Magna-DVD zieht wieder
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Achtung: nach längerer Durststrecke scheint bei Magna Pacific (WKN:901889) wieder was zu gehen. Günstiger Einstieg. 0,20 Boden hält
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http://www.smh.com.au/news/business/.../2007/02/02/1169919530141.html
gefunden. bin sehr gespannt, wie das weitergeht und wo - objektiv - der Wert von MP anzusetzen ist.
Magna Pacific in turmoil as directors revolt, ASIC probes
Email Print Normal font Large font Lisa Murray
February 3, 2007
THE takeover of DVD distribution company Magna Pacific is shaping up as a gripping drama, involving the world's biggest independent film company, suspicious share trading and a split board.
Magna Pacific's board told shareholders in a letter on Friday that it was not yet in a position to make a formal recommendation on the 32c-a-share offer from Canadian entertainment company Lions Gate, which values Magna Pacific at $34.6 million.
Lions Gate is listed on the New York Stock Exchange and won last year's best picture academy award for Crash. It recently opened an office in Australia and has an output deal with the Nine Network, which includes the comedy hit Weeds.
But 12 minutes after the board's letter was released to the stock exchange, managing director Allan Radley, company secretary Jan Vasyli and another director, John Russo, put out their own announcement.
The four-line release said they would not sell their 10.4 million shares into the offer.
It's a mixed message for shareholders in Brisbane-based Magna, which said in its recent earnings update that net profit for 2007 would be flat compared with last year.
"The bid was out of the blue," Mr Radley told the Herald. "The price is far too low."
Lions Gate's local chairman, Simon Franks, said Magna's management team "doesn't really understand the new dynamics of the film industry".
He pointed out that Magna's biggest shareholder, Macquarie Private Portfolio Management, had already agreed to sell its 11.23 per cent. "Shareholders are looking for an exit," he said.
Meanwhile, it is understood that the Australian Securities and Investments Commission is looking at the share trading in Magna over the past few weeks.
Lions Gate approached Macquarie about buying its parcel of shares on Tuesday, January 23, when the stock was trading at 22.5c. The stock surged to as high as 29c before Lions Gate made a public takeover offer on Thursday. The stock closed up 5.5c at 34c on Friday after more than 4 million shares changed hands in heavy trade.
Magna's board said it would meet "shortly" to discuss the offer in more detail. Mr Radley said the company would appoint an independent expert to prepare a report. He believes the company's new property in Brisbane has been undervalued in the offer that is on the table.
February 02, 2007
IT WAS lights, camera, rejection after Brisbane-based DVD distributor Magna Pacific knocked back a takeover offer from Lionsgate Australia.
Magna shares soared 19 per cent after Lionsgate, a subsidiary of North America's largest independent film distributor, said an offer had been made to acquire the company for 32¢ a share.
But managing director Allan Radley said the offer was "way underpriced".
"We moved into new premises right on the water last year . . . and we've had real estate agents give us some indicative numbers that were way above what we paid for it," he said.
"We understand that the last year has been disappointing for our shareholders . . . it's a product-driven industry and we just haven't had the product. But from here on in we believe we'll see the rewards with four (titles) coming out in the next six months."
Mr Radley said Magna would seek legal advice, but remained open to further offers. "Absolutely. If the offer was fair and reasonable for our shareholders then we'd certainly assess that," he said.
Lionsgate chairman Simon Franks said the premium being offered was at the higher end in the Australian market over the last year.
He said the fact Magna's largest shareholder, Macquarie Bank, had accepted the offer was indicative of the concern about the company's future.
"Magna's average share price for the last few months has been around 22¢ and 23¢. I genuinely think shareholders will be relieved to have an opportunity to exit Magna."
Mr Franks said if the bid was successful, Lionsgate would overhaul Magna's business model but had no plans to move it from Brisbane.
Magna shares yesterday gained 5.5¢ to 34¢.