Thursday, March 1, 2012

Final reports from local stragglers

The end of February brings the ASX reporting deadline and the last day reporting stragglers always provide something interesting. Macro Corp, Redcape, and MSF Sugar are all stragglers set to either depart the ASX or sever links with the region.

Macro was the operator of Ocean Spirits cruises which was sold during the second half of last year. This caused some controversy when Macro reneged on the the locals card scheme. Loose Change is still waiting for a slow response from Qld Fair Trading on this.

Macro finished the year with a loss of $3.5 million which included a writedown on the Ocean Spirits business prior to sale. Most of the remaining assets comprise the dinner cruise vessel which was retained for separate sale. Macro is currently suspended from ASX trading.

Redcape (ex-hedley) pub fund produced another hefty loss of $46 million. Redcape has assets of $756 million and liabilities of $749 million for net assets per share/unit of 4c. Local punters dished out $3.50 each when floated in 2007.

This will be the last report from Redcape as the Goldman Sachs consortium approaches a conclusion of its offer at 2.8c per share/unit. The new owners will continue to hold an interest in several prominent FNQ pubs and bottle shops.

MSF Sugar, operator of Mulgrave, Sth Johnstone and Tableland mills, did post a decent result. However Mitr Phol from Thailand has reached 98% acceptance for its takeover offer so will proceed to full compulsory acquisition. MSF ceased trading on ASX today. MSF will retain an HQ in Gordonvale and the takeover should put substantial cash into the pockets of local grower shareholders.



 

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