adsteam Marine Ltd. extended its 80 cents a share takeover offer for ferry and transport group Holyman Ltd until Oct. 5. The offer was to close Sept. 27. The extension followed a rival offer on Sept. 23 from stevedore Lang Corp Ltd., which was pitched at 93 cents a share. Holyman directors recommended that shareholders accept the Lang Corp bid in the absence of a higher offer, although they should take no action until formal documentation was served in early October. Lang Corp's offer is subject to receiving a minimum of 50.1 percent of the ordinary and converting preference shares, as well as usual regulatory conditions. Adsteam, which now holds 22.8 percent of Holyman, has made its offer unconditional.