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COMPANY REPORT: Wednesday 2nd April
BRS, BKW : The Australian Competition and Consumer Commission (ACCC) announced that it will not oppose the proposed acquisition of Bristile Limited (BRS) by Brickworks Limited (BKW). The ACCC cited the geographic differences in manufacturing sites and customer markets, as well as the ease of switching to alternative suppliers as the main reasons for viewing the merger in a favourable light. The ACCC added that the proposed acquisition may benefit consumers if it results in the emergence of a third national brick manufacturer and supplier, alongside Boral and CSR.BRS shares were down 1 cent to $3.31, while BKW was trading 7 cents lower at $6.70.
CML :Coles Myer Ltd (CML) announced that the Australian Competition and Consumer Commission (ACCC) will not intervene in the proposed acquisition of Theo`s Liquor in New South Wales by Liquorland Pty Ltd, a subsidiary of CML. As a consequence of the proposed transaction, the merged entity will sell approximately 17 per cent of liquor for off-premises consumption in NSW and 16 per cent nationally. In the Sydney metropolitan area, the merged entity will sell approximately 26 per cent of liquor for off-premises consumption. Information obtained from the market indicated that the removal of the Theo`s Liquor outlets as an independent force was not likely to lead to a substantial lessening of competition in either wholesale or retail markets.Woolworths Ltd (WOW) remains Coles Myer`s largest competitor, and the combined market share of sales of Woolworths and Coles Myer in NSW post-acquisition will be approximately 30 per cent. Consequently, a substantial proportion of retail sales of liquor for off-premises consumption in NSW remains in the hands of the independent sector and this sector, along with Woolworths, will continue to act as a competitive constraint on the merged entity.CML shares are up 9 cents to $6.25, WOW shares are down 24 cents to $11.78.
CPA, MGI :Commonwealth Property Office Fund (CPA) announced the sale of its Colonial First State Industrial Property Trust and its controlled entities to Macquarie Goodman Industrial Trust (MGI) for $500m. The sale represents a 10% premium to the current property asset book value of $454m. The purchase consideration is payable in 3 tranches, the first tranche of $90m being payable on 8 April 2003. The remaining $410m will be payable in 2 equal tranches of $205m, callable by 31 January 2005 and 1 April 2006 respectively.The proceeds from the $90m tranche will be used as follows:$15m will be payed out to unitholders in the form of a special 1.1 cent per unit distribution on the unitholder register as at 11 April 2003;$74m will be used to retire debt; and$1m in transaction costs. CPA securities closed 1 cent lower at $1.15, while MGI added 1 cent to $1.49.
IWL :IWL Limited (IWL) has made the following announcement in relation to its offer for Sanford Limited (SFD) :Sanford Takeover UpdateIWL Announces That Its Offer Is UnconditionalSanford declares no alternative offerSanford chief executive`s contract has expired, with no replacement announcedIWL now holds a 24.20% ownership share in SanfordIWL`s offer is scheduled to close this Friday 4 April, 2003 IWL wishes to advise shareholders of both lWL and Sanford Limited ("Sanford", ASX: SFD) of the current state of its off-market Takeover Offer for Sanford. On Wednesday 26 March 2003, IWL announced that all conditions to its Offer to acquire all the shares in Sanford Limited had been waived.On Friday 28 March 2003, despite discussions with a number of parties and an extension of IWL`s Offer by two weeks, Sanford`s Independent Directors declared that discussions with other parties had not resulted in an alternative offer.As at the close of business on 31 March 2003, IWL had received acceptances from 173 or approximately 12% of Sanford Shareholders by number. Acceptances received up until this date represent 1,528,593 shares. Details of the number of Sanford Shares accepting either of the two forms of consideration are as follows: Scrip consideration: 1,101,368 Sanford share acceptances, representing 1.92% of capital Cash consideration: 427,225 Sanford share acceptances, representing 0.74% of capital Total: 1,528,593 Sanford share acceptances, representing 2.66% of capitalBased upon IWL`s current shareholding in Sanford plus the aforementioned acceptances, IWL now holds a relevant interest in 24.20% of the voting securities of Sanford. IWL strongly encourages Sanford Shareholders to consider their alternatives, particularly with IWL`s Offer scheduled to expire. In such a scenario, Sanford Shareholders will no longer be able to accept IWL`s Offer and may be subjected to a lower trading range for Sanford`s shares, than which they may be able to achieve should they accept IWL`s Offer.IWL reminds Sanford Shareholders to consider that Sanford`s Independent Directors "believe there is considerable risk associated with Sanford`s ability to deliver this [a higher] value to shareholders" and that KPMG Corporate Finance note in their report "that there are a number of significant uncertainties attaching to the future performance of Sanford and, as the Offer is not subject to a minimum acceptance condition, the cash consideration of $0.19 offered for each Sanford share under the Offer represents a current opportunity for Sanford shareholders".Sanford`s Target Statement advised that their CEO Mr Goh was an integral part of Sanford`s business and strategic initiatives and thus extended his contract until 31 March 2003. His contract has now expired and no replacement or further extension has been announced.The Offer is now scheduled to close at 5pm AEST this Friday 4 April 2003 and IWL encourages Sanford Shareholders to accept the Offer as soon as possible. Duly completed acceptance forms can be hand delivered, mailed or faxed to Computershare Investor Services however to ensure that your acceptance is received in time we recommend that you fax your completed acceptance form to Computershare Investor Services on +61 3 9473 2529 and place the original acceptance in the replied paid envelope provided and mail it immediately.IWL believes the current global share market outlook remains poor and as such Sanford Shareholders can mitigate their risk of a return to pre-bid trading prices by either accepting IWL`s Scrip or Cash Offer, with the former providing earnings diversity and potential medium term upside and the latter cash certainty.
BRS, BKW : The Australian Competition and Consumer Commission (ACCC) announced that it will not oppose the proposed acquisition of Bristile Limited (BRS) by Brickworks Limited (BKW). The ACCC cited the geographic differences in manufacturing sites and customer markets, as well as the ease of switching to alternative suppliers as the main reasons for viewing the merger in a favourable light. The ACCC added that the proposed acquisition may benefit consumers if it results in the emergence of a third national brick manufacturer and supplier, alongside Boral and CSR.BRS shares were down 1 cent to $3.31, while BKW was trading 7 cents lower at $6.70.
