Angus & Coote (ANC): Best Performing Company of the Week

Submitted by Marco on 26 November, 2006 - 09:08

Angus & Coote (ANC) was the best performing company of the week (Week 47 of 2006) on the Australian sharemarket. (Winner of the week) The ANC share price closed the week 36 percent higher after accepting a bid from a rival jeweller. James Pascoe, a New Zealand jeweler offered ANC $6.40 per share, valuing the Australian jeweller at $76 million. James Pascoe already owned 15 percent. The move makes James Pascoe Australasia's largest jeweller. Angus & Coote's major shareholder is the Coote family who hold 60 percent. James Pascoe recently celebrated their 100th year anniversary and they on Pascoe Jewellers and Stewart Dawson, as well as the Prouds chain in Australia; and the New Zealand department store chain Farmers. The 292 Angus & Coote stores combined with 160 Prouds stores it already owns would give the company 452 jewellery outlets in Australia, a James Pascoe spokesman said. Angus & Coote recorded an after-tax loss of A$3.8 million on revenue of A$227.1 million this year, down from A$245.4 million last year. Angus & Coote chairman, Tony Coote is the grandson of the firm's founder, who established it in 1895. James Pascoe is privately owned by David Norman and his wife Anne. And David Norman's wife Anne is a grand-daughter of James Pascoe who formed the New Zealand company in 1906.

Angus & Coote (Holdings) Limited is listed on the Australian Stock Exchange (ASX) under stock code ANC. You can view their investor website here. ANC was listed on the ASX on 31 October, 1962. Angus & Coote is involved in retailing of jewellery and watches. Browse for Australian stockbroker recommendations. Check your charts and good luck with your share trading!

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