MFT - Mainfreight Ltd

[Bongo666]

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http://www.mainfreight.com/

KiwiRail under price pressure.docx

MFT - Annual Report 2009.pdf

[Bongo666]

Mainfreight continues to rightly pressure KiwiRail to do the right thing and stop their predatory pricing and subsidising from the taxpayer.

Mainfreight managing director Don Braid said KiwiRail was asking for money from the Government when it could be earning more by charging a major customer the same as other customers.

"KiwiRail needs every cent it can get and here it is with poor negotiation abilities. They are missing out on valuable revenue that should be being paid by an Australian transport provider." See attachment below for full article

Don has had a public go at this twice before since KiwiRail was bought back buy the taxpayer a year ago.

Either sell it or give private business a fair go

[Lavender Lover]

Originally posted by Bongo666 » Fri May 15, 2009 11:27 pm

Stuff.co.nz has just done a poll on who is the saviest CEO in New Zealand.

Of the 5 John Fellet from Sky Television came out at number one.

I voted for Don Braid, CEO of Mainfreight.

Braid has grown the business from a small one truck company into a global enterprise that is ready to comptete in a serious global way.

He doesnt suffer fools gladly, is honest straightforward, fosters a GREAT company culture and doesnt bullshit like alot of NZ CEOs.

I am a shareholder

See stuff story:

http://www.stuff.co.nz/business/opinion ... nniest-CEO

Picked up a few thousand MFT today. I like the long term picture and could get some more if the mood and my wallet takes me.

Ahhh, too much time so little money!

[Bongo666]

Check out my analysis of Mainfreights latest profit result Lavender Lover. They are facing tough times. Their debt has increased substantially over the last year.

[Bongo666]

The news today that the trucking industry will soon be able to load 6 tonnes more onto their tonnages means good news for Mainfreight and other trucking companies and great news for productivity in New Zealand.

[Bongo666]

2009 Mainfreight Annual Report 6.5 MB

The latest Mainfreight Annual Report is worth a read just for MD Don Braids comments alone. It packs a punch !

[Bongo666]

I couldn't resist buying more shares yesterday. 1875 @ $4.20.

My dad was a truckie, what can I say...

[Bongo666]

The Mainfreight Share Investor Interview with MD Don Braid will be coming next week....

[Bongo666]

With a more than 30% rise since I bought more of this stock a few months back at $4.20 I dont see how that is sustainable in the short to medium term. Over cooked

[Maya]

I bought a few thousand below the $4 mark and am sticking this one away in my bottom draw for the long haul

Some of you boys out there are just too impatient

[Mustang Lover]

Maya, they should do well again as the economy recovers. I have held since IPO back in the 1990s and I am more than happy to continue holding as long as current management stay.

[Stocky]

Looks like the worst could be over for MFT. The last quarter staged an awesome recovery. Will it continue?


DISC: MFT holder

[Share Investor]

as at 09:00:10, Monday 07 March, 2011 (NZDT)

ASSET: MFT: Mainfreight Enters Agreement to Purchase Wim Bosman Group

MFT
07/03/2011 09:00
ASSET

REL: 0900 HRS Mainfreight Limited

ASSET: MFT: Mainfreight Enters Agreement to Purchase Wim Bosman Group

Mainfreight is pleased to announce that it has entered into a sale and
purchase agreement to purchase the Netherlands-based Wim Bosman Group.

The Wim Bosman Group is one of the largest privately-owned, integrated
transport and logistics providers in the Netherlands and Belgium with 14
branches across six European countries, with more than 1,000 transport units,
more than 275,000m of warehouse and cross docking facilities and
approximately 1,414 team members. The Group provides transportation and
logistics services across Europe utilizing road, sea and air transportation.
Third party warehousing services are an attractive feature of the supply
chain activities offered to its customers.

The acquisition is a strong strategic fit for Mainfreight and will provide an
excellent platform for Mainfreight to expand its business and service
offering globally.

Mainfreight's presence in the European community will provide increasing
services and opportunities to its existing and future customers from New
Zealand, Australia, Asia and the USA.

Purchase Price
The initial purchase price for the Wim Bosman Group is EUR110 million
(approximately NZ$205 million). A further earn out payment of up to EUR10
million will be payable if the Wim Bosman Group achieves EBITDA of at least
EUR20 million for the year ending 31 December 2011, giving a maximum purchase
price of EUR120 million.

EBITDA for the Wim Bosman Group for the year ended December 2010 was EUR19.4
million (unaudited) on sales revenues of approximately EUR240 million.

Mainfreight expects that the transaction will be accretive to its earnings
per share.
Funding the Acquisition - New Loan Facilities
The acquisition of the Wim Bosman Group will be funded by bank debt. In
addition to raising the additional debt required to fund the acquisition,
Mainfreight has taken the opportunity to refinance its existing bank debt
facilities on more favourable terms by entering into new loan facilities.

