Aveos Parent, FKP, Fails to Provide Forecast, Appoints New Stockland Director
In a report to the Australian Stock Exchange this week, FKP stated it was no longer appropriate to have a specific profit forecast for the year to June 30, 2009 given its strategic review currently underway. It further revealed it was shelving...
In a report to the Australian Stock Exchange this week, FKP stated it was no longer
appropriate to have a specific profit forecast for the year to June 30, 2009 given its
strategic review currently underway. It further revealed it was shelving dividend payouts
from its FKP Ltd arm in order to channel funds towards cutting debt and meeting
working capital needs. Analysts in turn commented that Stockland will likely make a
cash and shares bid for FKPs retirement assets; the cashed-up retirement predator has
two months remaining on its period of exclusivity for assessing FKPs retirement assets.
Goldman Sachs JBWeres Peter Zuk declared a divestment of the retirement assets would
completely reshape FKPs structure and expose it to a less predictable earnings profile.
Complicating the landscape for other interested parties looking at the Aveo villages, FKP
today announced the appointment of Mr. Denis Hickey as a non-executive director of
FKP Limited and FKP Funds Management Limited. He is CEO of Residential Property at
Stockland
