BUSINESS BRIEFS

NAB to cover Irish bank theft MELBOURNE – The National Australia Bank- owned bank in Northern Ireland that was robbed of $50. 5 million was self-insured which means that NAB will bear the cost of the brazen hold-up.
Nanjing Night Net

Last week NAB announced the sale of the Northern Bank, which has 95 branches, and the National Irish Bank to Danish group Danske for $2.5 billion, with the sale to be completed by March 31.

The British news agency Press Association reported that the final figure could be nearer $75 million as the vaults were packed ahead of Christmas.

NAB shares closed at $28.54, up 6c yesterday.

Tempo in takeover offer SYDNEY – Private equity investment company Pacific Service Solutions Ltd made a friendly takeover bid for Tempo Services Ltd yesterday, backed by the cleaning and security services company’s senior management.

John Schaeffer has agreed to sell most of his shareholding in the company but will remain on as Tempo’s executive chairman.

Mr Schaeffer will immediately sell a portion of his shares, equating to approximately 19.5 per cent of Tempo, to Pacific Service and has separately sold most of his remaining shareholding in the company.

Pacific Service has offered $1.42 for each Tempo share, $1.78 for each Tempo convertible note and either 6c, 7c or 46c for each executive or employee option, depending upon the relevant option series.

Coates to acquire Booths Hire SYDNEY – Equipment hire company Coates Hire Ltd today said it had entered into an agreement to acquire Booths Hire Pty Ltd.

Revenue contributions over the first full year of Coates ownership are expected to be about $19 million.

“This acquisition is part of our ongoing effort to extend our participation in terms of new hire products,” Coates chief executive Malcolm Jackman said.

He said the business will initially operate on an “as-is” basis but Coates planned to expand it nationally.

Booths Hire provides propping, specialist materials handling, lift and shift and personal safety equipment, crane and forklift attachments, hydraulic jacking and cable handling.

The acquisition will be funded out of current financing facilities.

Part of the purchase price being used to buy one million Coates shares on market in the name of the vendors.

Based in Condell Park, Sydney, Booths has branches in Sydney, Newcastle, Brisbane and Melbourne and employs about 70 people.

Coates shares closed 13c higher to $4.35 today.

This story Administrator ready to work first appeared on Nanjing Night Net.