Sydney, Oct 15, 2007 (ABN Newswire) -
Foster's Group has completed a $250 million off-market share buy-back. The company told the stock exchange the shares were bought at $5.82 each, which is a 14 per cent discount to the market price of around $6.77. Foster's says it bought 43 million shares which Chief Executive Officer, Trevor O'Hoy says is an excellent result for shareholders. For those who successfully tendered their shares, $3.99 of the buy-back price is fully franked. Foster's Group's 2007 profit was slightly lower than its 2006 result.
Australia's largest energy retailer, AGL Energy has cut its 2008 profit forecast by as much as 13 per cent due to higher costs and lower margins. The company expects the net profit earnings to be between $330-$360 million, down from its earlier forecast. The revision has been caused by factors like reduced retail energy margins, a strengthening Aussie dollar and increased wholesale gas costs. The company says dividends for 2008 won't be affected and will remain in the range of 52-55 cents per share. AGL Energy's best profit result of the past five years was in 2005.
And just briefly, Daniel Petre has resigned as a director of travel.com.au. TVL has told the stock exchange Mr Petre notified the company of his resignation on Friday. It comes as TVL is engaged in a three-way tussle with internet travel sites wotif.com Holdings and webjet, both of which have made takeover bids for the company. TVL has been in the red since 2003.
The full report is available at the following video and audio links.
Video Link
http://abnnewswire.net/fnnlnk/8FIH9WJ1Audio Link
http://abnnewswire.net/lnk/XD6K9313Source: Finance News Network © 2007
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