CML :Coles Myer Ltd (CML) announced that the Australian Competition and Consumer Commission (ACCC) will not intervene in the proposed acquisition of Theo`s Liquor in New South Wales by Liquorland Pty Ltd, a subsidiary of CML. As a consequence of the proposed transaction, the merged entity will sell approximately 17 per cent of liquor for off-premises consumption in NSW and 16 per cent nationally. In the Sydney metropolitan area, the merged entity will sell approximately 26 per cent of liquor for off-premises consumption. Information obtained from the market indicated that the removal of the Theo`s Liquor outlets as an independent force was not likely to lead to a substantial lessening of competition in either wholesale or retail markets.Woolworths Ltd (WOW) remains Coles Myer`s largest competitor, and the combined market share of sales of Woolworths and Coles Myer in NSW post-acquisition will be approximately 30 per cent. Consequently, a substantial proportion of retail sales of liquor for off-premises consumption in NSW remains in the hands of the independent sector and this sector, along with Woolworths, will continue to act as a competitive constraint on the merged entity.CML shares are up 9 cents to $6.25, WOW shares are down 24 cents to $11.78.
CPA, MGI :Commonwealth Property Office Fund (CPA) announced the sale of its Colonial First State Industrial Property Trust and its controlled entities to Macquarie Goodman Industrial Trust (MGI) for $500m. The sale represents a 10% premium to the current property asset book value of $454m. The purchase consideration is payable in 3 tranches, the first tranche of $90m being payable on 8 April 2003. The remaining $410m will be payable in 2 equal tranches of $205m, callable by 31 January 2005 and 1 April 2006 respectively.The proceeds from the $90m tranche will be used as follows:$15m will be payed out to unitholders in the form of a special 1.1 cent per unit distribution on the unitholder register as at 11 April 2003;$74m will be used to retire debt; and$1m in transaction costs. CPA securities closed 1 cent lower at $1.15, while MGI added 1 cent to $1.49.
IWL :IWL Limited (IWL) has made the following announcement in relation to its offer for Sanford Limited (SFD) :Sanford Takeover UpdateIWL Announces That Its Offer Is UnconditionalSanford declares no alternative offerSanford chief executive`s contract has expired, with no replacement announcedIWL now holds a 24.20% ownership share in SanfordIWL`s offer is scheduled to close this Friday 4 April, 2003 IWL wishes to advise shareholders of both lWL and Sanford Limited ("Sanford", ASX: SFD) of the current state of its off-market Takeover Offer for Sanford. On Wednesday 26 March 2003, IWL announced that all conditions to its Offer to acquire all the shares in Sanford Limited had been waived.On Friday 28 March 2003, despite discussions with a number of parties and an extension of IWL`s Offer by two weeks, Sanford`s Independent Directors declared that discussions with other parties had not resulted in an alternative offer.As at the close of business on 31 March 2003, IWL had received acceptances from 173 or approximately 12% of Sanford Shareholders by number. Acceptances received up until this date represent 1,528,593 shares. Details of the number of Sanford Shares accepting either of the two forms of consideration are as follows: Scrip consideration: 1,101,368 Sanford share acceptances, representing 1.92% of capital Cash consideration: 427,225 Sanford share acceptances, representing 0.74% of capital Total: 1,528,593 Sanford share acceptances, representing 2.66% of capitalBased upon IWL`s current shareholding in Sanford plus the aforementioned acceptances, IWL now holds a relevant interest in 24.20% of the voting securities of Sanford. IWL strongly encourages Sanford Shareholders to consider their alternatives, particularly with IWL`s Offer scheduled to expire. In such a scenario, Sanford Shareholders will no longer be able to accept IWL`s Offer and may be subjected to a lower trading range for Sanford`s shares, than which they may be able to achieve should they accept IWL`s Offer.IWL reminds Sanford Shareholders to consider that Sanford`s Independent Directors "believe there is considerable risk associated with Sanford`s ability to deliver this [a higher] value to shareholders" and that KPMG Corporate Finance note in their report "that there are a number of significant uncertainties attaching to the future performance of Sanford and, as the Offer is not subject to a minimum acceptance condition, the cash consideration of $0.19 offered for each Sanford share under the Offer represents a current opportunity for Sanford shareholders".Sanford`s Target Statement advised that their CEO Mr Goh was an integral part of Sanford`s business and strategic initiatives and thus extended his contract until 31 March 2003. His contract has now expired and no replacement or further extension has been announced.The Offer is now scheduled to close at 5pm AEST this Friday 4 April 2003 and IWL encourages Sanford Shareholders to accept the Offer as soon as possible. Duly completed acceptance forms can be hand delivered, mailed or faxed to Computershare Investor Services however to ensure that your acceptance is received in time we recommend that you fax your completed acceptance form to Computershare Investor Services on +61 3 9473 2529 and place the original acceptance in the replied paid envelope provided and mail it immediately.IWL believes the current global share market outlook remains poor and as such Sanford Shareholders can mitigate their risk of a return to pre-bid trading prices by either accepting IWL`s Scrip or Cash Offer, with the former providing earnings diversity and potential medium term upside and the latter cash certainty.
SANFORD LIMITED 2003-04-04 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
Further to its announcement earlier today, IWL now wishes to advise
that as at 5pm AEST, Friday 4 April 2003 the Company had increased
its entitlement to 58.2% of Sanford Shares and due to the significant
level of recent acceptances and Offer enquiries, advises that the
Offer has been extended to 17 April 2003.
IWL encourages all Sanford Shareholders who are yet to accept IWL`s
Offer to consider the following:
* Sanford shareholders choosing not to accept IWL`s Offer risk
becoming minority shareholders and could be subject to compulsory
acquisition provisions;
* IWL will insist on greater representation on the Sanford Board, as
well as operational and legal control;
* No other Offer for all or part of Sanford`s business will now be
successful as a consequence of IWL`s entitlement to a controlling
interest in Sanford.
In the light of today`s significant announcements, IWL encourages all
Sanford shareholders to ACT NOW and ACCEPT the IWL Offer as soon as
possible.
Duly completed acceptance forms can be hand delivered, mailed or
faxed to Computershare Investor Services however to ensure that your
acceptance is processed as soon as possible, IWL recommends that
Sanford Shareholders fax their completed acceptance form to
Computershare Investor Services on +61 3 9473 2529 and mail the
original acceptance form to Computershare Investor Services
immediately thereafter.
IWL`s Offer is scheduled to close 17 April 2003.
For further information please contact:
Luke Littlefield
CHIEF FINANCIAL OFFICER
IWL Limited
+61 3 9691 1600
Aktienfossil
HOMEX - Perth
+++++++++++++++++++++++++
Further to its announcement earlier today, IWL now wishes to advise
that as at 5pm AEST, Friday 4 April 2003 the Company had increased
its entitlement to 58.2% of Sanford Shares and due to the significant
level of recent acceptances and Offer enquiries, advises that the
Offer has been extended to 17 April 2003.
