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Background The company was listed on the Australian Stock Exchange (ASX code HLD) in 1993 as Skansen Holdings Limited. In May 2003, Skansen Holdings Limited changed its name to HomeLeisure Limited. As a result of the sale of the HomeLeisure Housewares business in 2007, the Company has a contractual obligation to change its name. The Directors have decided to change the Company name to Headline Group Limited. This name will enable the Company to retain the existing ASX code of HLD. The General Meeting for the name change was held on 24th October 2007. History - 2005 to June 2008Headline Group Limited (then known as HomeLeisure Limited) was made up of a disparate group of 8 businesses units, across three Divisions in three Australian States and the United Kingdom. Gordon Elkington, joined the Company, as Managing Director, in late 2004 and in 2005 set about developing an understanding for the businesses and the markets in which they operated. The businesses had few actionable synergies and with the exception of the Giftware Division (‘Skansen”), were vulnerable to escalating market pressures. The Giftware Division, although ignored for a number of years, contributed strongly to profitability and cash flow. The Housewares Division profitability and growth outlook was poor due to cheap imports from China, rising oil prices and increased raw material costs, whilst the Entertainment Division, being in the business of distribution of DVD’s and CD’s, was experiencing piracy, digital downloading and compression of retail price points. After a period of assessment it became apparent that the company must be restructured and that the level of bank debt, which had peaked at circa $18 million, was unsustainable. The board then set about the complex and time consuming task of disposing of 7 of the 8 businesses units whilst at the same time maintaining a stable environment.
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