Published 27 October 2005
Carter Holt Harvey Ltd’s committee of independent directors said after the company made its September quarter profit announcement and revising its full-year earnings forecast, it was looking at how this would affect cashflows & valuation.
The committee, chaired by Kerry McDonald, said it had engaged Cameron & Co to make the evaluation and that Grant Samuel & Associates had been re-engaged to assess any implications for its original target company statement report.
Grant Samuel said it would complete its review on Monday.
Meanwhile, the committee concluded the revised 2005 forecast didn’t warrant a change in recommendation that shareholders shouldn’t accept the takeover offer from Rank Group Investments Ltd. Rank said on 25 October it had 69.78% of Carter Holt.
The committee is also reviewing whether the revised 2005 forecast has implications for the company’s longer-term projected cashflows & values, and said it would give shareholders more advice on that within 48 hours (by sometime on Saturday).
Carter Holt Harvey Ltd announced a $31 million after-tax profit, $41 million operating profit (down from $72 million for this quarter last year), on revenue of $879 million for the September quarter. The revised full-year operating profit forecast is $200 million, including an adjustment for $9 million less of land sales than in previous forecasts.
Website: Carter Holt Harvey