| Lemarne Corporation Limited is an Australian public
company (Stock Code: LMC) with national and global markets for the specialised
technologies and systems of its operating companies. |
Overview
Current Operating Subsidiaries
2011 Annual Report
Overview
Lemarne was incorporated in Victoria in 1970 and has been trading on the Australian Securities Exchange (code: LMC) since 1971. Throughout its history of 40 years, the company has invested in diversified businesses such as electronic component manufacturing, plastic and composite product manufacturing, telecommunication and health care services. Lemarne has a history of buying and selling businesses. Lemarne has recently sold its last wholly owned operating subsidiary, Lemtronics Sdn Bhd, a Penang based contract manufacturer of electronic components and sub-assemblies. Lemarne still owns the Malaysian holding company Fine Pearl Sdn Bhd which has recently been placed in liquidation.
US$20 million was received in December 2011 on the sale of Lemtronics to Paramit Corporation with US$4 million set aside in an escrow account to cover warranty claims. US$2 million is due to be released on 31 May 2012, with the balance to be released on 30 November 2012. Following the sale directors declared an unfranked dividend of $3.25 per share to be paid in early January to release the bulk of the cash generated from the sale to the shareholders. Further dividends in the order of 55 cents per share could be expected in 2012 if all the funds are realized from escrow.
Over the next six months, Lemarne will be actively exploring opportunities for the company to generate further returns for its shareholders.
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