Lasseters

Lasseters

Postby winston » Thu Jun 05, 2008 8:01 pm

Lasseters to sell 4 Aussie hotels for A$98 mln

Lasseters International Holdings Limited on Thursday said its wholly-owned subsidiaries are planning to sell four hotels to IndependentPub Group Pty Ltd for A$98 million.

The conditional sale and purchase agreement was entered with Lasseters Seaford Hotel, Lasseters Oriental Hotel, Lasseters St Francis Hotel and Lasseters Brahma Lodge.

The four freehold hotels consist of the Seaford Hotel, the Oriental Hotel, the St Francis Winery and the Brahma Lodge.

The company also entered into further conditional sale and purchase agreements to sell to the buyer 100 per cent of the issued and paid up capital of each of Lasseters Hotels (SA), Lasseters Hotels (NSW) and Lasseters Hotels (Qld).

These investment holding companies, through various subsidiaries, collectively hold leasehold interests in each of the Brahma Lodge, the Bremen Hotel, the Bombay Bicycle Club, Seaford Hotel, Oriental Hotel, Tower Hotel, St Francis Winery, Jewells Tavern, Mattara Hotel, Iron Horse Inn Hotel, Meadowbrook Hotel and Norman Hotel.

The proposed sale will result in the increase in group's earnings per share from 0.9 AUD cents to 6.91 AUD cents.

The group's net tangible assets per share will also increase from 12.01 AUD cents to 39.51 AUD cents.

The directors feel the sale may maximise shareholder value by allowing the company to focus on gaming as the core contributor.

It is also seen as 'a good opportunity to the group to unlock the assets value and to maximize its returns on assets'.

It plans to use the proceeds to reduce its bank loans and for working capital, expansions, mergers and acquisitions. -- BT newsroom
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Re: Lasseters

Postby winston » Thu Oct 02, 2008 11:32 am

Not vested. From Kim Eng:-

Lasseters International Holdings – Has sold 12 hotels for A$92m (S$107.95m), and proceeds will help the company undertake a proposed share buyback programme. This comes after the Catalist-listed company reported a net loss of A$34.1m for the financial year ended June 30, 2008. Lasseters will realise an estimated gain of A$10.1m from the disposal of the 12 hotels, based on audited accounts as at June 30.

The hotels, comprising four freehold and eight leasehold properties, are spread across South Australia, Queensland and New South Wales. The disposal will help Lasseters undertake a proposed share buyback programme. Subject to shareholders' approval at an extraordinary general meeting to be held on Oct 17, the company could be acquiring up to 10% of its issued ordinary share capital.

According to Lasseters executive chairman Jaya Tan, the company will look at 'rewarding shareholders from the proceeds of the hotels disposal'. The proceeds will also help reduce Lasseters' gearing to a manageable size, the company said.
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Re: Lasseters

Postby winston » Wed Jan 26, 2011 9:53 am

Not vested. From Kim Eng:-

The worst is probably over:

We understand the necessary asset impairments have already been made, which implies the Group could hope to break even in 2011.

With the stock trading at half of its book value, it could be worth looking out for especially if it starts showing profitability.

http://www.kimengresearch.com/KimEng/se ... yqVQTZ10M=
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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