Published 30 May 2006
3 days after Gullivers Travel Group Ltd announced a strong profit rise and that founder Andrew Bagnall would quit day-to-day management but stay on the board, Mr Bagnall revealed a lock-in agreement and the sale of his 26.82% stake to listed Queensland travel & property management company S8 Ltd.
S8 said it would make a $2.35/share cash offer for the rest of Gullivers, which was listed in December 2004.Mr Bagnall is selling his stake at $2.35, putting a price of $67.7 million on it, including $4.7 million of shares held subject to trusts in favour of Gulliver’s directors.
Last Friday, Gullivers announced that former Colliers International regional managing director Bruce Cotterill would take over from Mr Bagnall as Gullivers chief executive from 1 July. Mr Bagnall is to stay on the Gullivers board.
Attribution: Company statement, story written by Bob Dey for this website.