IWL encourages all Sanford Shareholders who are yet to accept IWL`s
Offer to consider the following:
* Sanford shareholders choosing not to accept IWL`s Offer risk
becoming minority shareholders and could be subject to compulsory
acquisition provisions;
* IWL will insist on greater representation on the Sanford Board, as
well as operational and legal control;
* No other Offer for all or part of Sanford`s business will now be
successful as a consequence of IWL`s entitlement to a controlling
interest in Sanford.
In the light of today`s significant announcements, IWL encourages all
Sanford shareholders to ACT NOW and ACCEPT the IWL Offer as soon as
possible.
Duly completed acceptance forms can be hand delivered, mailed or
faxed to Computershare Investor Services however to ensure that your
acceptance is processed as soon as possible, IWL recommends that
Sanford Shareholders fax their completed acceptance form to
Computershare Investor Services on +61 3 9473 2529 and mail the
original acceptance form to Computershare Investor Services
immediately thereafter.
IWL`s Offer is scheduled to close 17 April 2003.
For further information please contact:
Luke Littlefield
CHIEF FINANCIAL OFFICER
IWL Limited
+61 3 9691 1600
Aktienfossil
Headline News
Sanford Directors Unanimously Recommend IWL Bid
By Richard Harrison, 10 Apr 2003
Sanford Limited (SFD) has made the following announcement concerning the bid for SFD by IWL Limited (IWL) :
A number of Sanford`s major shareholders have accepted IWL`s offer such that IWL now controls Sanford and is entitled to over 58% of the company. IWL has requested and will be granted board control.
As a consequence of IWL`s bid the Independent Directors canvassed the possibilities of alternative bids and/or alternative transactions that may have resulted in a superior outcome for shareholders during the bid process. Despite interest from a number of parties no alternative bids or transactions emerged. Attempts to encourage IWL to lift their offer were also unsuccessful.
Based on the value range determined by the Independent Experts, KPMG, which included a premium for control, and encouraged by the level of interest expressed by the various interested parties the Independent Directors had previously recommended that shareholders reject the IWL offer.
Now that IWL has control of Sanford, the Independent Directors believe that it is appropriate to reconsider their recommendation. In providing Sanford shareholders with their revised recommendation, the Independent Directors have considered all relevant matters including the following:
* IWL have received acceptances to take their holding in Sanford to over 58% which represents effective control of the Company;
* No alternative offers or alternative transactions have emerged;
* Given that control has now passed to IWL the Independent Directors consider that the shares held by the remaining shareholders should be valued on a portfolio basis and not include a premium for control;
* The 19 cents cash offer per Sanford share and the 18.5 cent value ascribed by KPMG to each IWL share offered was 22.6% and 19.3% respectively above the closing price of Sanford shares on 13 January 2003, the last trading day prior to IWL announcing its intention to bid for Sanford;
* The 19 cent cash offer represents certainty of value;
* Although Sanford`s shares are quoted on the ASX, trading volumes prior to IWL`s bid were generally low. Sanford`s remaining shareholders are now in the minority and liquidity in Sanford shares can be expected to be lower than before IWL`s bid;
* It is possible that when the IWL bid lapses the market value of Sanford shares could fall below the IWL offer price; and
* Although IWL have not foreshadowed delisting the company, should the number of shareholders required to maintain a listing fall below the minimum level set by the ASX there is the possibility of the company`s shares being delisted and no longer traded on the ASX.
Each of the Independent Directors desires to make and considers himself justified in making a revised recommendation to the remaining Sanford shareholders in relation to the Offer. The Independent Directors now unanimously recommend that you accept the IWL offer in the absence of a superior offer for Sanford shares or assets.
Those shareholders requiring liquidity should accept the cash alternative and those wishing to participate in the growth and potential upside of Sanford`s business should consider accepting the IWL scrip alternative. However those shareholders who accept IWL shares should recognise that their IWL shares will be subject to the vagaries of the stock market and could trade below the 19 cent cash alternative.
It is the current intention of Mr Hall, Mr McKay and Mr Goh, in the absence of any superior offer, to accept the IWL Offer in relation to the Sanford shares owned or controlled by them.
Shareholders wishing to monitor acceptances going forward should refer to IWL`s company announcements.
Aktienfossil
Sanford Directors Unanimously Recommend IWL Bid
By Richard Harrison, 10 Apr 2003
Sanford Limited (SFD) has made the following announcement concerning the bid for SFD by IWL Limited (IWL) :
A number of Sanford`s major shareholders have accepted IWL`s offer such that IWL now controls Sanford and is entitled to over 58% of the company. IWL has requested and will be granted board control.
As a consequence of IWL`s bid the Independent Directors canvassed the possibilities of alternative bids and/or alternative transactions that may have resulted in a superior outcome for shareholders during the bid process. Despite interest from a number of parties no alternative bids or transactions emerged. Attempts to encourage IWL to lift their offer were also unsuccessful.
Based on the value range determined by the Independent Experts, KPMG, which included a premium for control, and encouraged by the level of interest expressed by the various interested parties the Independent Directors had previously recommended that shareholders reject the IWL offer.
Now that IWL has control of Sanford, the Independent Directors believe that it is appropriate to reconsider their recommendation. In providing Sanford shareholders with their revised recommendation, the Independent Directors have considered all relevant matters including the following:
* IWL have received acceptances to take their holding in Sanford to over 58% which represents effective control of the Company;
* No alternative offers or alternative transactions have emerged;
* Given that control has now passed to IWL the Independent Directors consider that the shares held by the remaining shareholders should be valued on a portfolio basis and not include a premium for control;
* The 19 cents cash offer per Sanford share and the 18.5 cent value ascribed by KPMG to each IWL share offered was 22.6% and 19.3% respectively above the closing price of Sanford shares on 13 January 2003, the last trading day prior to IWL announcing its intention to bid for Sanford;
* The 19 cent cash offer represents certainty of value;
* Although Sanford`s shares are quoted on the ASX, trading volumes prior to IWL`s bid were generally low. Sanford`s remaining shareholders are now in the minority and liquidity in Sanford shares can be expected to be lower than before IWL`s bid;
* It is possible that when the IWL bid lapses the market value of Sanford shares could fall below the IWL offer price; and
* Although IWL have not foreshadowed delisting the company, should the number of shareholders required to maintain a listing fall below the minimum level set by the ASX there is the possibility of the company`s shares being delisted and no longer traded on the ASX.
Each of the Independent Directors desires to make and considers himself justified in making a revised recommendation to the remaining Sanford shareholders in relation to the Offer. The Independent Directors now unanimously recommend that you accept the IWL offer in the absence of a superior offer for Sanford shares or assets.
