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182:. To take that holding, Holyman devised an innovative ownership approach, delivering effective financial and management control, while still remaining within the highly restrictive Jones and Passenger Services Acts, laws that prevent foreign ownership of US Domestic shipping interests. The intention was to replicate that structure in investment in other lucrative US domestic ferry opportunities.
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The
Holyman Sally route was unable to attract sufficient revenue to make the service profitable. Weather conditions and technical issues with the Incat vessel also hampered operations, and ten months after Holyman Sally commenced, the company was in trouble. The poor financial performance of Holyman
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Not long after the float, the company expanded its presence in the fast ferry industry by taking a 75% stake in Cat-Link, a start-up ferry operation in
Denmark. The fast car ferry revolutionised transport in Denmark, and the start-up took at 25% market share during its first summer season.
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Sally was almost identical to financial projections prepared during the early analysis of the route's viability by
Holyman's development team but these early analyses were dismissed as being too conservative, and the Managing Director pressed on with the project.
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was an
Australian company that operated cargo ships and ferries in Australia and other countries. The company had three divisions; Domestic shipping and transport services, Ferries and Bulk commodity handling.
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At the same time, marketing inertia from local management, coupled with technical and environmental issues, meant Cat-Link also began to lose money.
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made a counter takeover offer that was successfully completed in 2000. It was delisted from the
Australian Securities Exchange on 25 January 2000.
140:. Assets in the original float included a gas pipeline, a coal loading terminal, bulk ore carriers, bulk sugar carriers, a 50% interest in
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In the same year, it redeployed one of its fast ferries to New
Zealand during the Northern Winter / Southern Summer, operating from
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The company also expanded its US holdings by acquiring a stake in
Catalina Cruises, which operated ferries between
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For a brief time, at its apogee, Holyman was the world's leading fast vehicle ferry operator.
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The company was founded in 1994 when the
Shipping and Development Division of
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Companies formerly listed on the
Australian Securities Exchange
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1994: Founded when the
Shipping and Development Division of
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In 1997, Holyman over-reached, acquiring a 67% interest in
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JV with Hoverspeed/1997 Abnormal Items/1997 Final Dividend
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1995: Commenced Cat-Link fast car ferry operation between
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Takeover Offer Document to shareholders (Ord shares)
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1997: Commenced joint fast car ferry operation with
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made a takeover offer for Holyman. In October 1999,
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407:Changes to Holyman Board/Compulsory Acquisition
259:1996: Acquired 50% stake in Catalina Cruises,
356:Holyman looks to global growth with fast cats
497:Australian companies disestablished in 2000
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492:Australian companies established in 1994
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144:, and premium commuter ferry service,
446:Agrees to Sell shareholding in Condor
383:Adsteam Marine $ 81.6M Cash T/O Offer
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419:Suspension from Official Quotation
336:Holman float closes oversubscribed
245:1995: Acquired Townsend Deliveries
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115:Chris Butcher (managing director)
397:Lang Corporation 21 October 1999
319:TNT to sell most of its shipping
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487:Shipping companies of Australia
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288:1999: American ferry operator
138:Australian Securities Exchange
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477:Companies based in Melbourne
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359:Australian Financial Review
323:Australian Financial Review
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431:Holyman purchases Townsend
298:2000: Holyman acquired by
275:sold to Commodore Shipping
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458:To Sell UK Ferry Business
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16:Australian ferry operator
409:Holyman 30 December 1999
421:Holyman 19 January 2000
460:Holyman 23 August 1999
261:Long Beach, California
113:Dick Austen (chairman)
343:31 March 1994 page 15
448:Holyman 6 April 1998
385:Adsteam 29 July 1999
373:Holyman 4 March 1998
189:, which operated an
19:For other uses, see
278:1999: 50% stake in
271:1998: 50% stake in
136:and floated on the
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436:4 May 1995 page 17
290:Express Navigation
146:Express Navigation
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224:Lang Corporation
76:Lang Corporation
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191:English Channel
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294:Sea Containers
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284:Sea Containers
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273:Condor Ferries
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218:In July 1999,
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193:ferry between
142:Condor Ferries
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82:Headquarters
74:Acquired by
43:Company type
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99:Area served
471:Categories
306:References
280:Hoverspeed
267:Sally Line
256:in Denmark
254:Kalundborg
187:Sally Line
180:California
172:Long Beach
161:Wellington
109:Key people
92:Australia
292:sold to
282:sold to
241:spun-off
195:Ramsgate
150:New York
134:spun-off
46:Public (
21:Holy man
230:History
220:Adsteam
122:Holyman
63:Defunct
55:Founded
29:Holyman
250:Aarhus
199:Ostend
176:Avalon
165:Picton
103:Global
203:Incat
252:and
239:was
174:and
132:was
71:Fate
66:2000
58:1994
50:HLN)
237:TNT
178:in
163:to
148:in
130:TNT
48:ASX
473::
348:^
167:.
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90:,
23:.
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