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Vries Robbe News




Wednesday February 21 2001
De Vries Robbe has been put to ill use by BTG
De Vries Robbe Groep has been put to ill use by BTG, the Dutch association for bulk users of corporate telecoms services which is majority shareholder. According to a survey commissioned by the enterprise section of the court of appeal, BTG has used De Vries Robbe to sell unprofitable companies. A number of majority shareholders sold old their own unprofitable companies to De Vries Robbe without telling shareholders about the bad condition of these companies.

Monday February 19 2001
De Vries Robbe shareholder abused fund
A report by the Amsterdam commercial court states that a former majority shareholder of De Vries Robbe Groep (DVRG), the Dutch manufacturer of equipment for the building industry, has abused the company to make money on unprofitable companies, causing other shareholders to loose money. The report opens the way for duped investors to claim damages, which amount to an estimated Fl 40m.

Friday February 18 2000
Trade halted in De Vries Robbe
Trade in De Vries Robbe was suspended by the Amsterdam stock exchange for an unspecified time. The move followed an announcement by De Vries Robbe that it had launched an investigation into the acquisition of three loss-making companies from investment company BTG in 1998. The deal almost led De Vries Robbe to bankruptcy after it turned out that the three companies booked heavy losses.

Thursday January 27 2000
Ten Have accuses De Vries Robbe of mismanagement
Ten Have, the major shareholder of engineering group De Vries Robbe, has accused De Vries Robbe's supervisory board of mismanagement following the bankruptcy of its former subsidiary De Vries Robbe Gevelbouw of Gorinchem. Ten Have has asked a court in Dordrecht to call a shareholders' meeting. Ten Have claims that it has made several unsuccessful requests to the supervisory board to call a shareholders meeting.

Wednesday September 29 1999
De Vries Robbe H1 in the black
De Vries Robbe reported on Wednesday a net profit from ordinary operations of NLG 300,000, marking the first time it reports net profit in black figures since being listed last year. Including gains on the sale of its construction unit, De Vries Robbe booked net profit of NLG 4.9 mln for the first-half of 1999.

Tuesday June 29 1999
De Vries Robbe expects 'positive H1 result'
De Vries Robbe said on Tuesday at the general shareholders meeting that it expects a positive operating result for the first-half of 1999. De Vries Robbe said it expects its temps agencies to break-even, due to a new low on temporary labour. The company expects a positive result for its Bailey unit. De Vries Robbe forecast 1999 turnover of NLG 65-70 mln, compared with NLG 60 mln for 1998.

Monday June 14 1999
De Vries Robbe sells wall panels activities
De Vries Robbe announced on Monday it is selling its wall panel activities to Forex Lloyd of Germany. De Vries Robbe is selling its subsidiary Gevel Nederland and participations to the Lingen-based company for an undisclosed sum. The transaction will be back-dated to january 1, 1999. The proceeds will be used to polish De Vries Robbe's balance sheet. Gevel Nederland, which employs 160 people, is currently not profitable.

Wednesday May 26 1999
Heavy losses at De Vries Robbe
De Vries Robbe announced on Wednesday net losses of NLG 8.3 mln for 1998, compared with net profit of NLG 3.9 mln for the previous year. Turnover increased 26% from NLG 84.8 mln to NLG 107.3 mln. The loss, which was in line with an earlier forecast, is mainly due to a setback at De Vries Robbe's British subsidiary Witte UK. Management declined to make a forecast for the current year.

Friday January 22 1999
De Vries Robbe wants to settle conflict
German company Forex Lloyd took over facade construction subsidiary Gevel Nederland from the listed De Vries Robbe Group last year. At the time, De Vries Robbe was experiencing financial difficulties resulting from a setback at a UK subsidiary. The new owner accused De Vries Robbe of having siphoned off NLG 1.6 mln prior to the sale of Gevelbouw and has reclaimed this sum.

Friday December 11 1998
De Vries Robbe sells head office
De Vries Robbe has sold its head office in Gorinchem to a group of anonymous investors for NLG 25 mln as part of a rescue bid. The proceeds will be used to redeem shorterm debts and will boost the company's solvency from 5% to 16.2%, management said at an extraordinary shareholders meeting on Friday. The company also finalised a long-term leasing contract with the new owners.