Those shareholders requiring liquidity should accept the cash alternative and those wishing to participate in the growth and potential upside of Sanford`s business should consider accepting the IWL scrip alternative. However those shareholders who accept IWL shares should recognise that their IWL shares will be subject to the vagaries of the stock market and could trade below the 19 cent cash alternative.
It is the current intention of Mr Hall, Mr McKay and Mr Goh, in the absence of any superior offer, to accept the IWL Offer in relation to the Sanford shares owned or controlled by them.
Shareholders wishing to monitor acceptances going forward should refer to IWL`s company announcements.
Aktienfossil
NAB clears IWL`s path to Sanford
By John Phaceas
MELBOURNE financial data group IWL has won control of online broker and financial software developer Sanford just two days after the Perth company revealed it had not renewed the management contract of chief executive and founder Steven Goh.
IWL, which held 19.9 per cent of Sanford when it launched its $10 million bid in January, said its hold on the company now stood at 58.2 per cent after Sanford`s leading shareholder, National Australia Bank, cashed in its 14 per cent stake for $1.5 million.
NAB was seen as the key to IWL`s bid, as it uses Sanford`s Virtualbroker software to power its online trading platform.
IWL has now extended its offer by two weeks to April 17 on the expectation it will mop up virtually full control.
In a letter to Sanford shareholders, IWL said the company would insist on greater representation on the Sanford board "as well as operational and legal control". The push is unlikely to meet much resistance from Sanford, which declined to appoint a successor to Mr Goh on Wednesday because of the uncertainty associated with IWL`s takeover.
IWL`s success is a major blow to the Sanford board, which had made a concerted effort to flush out a competing offer. Rejecting IWL`s 19¢ a share offer as neither fair nor reasonable, Sanford`s independent expert valued the stock at 31¢ to 39¢.
IWL chief executive Otto Buttula, who is now expected to take the reins of Sanford, said the late rush of acceptances had vindicated his company`s view on Sanford.
"We always believed our bid was fair and reasonable, which is why we stayed firm on the price," he said. "People also have to remember that since the bid was launched the market has fallen substantially while ASX volumes have been lower, which obviously has to affect Sanford. And Sanford wasn`t in a strong position to start with."
Mr Buttula said IWL would "probably" move to immediate control some time today, but that integration of the companies would take several weeks.
However, he stressed the takeover would not involve a "slice and dice" approach.
"This is very much a complementary acquisition not a synergistic one . . . and I think Sanford people will be pleasantly surprised," he said. "We think Sanford have some very good middle management and executives."
IWL expected to retain most of Sanford`s staff with most changes expected at the boardroom level. However, Mr Buttula declined to comment on whether any of Sanford`s current directors will be retained under IWL`s control.
IWL is offering Sanford shareholders a choice of 19¢ cash or one of its shares for each share in Sanford.
Aktienfossil
By John Phaceas
MELBOURNE financial data group IWL has won control of online broker and financial software developer Sanford just two days after the Perth company revealed it had not renewed the management contract of chief executive and founder Steven Goh.
IWL, which held 19.9 per cent of Sanford when it launched its $10 million bid in January, said its hold on the company now stood at 58.2 per cent after Sanford`s leading shareholder, National Australia Bank, cashed in its 14 per cent stake for $1.5 million.
NAB was seen as the key to IWL`s bid, as it uses Sanford`s Virtualbroker software to power its online trading platform.
IWL has now extended its offer by two weeks to April 17 on the expectation it will mop up virtually full control.
In a letter to Sanford shareholders, IWL said the company would insist on greater representation on the Sanford board "as well as operational and legal control". The push is unlikely to meet much resistance from Sanford, which declined to appoint a successor to Mr Goh on Wednesday because of the uncertainty associated with IWL`s takeover.
IWL`s success is a major blow to the Sanford board, which had made a concerted effort to flush out a competing offer. Rejecting IWL`s 19¢ a share offer as neither fair nor reasonable, Sanford`s independent expert valued the stock at 31¢ to 39¢.
IWL chief executive Otto Buttula, who is now expected to take the reins of Sanford, said the late rush of acceptances had vindicated his company`s view on Sanford.
"We always believed our bid was fair and reasonable, which is why we stayed firm on the price," he said. "People also have to remember that since the bid was launched the market has fallen substantially while ASX volumes have been lower, which obviously has to affect Sanford. And Sanford wasn`t in a strong position to start with."
Mr Buttula said IWL would "probably" move to immediate control some time today, but that integration of the companies would take several weeks.
However, he stressed the takeover would not involve a "slice and dice" approach.
"This is very much a complementary acquisition not a synergistic one . . . and I think Sanford people will be pleasantly surprised," he said. "We think Sanford have some very good middle management and executives."
IWL expected to retain most of Sanford`s staff with most changes expected at the boardroom level. However, Mr Buttula declined to comment on whether any of Sanford`s current directors will be retained under IWL`s control.
IWL is offering Sanford shareholders a choice of 19¢ cash or one of its shares for each share in Sanford.
Aktienfossil
IWL hat bekannt gegeben dass man allen Sanfordaktionären ein Übernahmeangebot zu 0,19 $ gemacht hat.
Auf jeden Fall schein es voran zu gehen bei IWL...
Aktienfossil
Auf jeden Fall schein es voran zu gehen bei IWL...
Aktienfossil
Change in substantial holding from IWL
16-04 1133
IWL Limited increased its relevant interest in Sanford Limited on
16/04/2003, from 36,913,519 ordinary shares (64.33%) to 37,968,030
ordinary shares (66.16%).
ends - AAP
Aktienfossil
16-04 1133
IWL Limited increased its relevant interest in Sanford Limited on
16/04/2003, from 36,913,519 ordinary shares (64.33%) to 37,968,030
ordinary shares (66.16%).
ends - AAP
Aktienfossil
IWL Extends Offer for Sanford
By InvestorWeb, 22 Apr 2003
On 12 March 2003 IWL Limited (IWL) extended the Offer Period in respect of its offer to acquire all ordinary shares in Sanford Limited (SFD) by a period of 14 days. On 4 April 2003 IWL further extended the Offer Period for a period of 13 days expiring 17 April 2003.
IWL has now determined to further extend for a period of 14 days, the period during which its Offer is open to acceptances. The purpose of this extension is to enable IWL to accommodate further late acceptances of its Offer. Accordingly, the Offer will remain open by a further 14 days, so that the Offer Period will now close at 5.00 pm (Melbourne time) on 1 May 2003.
The Offer was declared free of all conditions on 26 March 2003.
