woosh - chandler macleod debuts strongly on asx

http://www.theage.com.au/articles/2005/06/10/1118347578387.html

Chandler Macleod debuts strongly on ASX
June 10, 2005 - 12:10PM

A $119 million reverse takeover of finance group NCML (Holdings) Ltd create Australia's second largest human resources company was completed with the listing of Chandler Macleod Ltd.
NCML's acquisition of outsourcing and recruitment businesses Chandler Macleod and Forstaff HR was completed after NCML issued 119 million fully paid ordinary shares - a one for 5.882 consolidation of the company's share capital.
The newly merged entity listed at $1.40 at the market open and traded up $1.44 by 1035 AEST.
The debut represents a 40 cent premium on the $1 per share deal price.
Chandler Macleod managing director Stephen Cartwright said the company, with a seven per cent market share, was now the second largest HR firm behind Skilled Group at eight per cent.
He said the company would double its business in five years both organically and via strategic acquisition snatch a 15 per cent slice of the $10 billion recruitment industry.
Mr Cartwright said by 2012 annual turnover would grow from its current level of $700 million $1.5 billion.
With the recruitment industry ripe for consolidation, he said the firm was looking make a number of acquisitions over the next five years, most likely targeting the IT industry.
The combined group, on a pro forma basis, for the year December achieved earnings of $12.5 million.
The estimated 2005 financial year earnings is expected be around $25 million.
© 2005