Wednesday November 11 1998
Bourse submits complaint over De Vries Robbe
Amsterdam Exchanges has submitted a complaint to its disciplinary committee againtst merchant bank Ten Cate. In March, Ten Cate led a transaction in which Mulder Boskoop was relaunced as De Vries Robbe. In the prospectus drawn up by Ten Cate, majority shareholder BTG was forbidden to sell any of its shares for one year. Already in May BTG had sold almost half of its holding. Ten Cate may be forced to compensate other shareholders for losses incurred.

Thursday October 1 1998
De Vries Robbe shares plunge
Shares in De Vries Robbe plunged by 53% from NLG 21.50 to NLG 10 on Thursday on rumours that the company was heading for bankruptcy. De Vries Robbe's chairman Rob van den Hoek said, however, that the group's financial problems were under control and that it was seeking fresh capital.

Wednesday September 30 1998
De Vries Robbe reports H1 losses
De Vries Robbe reported on Wednesday first-half losses of NLG 4.6 mln on turnover of NLG 67 mln. De Vries Robbe has suffered major losses from its UK based opteration, Witte.

Tuesday August 4 1998
Issue price De Vries Robbe NLG 36.00
De Vries Robbe said that the issue price of De Vries Robbe has been set to NLG 36.00. Also the secondary placement of BTG's 140,000 shares has been set to NLG 36.00.

Monday August 3 1998
De Vries Robbe issues new shares
De Vries Robbe is issuing 140,000 new shares and will receive the proceeds of a sale of its shares now held by majority shareholder BTG. De Vries Robbe will raise about NLG 10 mln from the share issue, based on the stock market price on Thursday. Further De Vries Robbe's credit limit has been raised to NLG 1.5 mln. De Vries Robbe hopes that the latest moves will be sufficient to solve the company's liquidity probles, caused by losses of its 50% stake in Witte of the UK.

Friday July 31 1998
Trade in De Vries Robbe suspended
Trade in shares of De Vries Robbe on the Amsterdam stock exchange was suspended on Friday, pending an announcement that did not come.

Wednesday July 22 1998
De Vries Robbe seeks creditor
De Vries Robbe is seeking help for its liquidity problems caused by losses of its 50% stake in Witte of the UK. According to media reports, De Vries Robbe director R. van den Hoek is in talks with majority shareholder BTG and the group's bank for a credit line.

Wednesday July 15 1998
Ten Cate hit by Vries Robbe debacle
The chances of Amsterdam stock broker Ten Cate lead managing further flotations on the Amsterdam stock exchange are slim, according to reliable sources close to the bourse. Ten Cate was responsible for the sale prospectus for the deal in March which led to bourse-listed Mulder Boskoop being renamed Vries Robbe.

Tuesday July 14 1998
De Vries Robbe in 'substantial loss'
De Vries Robbe said on Tuesday it had made a 'substantial loss' on its 50% participations in UK firm Witte. The loss is estimated at NLG 10.5 mln, almost three times the company's 1997 earnings.

Monday June 8 1998
De Vries Robbe reports pro forma figures
De Vries Robbe Groep reported its pro forma figures today. The company reports a net profit of NLG 3.9 mln for 1997, compared with NLG 1.4 mln for the previous year. Sales increased with 1% from NLG 83.9 mln to 84.8 mln. Operating result rose by 69% from NLG 3.5 mln to NLG 5.9 mln. Earnings per share almost tripled from NLG 1.02 to NLG 2.81. For 1998 the company forecast a 'clear growth' for both results and earnings per share based on market conditions and its order portfolio.

Monday March 23 1998
Mulder Boskoop changed its name
At an extraordinary shareholders meeting on Monday, shareholders approved the name change of Mulder Boskoop into De Vries Robbe group. The shareholders also backed a new share issue. Some 51% of the shares outstaning are held by BTG Holding, 10% by Orange Fund and 39% by other shareholders. The three firms which make up De Vries Robbe group are De Vries Robbe (aluminium plates for the construction industry), Bailey (offshore drills, cranes) and BTS (technical staff agencies).

Friday March 20 1998
Mulder Boskoop reports higher profits
Mulder Boskoop reports 1997 net profit of NLG 3.9 mln on turnover of NLG 91 mln, according to the prospectus related to its acquisition. Mulder Boskoop will change its name to De Vries Robbe Groep following its acquisition by De Vries Robbe Gevelbouw, Bailey Steel & Cranes and secondment agency BTS. Mulder Boskoop sold its loss-making operations before it was sold. The company is to concentrate on industrial engineering, production and services.

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