As at 17 April 2003, IWL is entitled to 69.2% of the ordinary shares in the capital of Sanford.
IWL shares last traded at 18 cents; SFD shares last traded at 19 cents.
Aktienfossil
By InvestorWeb, 22 Apr 2003
On 12 March 2003 IWL Limited (IWL) extended the Offer Period in respect of its offer to acquire all ordinary shares in Sanford Limited (SFD) by a period of 14 days. On 4 April 2003 IWL further extended the Offer Period for a period of 13 days expiring 17 April 2003.
IWL has now determined to further extend for a period of 14 days, the period during which its Offer is open to acceptances. The purpose of this extension is to enable IWL to accommodate further late acceptances of its Offer. Accordingly, the Offer will remain open by a further 14 days, so that the Offer Period will now close at 5.00 pm (Melbourne time) on 1 May 2003.
The Offer was declared free of all conditions on 26 March 2003.
As at 17 April 2003, IWL is entitled to 69.2% of the ordinary shares in the capital of Sanford.
IWL shares last traded at 18 cents; SFD shares last traded at 19 cents.
Aktienfossil
IWL LIMITED 2003-04-22 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
* IWL SECURES 84.3% OWNERSHIP OF SANFORD LIMITED
* IWL ANNOUNCES FURTHER EXTENSION OF OFFER PERIOD - NOW SCHEDULED TO
CLOSE THURSDAY 1 MAY 2003
* IWL`S OFFER REMAINS UNCONDITIONAL
IWL wishes to advise shareholders of both IWL Limited (ASX: IWL) and
Sanford Limited (ASX: SFD) of the current state of its off-market
Takeover Offer for Sanford.
* In the light of substantial recent acceptances, including part
receipt of Independent Directors` acceptances, as of 5:00pm (AEST),
Thursday 17 April 2003, IWL was entitled to 84.3% of Sanford.
* Due to the large number of recent acceptances and IWL`s increased
ownership interest, IWL has extended its Offer by a further 14 days
to accommodate further acceptances, which have already been
indicated. IWL`s Offer is now scheduled to close at 5.00pm AEST,
Thursday 1 May 2003.
* Acceptances received up until 5:00 pm on Thursday 17 April 2003
represented 34,805,970 shares. Details of the number of Sanford
Shares accepting either of the two forms of consideration are as
follows:
NO OF SANFORD % OF CAPITAL
SHARE ACCEPTANCES
Scrip consideration 6,752,343 11.8%
Cash consideration 28,053,627 48.9%
TOTAL 34,805,970 60.7%
Based upon IWL`s current shareholding, which includes on-market
purchases, placements and option exercises of Sanford, plus the
aforementioned acceptances, IWL now holds a relevant interest in
84.3% of the voting securities of Sanford.
SANFORD SHAREHOLDERS CAN ACCEPT IWL SCRIP OR CASH
As highlighted by Sanford`s Independent Directors in their recent
letter to Sanford Shareholders, those shareholders requiring
liquidity should accept IWL`s Cash alternative of $0.19 per Sanford
Share, while those shareholders wishing to participate in the growth
and potential upside of Sanford`s business, when combined with IWL`s
business, should consider accepting IWL`s Scrip alternative of 1 IWL
Share for every 1 Sanford Share.
The Executive of IWL would like to encourage Sanford Shareholders to
either become part of our vision for the combined IWL-Sanford
business by accepting IWL`s Scrip Offer, or alternatively achieve
greater certainty for their Sanford shareholding by accepting IWL`s
Cash alternative of $0.19 per Sanford Share.
TO ACCEPT IWL`S OFFER
IWL would like to encourage all Sanford shareholders to follow the
recommendation of Sanford`s Independent Directors by ACTING NOW and
ACCEPTING the IWL Offer as soon as possible. Duly completed
acceptance forms can be hand delivered, mailed or faxed to
Computershare Investor Services however to ensure that acceptances
are processed as soon as possible, IWL recommends that Sanford
Shareholders fax their completed acceptance form to Computershare
Investor Services on (03) 9473 2529 and mail the original acceptance
form to Computershare Investor Services immediately thereafter.
IWL intends to compulsorily acquire all outstanding Sanford Shares
upon becoming entitled to in excess of 90% of Sanford.
ISSUES OF IWL SHARES OR PAYMENT OF CASH WILL BE MADE WITHIN 14 DAYS
OF ORIGINAL ACCEPTANCES BEING RECEIVED.
If you remain uncertain about the merits of this offer please call
IWL`s Offer Information line on (03) 9691 1688 and ask to discuss
your concerns. This Offer Line is open between 9.00am and 5.00pm AEST
and as required by the Corporations Act, calls to this telephone
number will be recorded.
The Executive of IWL looks forward to welcoming Sanford Shareholders
as Shareholders in IWL, or if they so elect, to forwarding Cash
consideration in exchange for their existing Sanford shareholding.
Gordon Quah-Smith
COMPANY SECRETARY
IWL Limited
(02) 8259 3814
- 3%
HOMEX - Melbourne
+++++++++++++++++++++++++
* IWL SECURES 84.3% OWNERSHIP OF SANFORD LIMITED
* IWL ANNOUNCES FURTHER EXTENSION OF OFFER PERIOD - NOW SCHEDULED TO
CLOSE THURSDAY 1 MAY 2003
* IWL`S OFFER REMAINS UNCONDITIONAL
IWL wishes to advise shareholders of both IWL Limited (ASX: IWL) and
Sanford Limited (ASX: SFD) of the current state of its off-market
Takeover Offer for Sanford.
* In the light of substantial recent acceptances, including part
receipt of Independent Directors` acceptances, as of 5:00pm (AEST),
Thursday 17 April 2003, IWL was entitled to 84.3% of Sanford.
* Due to the large number of recent acceptances and IWL`s increased
ownership interest, IWL has extended its Offer by a further 14 days
to accommodate further acceptances, which have already been
indicated. IWL`s Offer is now scheduled to close at 5.00pm AEST,
Thursday 1 May 2003.
* Acceptances received up until 5:00 pm on Thursday 17 April 2003
represented 34,805,970 shares. Details of the number of Sanford
Shares accepting either of the two forms of consideration are as
follows:
NO OF SANFORD % OF CAPITAL
SHARE ACCEPTANCES
Scrip consideration 6,752,343 11.8%
Cash consideration 28,053,627 48.9%
TOTAL 34,805,970 60.7%
Based upon IWL`s current shareholding, which includes on-market
purchases, placements and option exercises of Sanford, plus the
aforementioned acceptances, IWL now holds a relevant interest in
84.3% of the voting securities of Sanford.
