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GGL, GRIBBLES GROUP LIMITED
Cyph
post Posted: Nov 5 2004, 06:57 PM
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Looks like it will settle at 63c since it now has the support of Wallace Cameron, which is 50% increase - fine by me.. only wish I had put more money on this one! wink.gif

 
Californianpower
post Posted: Nov 1 2004, 09:23 AM
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ATO casts net beyond Gribbles
By Rebecca Urban
November 1, 2004

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The Tax Office has sued two companies over tax debts and failing to furnish requested information.
Photo: James Davies
Interest by Australian tax officials in the financial affairs of Gribbles Group director Wallace Cameron has extended beyond a probe into the millions of dollars in dividends received by his family trust, which is the pathology group's largest shareholder.

The Age has learned that the Tax Office has recently taken legal action against two of Mr Cameron's companies in relation to outstanding debts and a refusal to furnish information.

One of those companies, Cervara Fifty-One, was wound up after failing to pay a $129,776 tax debt owed to the Deputy Commissioner of Taxation.

In September, the Supreme Court declared the company insolvent and appointed Sims Partners to liquidate its assets.

Another private interest, Shandford Investments, was fined $2500 in the Magistrates Court last month on three charges of failing to furnish information requested by the Tax Office.

Asked about the investigations yesterday, Mr Cameron declined to comment.

But it is the latest probe into Mr Cameron's financial affairs that could have the most significant consequences.

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AdvertisementIt is believed that tax officials are trying to determine whether the director has received any personal income from dividends received by EC Medical Investments (ECMI).

As a 43 per cent shareholder in Gribbles, the trust received about $10 million of dividends over the past two years. It was only recently that Mr Cameron revealed that the trust was controlled by three of his adult children.

His interest in the trust poses the biggest hurdle to Healthscope's plan to buy the troubled pathology company. While the hospital provider's $271 million offer for the debt-ridden Gribbles Group does not officially open until shareholders receive Bidder's Statements later this week, Mr Cameron is believed to be unwilling to sell ECMI's $115 million holding in the business. He was the only Gribbles director to abstain from endorsing the offer and ECMI's nomination last week of two directors to the Gribbles board prompted further speculation that he would reject the 60 ¢ a share offer, causing it to fail.

In June, Mr Cameron revealed the plans of European-based ECMI to privatise the business and was, until recently, believed to be working on a proposal with the help of private equity firms. However, since resigning from the company several months ago, he no longer has his $400,000-plus yearly salary to fall back on. With mounting legal fees and court fines, he is believed by sources to be facing pressure from advisers to accept Healthscope's offer.

Mr Cameron is also the subject of a Supreme Court lawsuit that claims he reneged on an agreement to buy a $7.1 million Toorak property.

Court documents allege that he wrote a $710,000 cheque to cover the deposit, but there were insufficient funds to honour the payment.



 
bello
post Posted: Oct 27 2004, 03:10 PM
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Thanks Rosskend and Fisher1, I'll give them another week just in case.....I may lose the premium but such is life. I've never picked the top and am likely never to pick it.

 
rosskend
post Posted: Oct 27 2004, 02:44 PM
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Hi Bello - unlikely that another bidder will emerge - looks like a done deal. If you don't like the SHC offer, you can still trade for a slight premium. I've sold out as I don't think its going to improve much.

R/Ross

 
fisher1
post Posted: Oct 27 2004, 02:42 PM
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In reply to: bello on Wednesday 27/10/04 02:37pm

Bello,

I am not holding this stock but you just don't know what other bidder is potentially out there.
Just look at ALH recently with the bids from Woolworths and Coles alike.

Cheers
F1

 
bello
post Posted: Oct 27 2004, 02:37 PM
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I'm wondering if it's worth selling my GGL or holding for another bidder to emerge?
Is anyone in the same boat. There is a slight premium to the takeover offer already, but I'm unfamiliar with takeover opportunism. Anyone?

 

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theflasherman
post Posted: Oct 20 2004, 10:48 PM
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In reply to: herger on Wednesday 20/10/04 02:28am

hey herger

Missed that announcement by MMA due to a 1 week holiday. Only just started coming up to speed. Nevertheless I agree with everything you state on them.



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[b]Later, Flash[/b]
 
herger
post Posted: Oct 20 2004, 12:28 PM
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MMA hmm interesting thing about this stock is that EVERY single one of its stock picks have risen, most quite substantially too... in the vincity of 15%++ spread across all stocks. They did very well of of GGL especially, picking it up at around 28c.

Btw flasherman MMA has sold out of GGL completely already - perhaps too early too. Check its latest investment update.

Still, I believe MMA has beaten all the other LIC's hands down on performance over the last 12 months - even the ones trading at a premium to its NTA! (MMA is trading at a discount of around 8% to its NTA)

Only drawback is... those are whopping mangement fees sad.gif Ouch!

 
theflasherman
post Posted: Oct 20 2004, 10:48 AM
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Interesting that there is a trading halt on GGL but.... take a look at MMA's portfolio and I think you will find they hold a fair bit of GGL. For better leverage check out MMAOs.

Therefore, if you think GGL is going to procure a takeover at a higher than current market price I suggest to you that GGL is not totally in a trading halt.



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[b]Later, Flash[/b]
 
eaglemania
post Posted: Oct 19 2004, 07:44 PM
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icon14.gif any view on the current takeover scenario
  • Takeover


 
 


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