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1999
Insurer Rise Fuels Rumours
Sydney Morning Herald
Monday November 15, 1999
Speculation of a counter bidder, possibly a consortium led by its chairman, Mr Kingsley Lamont, is emerging in the takeover battle for OAMPS insurance group. The action has driven the company's share price well over the Zuellig Insurance group's 85c per share offer.
Zuellig, a Swiss investment group, bid $16.1 million for OAMPS through local associate company Ultramar Investments just over a month ago.
It appeared to have gained control with OAMPS' major shareholders, HIH Insurances and QBE, both agreeing to sell a portion of their stakes.
However, in the past two weeks OAMPS' share price has jumped from 87c to $1.02, touching a year high of $1.05.
Rumours of a counterbidder intensified at the end of last week, and included talk of a consortium of insurance brokers led by Mr Lamont, an insurance broker who led a shareholder coup at the 1998 annual meeting.
The OAMPS board has rejected the takeover offer as inadequate.
However, Ultramar chairman Mr Kym Bermingham rejected the counterbid rumours, suggesting a consortium of small insurance brokers would have difficulty raising finance.
Ultramar and its adviser, SG Hambros, have been critical of OAMPS' part B response to the takeover offer, released last week, which did not include an independent valuation of the company but promised a $3.34 million profit from the group in the year to June 30 and a 10c dividend for shareholders.
A NSW Supreme Court hearing of an unfair dismissal claim against OAMPS by its former managing director, Mr Robert Porter and an OAMPS counter-case against Mr Porter will be heard from February 28 next year.
© 1999 Sydney Morning Herald