SANFORD SHAREHOLDERS CAN ACCEPT IWL SCRIP OR CASH
As highlighted by Sanford`s Independent Directors in their recent
letter to Sanford Shareholders, those shareholders requiring
liquidity should accept IWL`s Cash alternative of $0.19 per Sanford
Share, while those shareholders wishing to participate in the growth
and potential upside of Sanford`s business, when combined with IWL`s
business, should consider accepting IWL`s Scrip alternative of 1 IWL
Share for every 1 Sanford Share.
The Executive of IWL would like to encourage Sanford Shareholders to
either become part of our vision for the combined IWL-Sanford
business by accepting IWL`s Scrip Offer, or alternatively achieve
greater certainty for their Sanford shareholding by accepting IWL`s
Cash alternative of $0.19 per Sanford Share.
TO ACCEPT IWL`S OFFER
IWL would like to encourage all Sanford shareholders to follow the
recommendation of Sanford`s Independent Directors by ACTING NOW and
ACCEPTING the IWL Offer as soon as possible. Duly completed
acceptance forms can be hand delivered, mailed or faxed to
Computershare Investor Services however to ensure that acceptances
are processed as soon as possible, IWL recommends that Sanford
Shareholders fax their completed acceptance form to Computershare
Investor Services on (03) 9473 2529 and mail the original acceptance
form to Computershare Investor Services immediately thereafter.
IWL intends to compulsorily acquire all outstanding Sanford Shares
upon becoming entitled to in excess of 90% of Sanford.
ISSUES OF IWL SHARES OR PAYMENT OF CASH WILL BE MADE WITHIN 14 DAYS
OF ORIGINAL ACCEPTANCES BEING RECEIVED.
If you remain uncertain about the merits of this offer please call
IWL`s Offer Information line on (03) 9691 1688 and ask to discuss
your concerns. This Offer Line is open between 9.00am and 5.00pm AEST
and as required by the Corporations Act, calls to this telephone
number will be recorded.
The Executive of IWL looks forward to welcoming Sanford Shareholders
as Shareholders in IWL, or if they so elect, to forwarding Cash
consideration in exchange for their existing Sanford shareholding.
Gordon Quah-Smith
COMPANY SECRETARY
IWL Limited
(02) 8259 3814
- 3%
Sanford-Übernahme dürfte so langsam im Kurs enthalten sein...
0,25 $ sind schon noch drin, aber ich würde dennoch nicht mehr einsteigen. Meiner Meinung nach ist der Sanford-Deal zwar positiv zu bewerten und geht wie gewünscht über die Bühne, aber trotzdem würde ich eher andere Werte bevorzugen im Moment.
Aktienfossil
Aktienfossil
IWL Moves To 94.6% Of Sanford
By InvestorWeb, 30 Apr 2003
IWL LImited [ASX: IWL] has increased its relevant interest in Sanford Limited from 52,204,108 ordinary shares (90.975%) to 54,298,325 ordinary shares (94.624%) as at 28/04/2003.
By InvestorWeb, 30 Apr 2003
IWL LImited [ASX: IWL] has increased its relevant interest in Sanford Limited from 52,204,108 ordinary shares (90.975%) to 54,298,325 ordinary shares (94.624%) as at 28/04/2003.
IWL Commences Compulsory Acquisition of Sanford
By InvestorWeb, 01 May 2003
IWL Limited (IWL) has commenced the process for compulsorily acquiring the outstanding shares in Sanford Limited (SFD) by lodging a compulsory acquisition notice with ASIC.
IWL currently has an entitlement to 95.4% of SFD shares.
IWL shares closed at 18 cents, down 1 cent; SFD shares also closed at 18 cents, down 1 cent.
Aktienfossil
By InvestorWeb, 01 May 2003
IWL Limited (IWL) has commenced the process for compulsorily acquiring the outstanding shares in Sanford Limited (SFD) by lodging a compulsory acquisition notice with ASIC.
IWL currently has an entitlement to 95.4% of SFD shares.
IWL shares closed at 18 cents, down 1 cent; SFD shares also closed at 18 cents, down 1 cent.
Aktienfossil
ist die Übernahme nun schon vollständig abgeschlossen oder fehlen immer noch ein paar Prozentchen?
Sanford vom Handel ausgesetzt:
Sanford Shares to Be Suspended from Today
By InvestorWeb, 08 May 2003
The securities of Sanford Limited (SFD) will be suspended from quotation from the close of trading on Thursday, 8 May 2003, in accordance with listing rule 17.4, following receipt on 1 May 2003 of the compulsory acquisition notice sent by IWL Limited (IWL) to dissenting offerees of the Company.
SFD shares last traded at 18 cents; IWL shares also last traded at 18 cents.
Aktienfossil
Sanford Shares to Be Suspended from Today
By InvestorWeb, 08 May 2003
The securities of Sanford Limited (SFD) will be suspended from quotation from the close of trading on Thursday, 8 May 2003, in accordance with listing rule 17.4, following receipt on 1 May 2003 of the compulsory acquisition notice sent by IWL Limited (IWL) to dissenting offerees of the Company.
SFD shares last traded at 18 cents; IWL shares also last traded at 18 cents.
Aktienfossil
IWL Confirms Capital Structure & Buyback Program
08 May 2003
In response to inquiries from shareholders, business associates and sharebroking analysts, IWL Limited (ASX: IWL) has confirmed its current capital structure as at 7 May 2003, and the number of shares remaining to be purchased to complete its current buy-back program.
CURRENT CAPITAL OUTSTANDING
Ordinary shares: 287,677,522
Options: 11,980,000
OUTSTANDING NUMBER OF SHARES TO PURCHASE TO COMPLETE
CURRENT BUY-BACK PROGRAM
Ordinary shares: 21,545,175
IWL shares closed unchanged Thursday at 18 cents.
08 May 2003
In response to inquiries from shareholders, business associates and sharebroking analysts, IWL Limited (ASX: IWL) has confirmed its current capital structure as at 7 May 2003, and the number of shares remaining to be purchased to complete its current buy-back program.
CURRENT CAPITAL OUTSTANDING
Ordinary shares: 287,677,522
Options: 11,980,000
OUTSTANDING NUMBER OF SHARES TO PURCHASE TO COMPLETE
CURRENT BUY-BACK PROGRAM
Ordinary shares: 21,545,175
IWL shares closed unchanged Thursday at 18 cents.
IWL and Sanford Pair-Up in Deloitte Fast 50
By InvestorWeb, 15 May 2003
IWL Limited (IWL) was named as the 21st fastest growing technology company in Australia in last night`s presentation of the Deloitte Technology Fast 50 award winners. Sanford Limited (SFD), which is soon to be fully owned by IWL, was awarded 41st place in the same awards.
