A close friend happens to be a long time employee of nuvo and he has been able to enlighten me on some details, which I'll share as it is of interest. What he knows is only rumour mill stuff from within the company's employees, so take it with a grain of salt. If it is of interest to you then I'd recommend seeking confirmation elsewhere as this is all hear-say.
Spotless seem to have been interested in nuvo largely due to maintainence contracts with universities, notably RMIT and Melbourne University. Probably Spotless wishes to leverage this to increase their other services with the universities.
The cost of the purchase was supposedly around $150 mil, which seems imo a little unlikely but not impossible as nuvo, though private, was certainly not a small operation.
The bad news is it is rumoured that key contracts for the universities are going to be lost when up for renegotiations, due to key personnel leaving who are unhappy with new pay deals taking positions with competitors. These persons are supposedly trusted and preferred by the clients. Some wholesale markets contracts are also supposedly going to be lost but supposedly spotless weren't interested in this sector anyway.
If its all true then management would hardly be performing well. I decided to sell on this news, but I didn't hold much in the first place.
SPO Price at posting:
93.8¢ Sentiment: None Disclosure: Not Held
