The managing director of portable accommodation builder Fleetwood Corporation Ltd, Greg Tate, recently increased his stake in the company to almost $33 million.
On April 28, Mr Tate increased his direct interests by 5,782 shares and his indirect interests as director of Karrad Pty Ltd and as director of Fleetwood Retirement Fund by 201,260 shares and 17,921 shares respectively.
The purchases were made by off-market trade for a consideration of approximately $1.4 million and took place under a dividend reinvestment plan.
Mr Tate holds about 5.4 million direct and indirect shares with approximately 4.7 million held through his privately owned company Karrad Pty Ltd.
Mr Tate declined to comment on his interest in Fleetwood.
The change in Mr Tate’s interests took place prior to the awarding of contracts to Fleetwood Corporation’s manufactured accommodation subsidiary, Fleetwood Pty Ltd, to manufacture and deliver 100 park homes required by Fourmi Pty Ltd for its Riverside Gardens Estate at Gosnells.
The deal with Fourmi is estimated to be worth more than $12 million. The company expects the first homes to be due for delivery in August 2006, with the village to be fully occupied within 12 to 18 months.
Fourmi is a Western Australian operator of Park Home Estates and has commenced development of a 100-site expansion at its existing 202-site estate in Gosnells
In March, Fleetwood Pty Ltd was awarded a $7.5 million contract to develop 50 park homes for the BHP Billiton Ravensthorpe nickel project, to be installed at the Wave Crest Village at Hopetown. The company said all the buildings were to be ready for occupation before December 31 2006. .
The company’s share price has risen from $6.18 in mid-May 2005 to $6.57 earlier this week.
