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[sharechat] LACO.AX : What are the prospects?

From:	"G Stolwyk" <stolwyk@wave.co.nz>
Date:	Thu, 11 Oct 2001 20:22:09 +1300

Disclaimer: Readers are not asked to buy, hold or sell LAC or LACO or TOLL. To do so will be entirely at their own risk!

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1. The LAC ( LANG ) web site: < http://www.lang.com.au >

I noticed that this duopoly company only issues solid statements: Few but meaningful!

And so it should as it is the largest Stevedores company in Australia! Their financial year has just ended: 30 Sept.

2. LAC made a takeover offer @ 96 cts/ share for TDG logistics. ( Their shareholders wanted close to $1.20 ).

LAC is moving to a 90% holding of TDG.

3. The most important event to occur will be if their combined bid (with Toll Holdings) for the National Rail and Freightcorp is successful.

In a way, the slower economy will benefit this consortium as I suspect that bids will be lower than usual.

The latest news is that the winning bid will be made public in Dec. 2001.

The combination LANG/ TOLL will be all Australian; other bids have overseas content.

Analyst have mentioned that the winning bid will add the greatest value to this combination and it was said that it could be worth up to $3/ share to LAC alone. That will benefit LACO as well!

( LAC has close to $ 400 mill. cash for a bid like this).

4. Further out, there is a possibility that LAC could be taken over by TOLL, I believe. There are no other sources which have discussed this but investing means looking ahead! Their services will be virtually complementary if such a takeover/ merger were to proceed! A perfect fit!

I believe that the Commissioner would allow such a takeover/ merger to proceed. It could involve more scrip than cash, I believe.

If this comes to fruitition than the LAC and LACO shareholders will benefit again!

5. LACO ( LANG options ) will convert to shares on the payment of $ 8.75 on 30/12/2004.

Current price: $ 2.90 while the price of LAC is $10.85.

Those are my opinions!

Gerry

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