shareholder update, page-15

Just have to wait for more news NS! I can only hope morrijo knows more than we do as I've stuffed this one up to the tune of 6 figures as it stands! :( .....

Cheers,
xmagx

Wednesday August 8, 2007

Hugall & Hoile goes to Total Eden buyer

Sydney-based industrial firm Alesco Corporation Ltd has bought the rights to the brands of Hugall & Hoile and Turf & Irrigation, as well as certain strategic assets, from the administrators of Australian Waterwise Solutions Ltd.

AWS was forced to appoint adminstrators in May after an inventory stocktake revealed inventory values significantly below expectations, and the company proved unable to sell Turf & Irrigation, its east coast subsidiary, for the expected price. The company owed $9 million to Westpac, and was unable to convince it to accept a debt reduction.

Alesco acquired Perth-based irrigation and water management group Total Eden McCracken in a deal worth around $250 million on August 1.

http://www.wabusinessnews.com.au/en-story/1/55682/Hugall-Hoile-goes-to-Total-Eden-buyer