The demerger of Recall from Brambles (BXB) is almost complete – and shareholders in Brambles also received a small bit of good news as well yesterday.
The demerger will see Recall shares trading on a deferred settlement basis from today – which is an effective listing of the shares on the ASX. The demerger is expected to be completed on December 18 (tomorrow week).
At the same time, shareholders heard yesterday that while the company isn’t changing its overall earnings guidance for 2013-14, first half profits will be higher than expected.
The small upgrade was revealed in documents given to investors yesterday (the briefing continues today).
Brambles had earlier told the market that it expected an underlying profit of $US930-$US965 million for the full year to June, which is a rise of 4-8%.
In a September quarter update, Brambles reported sales of $US1.31 billion in its pooling (pallet) division, up 7%.
Brambles said its guidance excludes any contribution from Recall.
Brambles shares fell 1% to $9.28.
And December 18 is an important date for another spin off from a leading industrial company after Amcor (AMC) shareholders yesterday overwhelmingly voted to separate the company’s Australasian packaging distribution business into a new company, called Orora.
The vote saw 99.79% cast were in favour of demerging Amcor’s old Australasia and Packaging Distribution business.
The demerger becomes effective on December 17, with Orora to start trading as a separate company on the ASX the following day.
