Published 17 September 2005 Foodland Associated Ltd improved its net profit after tax by 7.8% in the 52 weeks to 31 July, then cut the return with $19.6 million spent on breakup costs. The Perth-based retailer, owner of the Progressive Enterprises Ltd supermarket business in New Zealand, made $A113.7 million, falling to $A95.3 million once […]
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FAL carve-up goes to 2 November vote
Published 17 September 2005 Foodland Associated Ltd shareholders will meet in Perth on Wednesday 2 November to decide the fate of their company. 2 schemes of arrangement will be put to them at a meeting at the Burswood casino – one to sell the New Zealand operations plus some Australian assets (20 Action supermarkets & […]
Read more →Woolworths to pay $2.4 billion for Progressive
Published: 25 May 2005 Woolworths Ltd of Australia will buy the Progressive Enterprises Ltd supermarket chain in New Zealand in a split agreed with current owner Foodland Associated Ltd & takeover bidder Metcash Ltd. Woolworths will buy the New Zealand business, which Metcash had wanted to split off to a separately listed company owned by […]
Read more →Metcash-FAL statement due
Published: 23 May 2005 Metcash Ltd had only 0.13% of Foodland Associated Ltd shares when it extended its takeover bid on Friday to Saturday 4 June, but negotiations have been continuing. Trading in Metcash & Foodland securities was halted this morning with an announcement due out on Tuesday. Metcash’s proposed takeover would result […]
Read more →Metcash & Foodland in talks, agreement expected
Published: 13 May 2005 Metcash Trading Ltd extended its takeover for Foodland Associated Ltd by a week today and said constructive discussions with Foodland in the past week should lead to agreement in principle on a new structure. The offer has been extended to Saturday 28 May. Metcash’s bid involves splitting the Progressive Enterprises Ltd […]
Read more →Metcash lifts FAL scrip offer by 31%
Published: 4 May 2005 Metcash Trading Ltd has bumped its takeover bid for Foodland Associated Ltd up by 24% cash & 31% scrip and has proposed a taskforce representing the 2 sides to ensure an orderly spinoff of the New Zealand business. It recognises the New Zealand business is likely to be a target for […]
Read more →Suddenly FAL produces a demerger plan, while Grant Samuel finds Metcash undervalues its target
Published: 2 March 2005 The Progressive Enterprises Ltd supermarket group in New Zealand looks like becoming a separate Australia-listed entity no matter who wins the Metcash takeover bid for Progressive’s parent, Foodland Associated Ltd, or it will become a subsidiary of another Australian retailer. FAL used the takeover target’s statement, issued on Monday, to float […]
Read more →Metcash starts reorganisation process
Published: 14 February 2005 Foodland Associated Ltd reported 2nd-quarter New Zealand supermarket sales up 8.4% (converted on a 5.3% strengthening of the $NZ), but only 2.9% in local currency. Metcash wants to buy out its 52% South African owner, Metoz Holdings Ltd, keep FAL’s Australian business (but sell supermarkets to independent operators with a supply […]
Read more →FAL’s 2nd-quarter NZ sales up 2.9%, 1.7% same-store
Published: 14 February 2005 Foodland Associated Ltd reported 2nd-quarter New Zealand supermarket sales up 8.4% (converted on a 5.3% strengthening of the $NZ), but only 2.9% in local currency. Same-store, the sales increase was 1.7% in $NZ to just over $1 billion, 7.1% in $A. For 2 quarters, the sales increase was 3.1% in $NZ […]
Read more →Metcash puts $NZ2.17 billion midpoint enterprise value on FAL NZ
Published: 24 January 2005 Metcash Trading Ltd lodged its bidder’s statement for its proposed takeover of Foodland Associated Ltd with the Australian Securities & Investments Commission on Friday, and will distribute the 350-page document in early February. FAL will send out a response 2 weeks later. Metcash put the groundwork for the bid in place […]
Read more →Metcash proposes Foodland breakup with ASX listing for NZ business
Supermarket owner Progressive Enterprises Ltd would once again become a standalone listed business – but listed in Australia as Foodland NZ – under a takeover & restructure proposal today from Metcash Trading Ltd. Metcash made an offmarket offer for Progressive’s owner, Foodland Associated Ltd, but wants to leave Foodland’s New Zealand business in current ownership. […]
Read more →NZ supermarkets boost FAL earnings 10.4% (local money)
Foodland Associated Ltd increased its after-tax profit by 18.8% to $A142.7 million. The result included $A37.2 million ($A25.8 million last year) of unusuals & discontinued operations. Excluding those, the increase was 11.9% to $A105.5 million. Earnings/share rose 18.1% to A121.98c. Sales from continuing operations rose 2.6% to $A5.9 billion, but including discontinued operations they were […]
Read more →Sale splits Farmers retail & finance businesses
Pascoes to buy shops, F&P Appliances takes finance side Fisher & Paykel Appliances Holdings Ltd and jewellery retailer James Pascoe Ltd have entered into an agreement to buy Farmers Holdings Ltd, the ultimate holding company for the Farmers department store chain, from Foodland Associated Ltd of Perth for $311 million in cash. Foodland tried for […]
Read more →Woolworths acquisition a big boost for Foodland Associated
Farmers raises earnings but that won’t stop sale Foodland Associated Ltd, owner of the Progressive supermarket chain and buyer of the Woolworths chain in New Zealand, increased net profit after tax for the 26 weeks to 2 February by 26.8% to $A60 million, a record result on record 1st-half sales from continuing operations which rose […]
Read more →FAL same-store sales up 11.3% in second quarter
Farmer’s up 5.1% and Progressive up 10.4% on same-store basis Foodland Associated Ltd increased second-quarter sales 29.6%, and 11.3% on a same-store basis (in $A). In New Zealand, Farmer’s increased sales by 9.7% (in $NZ), including the Deka stores converted to Farmer’s annexes, and a contribution for part of the quarter from the mew Bayfair […]
Read more →Deka to close
Closure of 60-store chain tossed into FAL’s report on record first-half profit “Oh, and we turned the lights out in New Zealand…” That’s roughly how the statement by Foodland Associated Ltd, headquartered in Perth, went on its decision to close the 60 Deka stores in New Zealand. Seventeen of the stores will be turned over […]
Read more →Strong supermarket gains for FAL in NZ
Farmers’ sales up but earnings down Foodland Associated Ltd, of Perth, said Farmers’ sales rose 13% to $NZ170.7 million for the quarter, helped by opening of the Botany town centre store. Same-store Farmers’ sales rose 5.3%, and sales for the year rose 6.9% to $NZ672 million. Earnings before interest, tax & amortisation (ebita) rose 6.9% […]
Read more →Foodland looks at Farmers’ future
Group’s big Australian purchases change perspective Foodland Associated Ltd said it had started a strategic review of its New Zealand department store & consumer finance subsidiary, Farmers Holdings Ltd. Group managing director Trevor Coates said: “Farmers’ continues to trade well with positive sales growth & stable margins. Our interim results will confirm this. “However FAL […]
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