KEY POINTS:
NZX minnow Pod, a fashion management company with the likes of entrepreneur Sharon Hunter on its board, is in demand, yesterday announcing a second takeover offer in as many weeks.
Leading shareholder Christchurch-based apparel maker Lane Walker Rudkin is understood to have offered shareholders in Pod, which has a market capitalisation of $21 million, 50c a share for all ordinary shares.
Shares in Pod closed yesterday up 3c at 47c. Pod has three main operations: Design Textiles International, which makes fabrics including from fine merino wool; MicheleAnn, a garment designer for retail chains including Farmers, and Max Fashions; and Mollers Homewares.
Last week's offer was for one of them, but it was not made clear which. Pod chief executive Malcolm Walkinshaw was not available for comment.
In February, the company said Design Textiles International was finding it hard to profitably manufacture and export merino fabric with a strong kiwi dollar and intense competition from lower-cost overseas manufacturing.
Pod, which was Designer Textiles (also NZX-listed) until 2004, has been ramping up moves to take its manufacturing base overseas.
Although sales were strong, the company said in its interim report in February that profit contribution from Design Textiles was well down on previous years, a trend the company expected to continue through to the end of this financial year.
The subsidiary plans to sell and lease back its Otara property.
