Blundy moves to take Brazin private!
Mr Blundy is Brazin's founder and chief executive.
Brazin said its board was waiting for more details about the
proposal from Yoda and a committee of disinterested directors
(Barrie Martin and George Bennett) which will consider the deal.
Brazin also plans to seek independent legal and financial advice
and hire an independent expert to provide a financial evaluation of
the proposal.
"Until full details of the proposal are received from Yoda and
the committee has completed its consideration of the merits of the
proposal, the board recommends that shareholders seek professional
advice before dealing in their shareholdings," Brazin said.
"The board does not expect to be in a position to make a
decision in relation to this conditional proposal for some weeks."
The proposal comes after Brazin issued a profit warning in
April, blaming the impact of the war in Iraq and SARS.
The group, which owns the Sanity music stores and Bras N Things
outlets, warned its net profit would fall 45 per cent to about $12
million for the year to June 30, 2003.
An $8 million inventory provision for Sanity Entertainment
Australia in the first half and other significant items would
reduce its bottom line net profit to around $8.0 million, down 65
per cent on 2001/02's $23.26 million result.
AAP
BRZ
brazin limited
