TAMAWOOD BOSS SELLS $900K IN SHARES

Written on the 22 July 2010

TAMAWOOD BOSS SELLS $900K IN SHARES

TAMAWOOD Limited (TWD) managing director Lev Mizikovsky has sold more than $900,000 worth of shares in the company, at request from the board as part of a share buy-back scheme.

Mizikovsky, who owns 75 per cent of TWD shares with associated entities, told brisbanebusinessnews.com.au that the board decided on the buy-back as it had $9.3 million spare cash in the bank and wanted to maximise earnings on capital.

“I don’t need the cash that much but it’s what the board wanted,” he says.

“It works out well for me too because the company destroys those shares, and because there’s less shares on the market the earnings per share increases, and it will mean higher dividends.”

Mizikovsky’s recent sale amounts to almost half of the company’s buy-back of 800,000 shares it announced in June.

The company - which most notably runs Dixon Homes - separated its ‘muddled’ structure into separate businesses late last year, including AstiVita Renewables Limited (AIR).

“Since we listed AstiVita Renewables in December it went from $800,000 a year and finished it’s year as an independent company at close to $4 million,” says Mizikovsky.

“Recently we’ve doubled the area covered with our franchise business, sales are not as high as they should be, but we’re working harder to have a much cleaner and more transparent business – we used to have six different companies.”

Mizikovsky expects to record a 19.6 per cent profit increase for FY10 at $11 million, with official results expected to be announced in the next two weeks.

TWD shares remain flat today at $2.50 after a 10c increase yesterday.


Latest News

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter