Forum Archive Index - November 2003

["Rob Kingsford" <feal.nz@xtra.co.nz>]

Hmmm, Almost sounds like a gauntlet has been thrown down here ...

We must just about be due another "Top Picks" Competition.

I'm a starter if anyone knows how or wants to set one up.

 

 

Good to see solid support for Briscoes @ 1.80,

Has anyone heard any speculation further to this cut from

NZ Herald article 01.08.2003 By IRENE CHAPPLE.

 

Cheers

Barrel Scraper

 

"Since the Briscoe Group's listing in 2001, there has been anticipation over when Duke would pull out his wallet and spend. His eventual purchase is likely to be in the retail sector, where he has made more than $300 million over the past 15 years. Duke said there were two options - acquiring an existing business for improvement and expansion or funding a start-up - and "we may be looking at one of each".

He is believed to be looking at an existing business in the outdoor clothing sector, which would complement the Briscoe Group's ownership of Rebel Sports.

There is also debate over whether Duke - an Australian - will cross the Tasman to try his luck in a market where so many other New Zealand companies struggle. One retailer suggested his business and personal links with Australian retail giant Gerry Harvey, of Harvey Norman, may give him an entry.

However, Duke said he would remain in New Zealand.

"Our plan is not to buy or even establish business offshore. It's not on our radar screen.""

Duke denied New Zealand's pickings were too small, as has been suggested by some in the sector.

Despite confirmation that he is not in the running to buy Farmers, a high-profile chain currently in the sale process, Duke said "there are plenty of opportunities in this country".

Duke is believed to have previously looked at stores such as Living and Giving, Lighting Direct and Palmers Gardenworld. He would neither confirm nor deny whether he had been involved in negotiations with the chains, but said he had looked at "99 per cent" of retail transactions since Briscoe had listed.

Duke is renowned for his tightness - or business acumen.

Many in the industry were cynical when told he was in negotiations.

Some doubted they would come to fruition because of his hard-nosed negotiating tactics.

Said Duke: "We will only do it if it makes real, real, real good sense to shareholders ... and when [we buy] the shareholders will say, 'Shit, that makes sense'."