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4 posters

Sri Lanka's Watawala Plantations ends management deal

First Guy

First Guy: Posts : 2599
Join date : 2014-02-22

Post n°1

Sri Lanka's Watawala Plantations ends management deal

by First Guy Tue Mar 18, 2014 7:48 am

Mar 18, 2014 (LBO) - Sri Lanka's Watawala Plantations Plc said a management agreement with Estate Management Services (Pvt) Ltd, its key shareholder has been ended.

The firm said in a stock exchange filing that management fees will no longer paid the Estate Management Services and the company itself will manage it.
The management fees paid by plantations company is a legacy of a privatization process, where the fees were structured to provide cash flow to finance an indirect leveraged buyout of the firms by its managing agent.

The practice has been blamed by analysts for draining resources needed for capital expenditure.

In Sri Lanka's commercial tea plantations date back from the British colonial era where third party 'agency houses' used to charge management fees on an arm's length basis.

http://www.lankabusinessonline.com/news/sri-lankas-watawala-plantations-ends-management-deal/255717277

http://www.cse.lk/cmt/upload_cse_announcements/4771395054075_.pdf

Will this positively impact WATA?

SHARK a.k.a TAH

SHARK a.k.a TAH: Top contributor; Posts : 338
Join date : 2014-03-01
Location : Abu Dhabi, UAE

Post n°2

Re: Sri Lanka's Watawala Plantations ends management deal

by SHARK a.k.a TAH Tue Mar 18, 2014 8:38 am

First Guy wrote:Mar 18, 2014 (LBO) - Sri Lanka's Watawala Plantations Plc said a management agreement with Estate Management Services (Pvt) Ltd, its key shareholder has been ended.

The firm said in a stock exchange filing that management fees will no longer paid the Estate Management Services and the company itself will manage it.
The management fees paid by plantations company is a legacy of a privatization process, where the fees were structured to provide cash flow to finance an indirect leveraged buyout of the firms by its managing agent.

The practice has been blamed by analysts for draining resources needed for capital expenditure.

In Sri Lanka's commercial tea plantations date back from the British colonial era where third party 'agency houses' used to charge management fees on an arm's length basis.

http://www.lankabusinessonline.com/news/sri-lankas-watawala-plantations-ends-management-deal/255717277

http://www.cse.lk/cmt/upload_cse_announcements/4771395054075_.pdf

Will this positively impact WATA?

this will improve bottom line in short term ..... but we will have to wait ans see how this will impact longterm performance in 2 to 3 years

serene

serene: Top contributor; Posts : 4850
Join date : 2014-02-26

Post n°3

Re: Sri Lanka's Watawala Plantations ends management deal

by serene Tue Mar 18, 2014 11:38 am

TAH wrote:

First Guy wrote:Mar 18, 2014 (LBO) - Sri Lanka's Watawala Plantations Plc said a management agreement with Estate Management Services (Pvt) Ltd, its key shareholder has been ended.

The firm said in a stock exchange filing that management fees will no longer paid the Estate Management Services and the company itself will manage it.
The management fees paid by plantations company is a legacy of a privatization process, where the fees were structured to provide cash flow to finance an indirect leveraged buyout of the firms by its managing agent.

The practice has been blamed by analysts for draining resources needed for capital expenditure.

In Sri Lanka's commercial tea plantations date back from the British colonial era where third party 'agency houses' used to charge management fees on an arm's length basis.

http://www.lankabusinessonline.com/news/sri-lankas-watawala-plantations-ends-management-deal/255717277

http://www.cse.lk/cmt/upload_cse_announcements/4771395054075_.pdf

Will this positively impact WATA?

this will improve bottom line in short term ..... but we will have to wait ans see how this will impact longterm performance in 2 to 3 years