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The two publishing companies will be fifty/fifty partners in cinema company Hoyts, once Kerry’s other vehicle, Consolidated Press Holdings (CPH), which currently owns all of Hoyts, sells half to himself at PBL and half to WAN. PBL is already a substantial shareholder in CPH.

The Western Australians will pay $173.5 million for their share, while Kerry will buy his half with 11 million odd shares issued by himself, based on an issue price of $15.58. (Are you following this, because questions will be asked after class?) This means that CPH will increase its shareholding in PBL from 37.4 per cent to 38.44 per cent of the expanded number of shares on issue.

When all is said and done, Hoyts will have an opening debt balance of $173 million, which, as will be clear to all who have paid attention, gives it an enterprise value of $520 million.

Any questions?

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In keeping with the topic of high finance, a mob called Saratoga Partners, a New York-based private equity investment firm, has announced it has signed a definitive agreement to sell ink maker Sericol to Fuji Photo Film for US$230 million. Sericol is big in premium inks and other consumables for screen, narrow web, label and digital printing.

So far there is no word from FujiFilm about the deal, so it could all be a flimflam. But watch this space.

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More on the financial front comes with the news that Ashod Nassibian, managing director of print packaging company Wadepack, has accepted an offer from Carter Holt Harvey for his shares. Fair play to him, he is advising all other shareholders to follow his lead. In fact, the board is unanimous in its approval and is selling all its shares.

It seems like only yesterday he was taking the company public, making a motza on his stake, and calling it a new start.

CHH says it already has 66 per cent of the company and that the offer of $2.70 per share will close on Feb 18 – unless it is extended.

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And they say there is no money in printing. department.

New import figures suggest the printing industry is undergoing a massive technological upgrade. According to Joe Kowalewski, marketing manager of Printing Industries figures from the Australian Bureau of Statistics (ABS) show that more than $120 million worth of printing and bookbinding machinery and parts were imported during the December 2004 quarter. This represents a 23 per cent increase over the September quarter. Compared to last year the increase is more than 30 per cent.

The financial year to date figure of $261 million represents an increase of almost 31 per cent over the previous period.

That’s what might be termed a ‘boom’ in equipment sales. What was that about over capacity?

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Defying all odds, black & white film supplier, Ilford Australia, is gearing up for a major promotion of its photographic products as kids return to school. Forget digital, forget colour, Ilford still sees the world in black & white film, which it maintains is widely used by students as a great way to learn about the photographic medium.

Ilford reckons it is the only company still committed to the black and white photography market. And I don’t suppose they get too many arguments about that.

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And finally . . . this week we have a guest speaker who is prepared to share with us some of his wit and his wisdom. Please welcome, Homer J. Simpson.


"When you participate in sporting events, it's not whether you win or lose. It's how drunk you get."

"Weaselling out of things is important to learn. It's what separates us from the animals! Except the weasel."

"If you don't like your job you don't strike. You just go in every day and do it really half-assed. That's the American way."

“It takes two to lie. One to lie and one to listen."

"If you really want something in life you have to work for it. Now quiet, they're about to announce the lottery numbers."

"To alcohol! The cause of – and solution to – all of life's problems.”

"I want to share something with you – the three sentences that will get you through life. Number one, cover for me. Number two, oh, good idea, boss. Number three, it was like that when I got here."

"I saw . . . a movie about a bus that had to speed around a city, keeping its speed over 50, and if its speed changed, it would explode! I think it was called, The Bus That Couldn't Slow Down."

“People die all the time. Just like that. Why, you could wake up dead tomorrow. Well, good, night."

"Maybe, just once, someone will call me 'sir' without adding, 'you're making a scene.'"