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AACo focussed on future
5 Feb 2008
AACo will outline a new plan to help Futuris find buyers for its 43 per cent stake in the company tomorrow. Efforts by Futuris to find a buyer for its stake have caused shares in AACo to fall by 10 per cent over the last month. Investors are unsure about AAco’s motives and speculation is building that AACo could be repositioning itself as a property manager. Rival PrimeAg has said that it will use the $300 million raised in its December initial public offering to purchase properties in eastern NSW and Queensland. While declining to specify how the Futuris sale would be facilitated, acting managing director Nick Burton-Taylor said that AACo would prefer a buyer who would keep the company public and help it to develop new investments based on its land holdings and business model.
The Australian Financial Review, 5/2/2008
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