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Property minnows merger plan halted

PROPERTY developers Menzies Court and Cedar Woods have baulked at a merger proposal after at least a fortnight of secret negotiations.

Industry sources said an announcement of the merger was to be made last Friday, but was called off that day after the two WA companies failed to reach agreement over the new structure of the company.

Speculation over the merger talks first emerged in Mandurah’s real estate and building contracting circles several weeks ago, fuelled by talk from company representatives. Both companies are remaining tight-lipped about the merger talks.

Asked by Business News about the merger plans, Cedar Woods acquisitions and marketing manager Michael Glendinning and Menzies Court CEO Ross Neumann tried to play down the talks describing it as an issue not worth reporting.

Mr Neumann acknowledged that merger talks had been carrying on for about two weeks before they fell apart. But he did not rule out further merger talks with Cedar Woods in the future.

A natural synergy exists between both companies. Both are heavily involved in Mandurah property developments – Menzies Court at Port Bouvard and Cedar Woods at Port Mandurah and Mariners Cove.

Both Menzies Court and Cedar Woods are trading at 12-month lows. Early this week, Menzies Court was trading at 12.5 cents, down from a year-high of 20 cents, while Cedar Woods, which has dropped about 10 cents in the past six weeks, was trading at 45.5 cents down from a 12-month high of 83 cents.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/08/18

1 year TSR5 year TSR
76thSchaffer Corporation133%33%
214thGlobal Construction Services36%12%
266thImdex24%10%
318thCedar Woods Properties15%4%
523rdCash Converters International-14%-21%
737 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

22/08/18
$0 Other
27/04/18
$2k Issued
27/04/18
$1k Issued
Total value as at the date of the transaction
Source: Morningstar

Revenue

23rd↑Cash Converters International$260.3m
24th↑Global Construction Services$249.8m
25th↑Cedar Woods Properties$242.6m
27th-Schaffer Corporation$227.2m
28th↑Imdex$218.6m
237 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Cedar Woods Properties

191stNathan Blackburne$528k
229thPaul Freedman$450k
711thWilliam Hames$155k
Ranked by total remuneration from all listed WA companies

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