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Re: [sharechat] NLX


From: "Cristine Kerr" <criskerr@optusnet.com.au>
Date: Tue, 17 Feb 2004 14:29:45 +1000


Following is a list of Nylex Directors:

Mr Richard Nitto (Chairman)
Mr Glen Casey (Managing Director, CEO)
Mr Phillip Gibbs (CFO)
Mr K M Stokes, AO (Alternate Director)
Mr Charles Rosedale (External Advisor)
Mr Ken H Parker (Non Exec. Director)
Mr Neil Christensen (General Counsel)
Mr Ray King (Non Exec. Director)
Mr Terry Francis (Non Exec. Director)
Mr Brian O'Donnell (Non Exec. Director)
----- Original Message -----
Sent: Tuesday, February 17, 2004 11:15 AM
Subject: [sharechat] NLX

Morning all,
 
I think the market is anticipating good news in the near future based on their 28 Nov presentation - notes below, and more recent announcements.
 
All retained businesses are going strong.
 
Could be they have now secured a banking partner.
 
With what I've seen I"d keep a very close eye on it!!!
 
Regards,
Cris
 
_________
 
28 Nov Presentation: Highlights
 
as at end July 2003:
sales up 6%
EBITDA up 8%
EBIT up 40%
 
plus ...
 
1) Automotive: Recent restructure & improved focus has led to $90m in new contracts
2) AH Plant Hire Division: restructured - growth expected next 2-3 yrs
3) Nylex: good growth in export sales to China
 
_____________
 
PLUS this later announcement ...
 
Pryda Reid & Further Divestments
29 December 2003

N Y L E X L I M I T E D A N N O U N C E M E N T

NYLEX LTD TAKES ANOTHER MAJOR STEP IN RE-STRUCTURING PROGRAM WITH $96.1 MILLION OF NEW DIVESTMENTS

The directors of Nylex Limited today announced another major step in the company’s successful restructuring program, with divestments of non-core operations and properties totalling $96.1 million including:-

• its Pryda and Reid building products businesses in Australia, New Zealand and Asia to the Illinois Tool Works Inc Group for A$79.5 million.

• the Henderson’s USA and Australian lumbar operations to the Teleflex Inc group for A$11.2 million.

• $5.5m million worth of properties surplus to businesses which have previously been sold.

Today’s moves take the number of non-core businesses divested since June, 2003 to 13, in the process returning to Nylex Ltd gross proceeds of $151.7 million and surpassing the group’s previously stated expectation that it would reduce debt by $80 million through asset sales by the end of 2003.

Nylex's Managing Director and Chief Executive, Mr Glen Casey, said “We are confident that we are well on the way to reducing our debt levels to around $130 million, following the expected completion of our asset divestment program in the first part of the New Year.

"With the most recent divestments, as well as the successful completion of a $100 million capital raising program last month, Nylex is now in the best financial position it has been in for several years.

“The Pryda Reid sale will place us in a very strong position to finalize early in the New Year currently advanced negotiations with a new banking group to restructure the group’s funding arrangements. This will then complete the transformation of the group’s financial structure and consolidate a platform for growth in our core divisions”, he added.

Mr Casey concluded “going forward we will have a core of four divisions - Automotive, AH Plant, Nylex Consumer and Nylex Industrial Products. Together these are expected to generate annual revenues of more than $750 million. As most of the group is performing better than last year, we are confident of reporting improved results for the full year”.
 
_________
 
Director: Kerry Stokes (a very wealthy man) purchased shares through share purchase plan (40K @ 25c), PLUS purchased 14,271,571 @ 34.96c ea on market. That means he spent close to $5M of his own money to buy more on-market.
 
__________
 

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