Looks like Blundy is trying to pick his company back up on the...

Looks like Blundy is trying to pick his company back up on the cheap
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BRAZIN-

Sydney - Monday - June 2

Specialist retailer Brazin retrieved 11c or almost 18 per cent last week after finding market favour again.
The lingerie, surfwear and sleepwear lines, along with the music division, ran into tough times in April when the company was hit with profit worries and management changes.
The shares subsequently fell some 40c following the March quarter result.
Directors disclosed that trading for the period was below forecast while the really bad news was profit guidance for the full year, which would be down about 45 per cent to $12 million.
However, one-off charges such as an $8 million provision for Sanity Entertainment will cut earnings for the year to about $8 million.
The profit prediction is still good though, considering last
The Sanity end of the business - with stores at Australian airports - also suffered a setback due to SARS which significantly reduced the number of travellers.
Directors still expect an improvement in this last quarter after the re-positioning of the entertainment stores.
Last month, shareholders appeared unsettled after Mr Nico van der Merwe resigned as chief financial officer and company secretary.
He was one of the founders in Brazin's listing.
Another director to go a month earlier was Mr Ian Duffell, who had been executive director.
Mr Tony Ho, a non executive director, has taken over on an interim basis.
The better news came from the BNT division (Bras N Things),
which continued to exceed budget and this trend is expected to continue for the remaining year.
Salomon Smith Barney has taken up the cudgels on behalf of Brazin, believing the stock is worth $1.39 a share.
The broker says that while Brazin is largely a value play at this stage given a p/e ratio of 5.4 times and dividend yield of 13.1 per cent, in the longer term the company can kick start the growth that has
been missing since 2000.

Brazin joined the sharemarket lists in December 1997.
It showed great promise at the time and investors lucky enough to pick up the shares did well.
Directors were not afraid to tackle businesses they believed would fit the overall strategy but they didn't always win out.
When businesses failed to produce they were despatched including Sain Bar, Viva Lingerie, City Live and Gosh Coffee.
The Brazin group now comprises Sanity Entertainment (UK), Sanity
Entertainment (Australia), BNT, Aztec Rose and Sanity.com.
Sanity Entertainment Australia claims to be the largest retailer
of recorded music in Australia, comprising primarily CDs and DVDs under
Sanity, Delta and INZ Music brands.
Brazin obtained the rights to the Virgin Entertainment licence in Australia in 2001.
BNT (Bras n things) was re-branded to BNT in 2001/2002 as the
group introduced a new store concept and design.
The company believes it is the market leader in the retailing of lingerie.
It includes third-party brands such as Berlei, Bendon, Triumph
and Elle Macpherson.
The new band of directors seem confident they can deal with the tougher competition from the major chain stores together with piracy and
lack of growth in the music industry.