These new facilities are five year multi currency facilities which allow for
borrowings up to approximately NZ$415 million (based on current exchange
rates).

Mainfreight has elected to debt fund the acquisition in preference to an
equity raising due to significant balance sheet capacity and the lower cost
of debt relative to the cost of equity.

Following the acquisition, Mainfreight's gearing ratio of net debt to net
debt plus equity is expected to be approximately 48%. The current gearing
ratio pre acquisition is approximately 17.5%.

Cash flow generation from the combined entity, post-acquisition, will be more
than sufficient to service interest costs and debt reduction.

The new funding arrangements will allow for expansion under more favourable
terms and covenants, with additional headroom for future capital
requirements.

Key Benefits
The key benefits of the acquisition to the Mainfreight Group are:
- The establishment of a significant footprint within Europe with a
well established, quality business, producing sound profits.
- The timing of the acquisition is favourable to Mainfreight's
long-term European strategic initiatives.
- The Wim Bosman Group provides opportunities to further expand
Mainfreight's international global network enhancing European capability for
its customers.
- The Wim Bosman Group has experience and expertise in supply chain
logistics which will enhance the development of the Mainfreight Group's
equivalent business.
- The structure and culture of the Wim Bosman Group is very similar to
that of Mainfreight with an emphasis on customers, teamwork and quality.

Conditions
Completion of the acquisition is subject to a number of conditions including:

1. Mainfreight shareholder approval by Special Resolution. A special
meeting of Mainfreight shareholders is scheduled to be held on 24 March 2011.
A notice of meeting containing further information on the purchase and the
new loan facilities is expected to be sent to shareholders on 9 March.
2. The sellers obtaining necessary consents and approvals from parties
to various material arrangements. These include consents from certain
lessors, alliance partners and fleet financiers.
3. Wim Bosman, the founder of the Wim Bosman Group, entering a service
agreement with the Wim Bosman Group for a period until 31 December 2011.
4. All amounts owing between the Wim Bosman Group and the sellers and
their related parties having been settled.
5. Encumbrances over the shares in the companies and the assets of the
Wim Bosman Group being released.

Completion
The completion date is scheduled for 1 April 2011 unless a deferral is
required should all conditions not be satisfied. The long stop date by which
all conditions must be satisfied is 30 April 2011.

This acquisition is a significant step in the development and growth of
Mainfreight. Wim Bosman Group is a well-respected, profitable organisation
which will provide Mainfreight with a significant European presence and
opportunity to further grow its supply chain logistic services throughout the
world.

For further information, please contact Don Braid, Group Managing Director,
phone +64-9-259 5503, +64-274 961 637 or email [email protected].
End CA:00206518 For:MFT Type:ASSET Time:2011-03-07 09:00:13

[Share Investor]

's-Heerenberg, 7 March 2011
Wim Bosman and Mainfreight are pleased to announce that they have entered into a sale and purchase agreement.

This year Wim Bosman will reach the age of 70 years and he has no successors. That is why Wim Bosman has spent the last few years carefully searching for a party which can guarantee continuity, for employees as well as for customers: with the same attitude, with respect for the same core value and with a healthy and realistic vision for the future. This party has been found in the New Zeeland based Mainfreight.

The acquisition is a strong strategic fit for both Mainfreight and Wim Bosman, and will provide an excellent platform for both companies to expand the business and service offering globally. Until now, Mainfreight was not represented in Europe. This development will provide increasing services and opportunities to existing and future customers.

The activities will continue under the current company name Wim Bosman and will not have any consequences for the employees. Mainfreight is a stock exchange registered business. A special meeting of Mainfreight shareholders is scheduled to be held on 24 March 2011. The structure and culture of the Wim Bosman Group is very similar to that of Mainfreight.

Mr. Eng. W.P. Bosman will step down as CEO and will join the Supervisory board. As part of the ownership changes, Mark Newman will become CEO of Wim Bosman Group effective 1 April 2011. Mr. Bosman will be helping Mark Newman transition into this role. Mark Newman has been with Mainfreight for over 20 years, lately with the responsibilities of managing and leading the New Zealand domestic transport operations.

The agreement is excluding real estate, which will remain under control of Mr. and Mrs. Bosman.

Key benefits for the agreement:

Establishment of a significant footprint for Mainfreight within Europe with a well established, quality business, producing sound profits
Expansion of worldwide Logistic Services for customers of the Wim Bosman Group
The Wim Bosman Group provides opportunities to further expand Mainfreight's international global network enhancing European capability for its customers
The Wim Bosman Group has experience and expertise in supply chain logistics which will enhance the development of the Mainfreight Group's equivalent business
Long-term strategy is guaranteed for both companies
The structure and culture of the Wim Bosman Group is very similar to that of Mainfreight with an emphasis on customers, teamwork and quality.

[Share Investor]

MFT - Mainfreight Ltd: Agreement to purchase Wim Bosman

MFT - Mainfreight Notice of Special Meeting.pdf

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