The Deloitte Technology Fast 50 is a program that recognises and profiles fast growing technology companies in Australia, ranking them based on percentage revenue growth over three years (2000 to 2002). IWL`s revenue growth over this period was 238% with Sanford recording gowrth of 113%. IWL and Sanford were amongst only 22 companies recognised as Technology Fast 50 winners for the second year running, with only 9 other companies placing ahead of IWL in this years award who were also honoured last year.
IWL Chief Executive Officer Otto Buttula commented: "Beginning as a start-up in 1997 with three people, the company`s recent takeover of Sanford, another Fast 50 award winner, sees the combined group with a staff complement of more than 200 and anticipated combined revenues of around $40 million in 2004. This consistent record of strong growth is testament to the hard work and support of all of our stakeholders, including the Board, our employees, clients and shareholders, all who have played an integral part in building one of Australia`s most dynamic and innovative technology leaders."
IWL shares closed yesterday at 17.5 cents.
By InvestorWeb, 15 May 2003
IWL Limited (IWL) was named as the 21st fastest growing technology company in Australia in last night`s presentation of the Deloitte Technology Fast 50 award winners. Sanford Limited (SFD), which is soon to be fully owned by IWL, was awarded 41st place in the same awards.
The Deloitte Technology Fast 50 is a program that recognises and profiles fast growing technology companies in Australia, ranking them based on percentage revenue growth over three years (2000 to 2002). IWL`s revenue growth over this period was 238% with Sanford recording gowrth of 113%. IWL and Sanford were amongst only 22 companies recognised as Technology Fast 50 winners for the second year running, with only 9 other companies placing ahead of IWL in this years award who were also honoured last year.
IWL Chief Executive Officer Otto Buttula commented: "Beginning as a start-up in 1997 with three people, the company`s recent takeover of Sanford, another Fast 50 award winner, sees the combined group with a staff complement of more than 200 and anticipated combined revenues of around $40 million in 2004. This consistent record of strong growth is testament to the hard work and support of all of our stakeholders, including the Board, our employees, clients and shareholders, all who have played an integral part in building one of Australia`s most dynamic and innovative technology leaders."
IWL shares closed yesterday at 17.5 cents.
IWL LIMITED 2003-05-15 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
MEDIA RELEASE
Leading financial services and technology solutions company, IWL
Limited, was named as the 21 st fastest growing technology company in
Australia, in last night`s presentation of the Deloitte Technology
Fast 50 award winners. This represents the 5th consecutive growth
related award presented to IWL, following on from its recent 39 th
placing in the Deloitte Asia Pacific Technology Fast 500 in December
2002.
Adding further prestige to the IWL Group, is that its` soon to be
fully-owned subsidiary Sanford Limited, was awarded 41 st place in
the same awards, with this representing Sanford`s 3rd consecutive
growth award.
The Deloitte Technology Fast 50 is a program that recognises and
profiles fast growing technology companies in Australia, ranking them
based on percentage revenue growth over three years (2000 to 2002).
IWL`s revenue growth over this period was an impressive 238% with
Sanford recording an equally impressive 113%. IWL and Sanford were
amongst only 22 companies awarded as a Technology Fast 50 winners for
the second year running, with only 9 other companies placing ahead of
IWL in this year`s award who were also honoured last year, further
underscoring IWL`s ability to sustain high levels of growth
year-on-year.
The companies honoured in the Deloitte Technology Fast 50 have
traditionally shared three common attributes. They have used
innovation in their businesses to develop unique solutions, exploited
the opportunities available in the market, and have been agile in
their business approach - rapidly responding to changing
circumstances.
IWL Chief Executive Officer, Mr Otto Buttula, commented that the
award provides positive, independent recognition of IWL as a fast
growing technology leader in one of Australia`s fastest growing, GDP+
industries, wealth and retirement management and financial services.
"Beginning as a start-up in 1997 with 3 people, the Company`s recent
takeover of Sanford, another Fast 50 award winner, sees the combined
Group with a staff complement of more than 200 and anticipated
combined revenues of around $40 million in 2004. This consistent
record of strong growth is testament to the hard work and support of
all of our stakeholders, including the Board, our employees, clients
and shareholders, all who have played an integral part in building
one of Australia`s most dynamic and innovative technology leaders,"
said Mr Buttula.
"Overall we continue to be delighted to have backed-up our recent
strong ratings in similar awards and view this recognition as a
valuable benchmark for top line revenue growth. However, we recognise
that as IWL becomes larger, it will be unlikely to maintain a leading
position in terms of revenue growth, and the management team while
still attuned to growth, has turned its focus on achieving improving
net returns to our stakeholders," said Mr Buttula.
Mr Buttula went on to comment, "we`d like to thank our clients,
business partners and staff whose passion and enthusiasm for
innovation, team work, customer service and growing the company has
contributed to IWL receiving this recognition".
PAST RECOGNITION IN GROWTH RELATED AWARDS - This achievement follows
on from IWL`s previous strong performances, including 4th and 15th
place respectively in the BRW Fast 100, 2001 and 2002 awards. In
addition, IWL has been recognised in 12th and 21st place
respectively in the Deloitte Technology Fast 50, 2002 and 2003
awards. IWL`s other placing was 39th place in the Deloitte Asia
Pacific Technology Fast 500 in December 2002.
In regard to Sanford, this achievement follows on from Sanford`s
previous strong performances, including 21st and 41st place
respectively in the Deloitte Technology Fast 50, 2002 and 2003
awards. Sanford`s other placing was 69 th place in the Deloitte Asia
Pacific Technology Fast 500 in December 2002.
For more information and quotes please contact:
Otto Buttula Luke Littlefield
CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER
IWL Limited IWL Limited
(03) 9691 1600 (03) 9691 1600
HOMEX - Melbourne
+++++++++++++++++++++++++
MEDIA RELEASE
Leading financial services and technology solutions company, IWL
Limited, was named as the 21 st fastest growing technology company in
Australia, in last night`s presentation of the Deloitte Technology
Fast 50 award winners. This represents the 5th consecutive growth
related award presented to IWL, following on from its recent 39 th
placing in the Deloitte Asia Pacific Technology Fast 500 in December
2002.
Adding further prestige to the IWL Group, is that its` soon to be
fully-owned subsidiary Sanford Limited, was awarded 41 st place in
the same awards, with this representing Sanford`s 3rd consecutive
growth award.
The Deloitte Technology Fast 50 is a program that recognises and
profiles fast growing technology companies in Australia, ranking them
based on percentage revenue growth over three years (2000 to 2002).
