[Blindtlk] Fw: Aussies in bid for hi-tech designer Humanware (fwd)

[David Andrews]

>
>
>:
>: Aussies in bid for hi-tech designer Humanware
>:
>: By MARTA STEEMAN
>:
>: Award-winning hi-tech exporter Humanware, founded by the late
>Russell Smith, will pass into Australian control if local
>shareholders accept an offer from Australian investors and company
>management.
>:
>: If successful, the move could lead to a future listing.
>:
>: Jolimont Capital, a Melbourne niche technology investor, and
>company management announced a bid yesterday for the 20-year-old
>Christchurch company, which designs and makes computerised products
>for the blind and visually impaired.
>:
>: The price remains under wraps till the 50 or more shareholders
>receive the offer.
>:
>: Many are former management and staff and their friends and
>families.
>:
>: Local electricity network company Orion has about 13 per cent.
>:
>: The offer is backed by Humanware's board, and chairman Tim
>Robinson said he would be accepting it for his shares.
>:
>: The company needed capital to grow but shareholders could not
>provide it, he said.
>:
>: Humanware has built its revenues to $58 million in the year to
>June 2006 and posted a profit before tax of $2.03 million that year,
>according to accounts filed with the Companies Office.
>:
>: In the year to June 2007, it said it expected to achieve revenues
>of $65million and operating profit of $3.5 million.
>:
>: About 96 per cent of sales are made overseas.
>:
>: If shareholders accept the bid, 70 per cent of the company will
>be owned by Jolimont and 30 per cent by management.
>:
>: A shareholders' meeting is to be held on May 15.
>:
>: Chief executive Richard Mander said the company was not expecting
>any changes in the way it operated. He would continue to be the
>chief executive.
>:
>: Mr Robinson said the board had appointed a committee of
>independent directors and it unanimously recommended the offer to
>shareholders.
>:
>: "I think it is a good move for the company."
>:
>: Jolimont managing director Charles Gillies indicated Humanware
>might offer shares to the public in a few years. Jolimont, which has
>about $A110 million under management, saw a lot of promise in the
>firm and had experience of managing technology companies.
>:
>: "We have a focus on helping with their commercialisation, helping
>with their growth and then looking to position it for some sort of
>exit, which is most likely going to be an IPO somewhere," Mr Gillies
>said.
>:
>: "But I don't want to be too specific about it, because it's too
>early to tell. And the company is probably still some way away from
>doing that. It probably has to build a bit more critical mass."
>:
>: Asked if Jolimont would be putting in capital to expand the
>company, Mr Gillies said: "We do have some additional resources
>available."
>:
>: Humanware, previously called Pulse Data, was founded by Dr Smith.
>He and his wife, educationist Marian D'Eve, died in a plane crash in
>August 2005.
>:
>: The company was renamed Humanware in 2005 when it bought Canadian
>competitor VisuAidePulseData International.
>:
>: It has been looking for investors for growth for about a year.
>:
>:
>: http://www.stuff.co.nz/stuff/southlandtimes/4036093a6440.html
>:
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David Andrews and white cane Harry.
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