IWL`s revenue growth over this period was an impressive 238% with
Sanford recording an equally impressive 113%. IWL and Sanford were
amongst only 22 companies awarded as a Technology Fast 50 winners for
the second year running, with only 9 other companies placing ahead of
IWL in this year`s award who were also honoured last year, further
underscoring IWL`s ability to sustain high levels of growth
year-on-year.
The companies honoured in the Deloitte Technology Fast 50 have
traditionally shared three common attributes. They have used
innovation in their businesses to develop unique solutions, exploited
the opportunities available in the market, and have been agile in
their business approach - rapidly responding to changing
circumstances.
IWL Chief Executive Officer, Mr Otto Buttula, commented that the
award provides positive, independent recognition of IWL as a fast
growing technology leader in one of Australia`s fastest growing, GDP+
industries, wealth and retirement management and financial services.
"Beginning as a start-up in 1997 with 3 people, the Company`s recent
takeover of Sanford, another Fast 50 award winner, sees the combined
Group with a staff complement of more than 200 and anticipated
combined revenues of around $40 million in 2004. This consistent
record of strong growth is testament to the hard work and support of
all of our stakeholders, including the Board, our employees, clients
and shareholders, all who have played an integral part in building
one of Australia`s most dynamic and innovative technology leaders,"
said Mr Buttula.
"Overall we continue to be delighted to have backed-up our recent
strong ratings in similar awards and view this recognition as a
valuable benchmark for top line revenue growth. However, we recognise
that as IWL becomes larger, it will be unlikely to maintain a leading
position in terms of revenue growth, and the management team while
still attuned to growth, has turned its focus on achieving improving
net returns to our stakeholders," said Mr Buttula.
Mr Buttula went on to comment, "we`d like to thank our clients,
business partners and staff whose passion and enthusiasm for
innovation, team work, customer service and growing the company has
contributed to IWL receiving this recognition".
PAST RECOGNITION IN GROWTH RELATED AWARDS - This achievement follows
on from IWL`s previous strong performances, including 4th and 15th
place respectively in the BRW Fast 100, 2001 and 2002 awards. In
addition, IWL has been recognised in 12th and 21st place
respectively in the Deloitte Technology Fast 50, 2002 and 2003
awards. IWL`s other placing was 39th place in the Deloitte Asia
Pacific Technology Fast 500 in December 2002.
In regard to Sanford, this achievement follows on from Sanford`s
previous strong performances, including 21st and 41st place
respectively in the Deloitte Technology Fast 50, 2002 and 2003
awards. Sanford`s other placing was 69 th place in the Deloitte Asia
Pacific Technology Fast 500 in December 2002.
For more information and quotes please contact:
Otto Buttula Luke Littlefield
CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER
IWL Limited IWL Limited
(03) 9691 1600 (03) 9691 1600
IWL Completes Stage of Virtual Broker Integration
By InvestorWeb, 30 May 2003
IWL Limited (IWL) has announced the completion of an important initial step in the integration of its Virtual Broker white-label broking solution with its market-leading financial planning platform, VisiPlan.
The first step in this integration is that subscribers to VisiPlan and Virtual Broker are now able automatically to upload contract note, transaction details from Virtual Broker to VisiPlan providing not only efficiency but also precision benefits to advisers.
Steve James, Executive General Manager of Broking Products for IWL, said, "The integration of the contract note feed delivers significant efficiency and data precision benefits to financial planners buying and selling listed securities via Virtual Broker. Direct trades of listed securities processed via Virtual Broker will be automatically updated into the portfolio management system of VisiPlan, significantly cutting down the processing time and error rates of processing contract notes manually."
Ross Johnston, Head of Financial Planning Strategy for IWL, added, "IWL is committed to providing further efficiencies for financial planners by providing straight through processing of both listed equities and managed funds, with the latter to be a reality before the end of 2004. This will be achieved through the further development and integration of IWL`s more advanced and newer range of software, including FundLink and its associated adviser product, VisiLink."
IWL shares last traded at 17 cents.
By InvestorWeb, 30 May 2003
IWL Limited (IWL) has announced the completion of an important initial step in the integration of its Virtual Broker white-label broking solution with its market-leading financial planning platform, VisiPlan.
The first step in this integration is that subscribers to VisiPlan and Virtual Broker are now able automatically to upload contract note, transaction details from Virtual Broker to VisiPlan providing not only efficiency but also precision benefits to advisers.
Steve James, Executive General Manager of Broking Products for IWL, said, "The integration of the contract note feed delivers significant efficiency and data precision benefits to financial planners buying and selling listed securities via Virtual Broker. Direct trades of listed securities processed via Virtual Broker will be automatically updated into the portfolio management system of VisiPlan, significantly cutting down the processing time and error rates of processing contract notes manually."
Ross Johnston, Head of Financial Planning Strategy for IWL, added, "IWL is committed to providing further efficiencies for financial planners by providing straight through processing of both listed equities and managed funds, with the latter to be a reality before the end of 2004. This will be achieved through the further development and integration of IWL`s more advanced and newer range of software, including FundLink and its associated adviser product, VisiLink."
IWL shares last traded at 17 cents.
IWL`s Sanford to Offer Online Put Writing
By InvestorWeb, 02 Jun 2003
Retail online broker Sanford Securities, a subsidiary of IWL Limited (IWL), is the first broker to offer online put writing for investors trading exchange-traded options (ETOs). Online put writing is available to all clients of Sanford Securities that have registered to trade in ETOs. Clients can now sell their put options with 50% cash cover and receive the option premium.
Sanford has also introduced a dedicated and enhanced ETO Order Pad, that allows for written puts and long ETO positions to be completed online.
Sanford was the first online ETO broker in Australia having launched its service in 1998. Having traded ETOs for over five years, Sanford now has a 10-15% share of the domestic options market.
IWL shares are trading at 16.5 cents, down 1.5 cents.
By InvestorWeb, 02 Jun 2003
Retail online broker Sanford Securities, a subsidiary of IWL Limited (IWL), is the first broker to offer online put writing for investors trading exchange-traded options (ETOs). Online put writing is available to all clients of Sanford Securities that have registered to trade in ETOs. Clients can now sell their put options with 50% cash cover and receive the option premium.
Sanford has also introduced a dedicated and enhanced ETO Order Pad, that allows for written puts and long ETO positions to be completed online.
Sanford was the first online ETO broker in Australia having launched its service in 1998. Having traded ETOs for over five years, Sanford now has a 10-15% share of the domestic options market.
IWL shares are trading at 16.5 cents, down 1.5 cents.
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