Senetas talks up sales
WITH its scrip now in the doldrums, one-time high flyer Senetas Corporation will be weighing in with a $15 million loss for the latest June year. Attempting to spin the bad news into a “clearing the decks for growth” type report, the directors, headed by former Victorian treasurer Alan Stockdale, have decided to write off its $9.6 million investment in British outfit InfoProtect Plc.
Chairman Stockdale said key performance indicators had not been met. Also in red ink territory was a $825,940 US manufacturing licence, which has been written off. Stockdale told shareholders who have seen their scrip drop from 39 cents to 10 cents this year that Senetas also booked an operating loss for the latest year, and product sales revenue was significantly below budget.
Throw all those problems into the pot and you wind up with a $15 million pre-tax loss for the year in a set of accounts that were still to be finalised and had not been audited.
Stockdale reckoned most of the loss was “of a one-off nature” and that over the last year or so the group’s board had been restructured, directors’ loans repaid and corporate governance procedures regularised “to the highest standards”.
“Everyone’s attention is now on our top three priorities sales, sales, sales,” he said. GoldLink losses top 80 per cent
THE listed GoldLink twins continue to languish at less than 20 cents apiece, which means that folk who pumped money into these derivatives trading vehicles are now looking at losses of more than 80 per cent. GoldLink GrowthPlus and GoldLink IncomePlus have raised more than $120 million in recent years.
The GrowthPlus vehicle is showing no growth and and the numbers were red at June 30.
Richard Kovacsand co reckon that the unrealised loss of the investment portfolio at balance date was nearly $23 million and that directors are reviewing the carrying value of certain assets.
Asset backing at June 30 was 47 cents, but the directors report that if the values were “written down or written off” there would be a material reduction in net assets. The shares last fetched 18.5 cents. GoldLink Income shares are at 19.5 cents.
For the December half, the fees came to $2.6 million for the IncomePlus vehicle, and $257,280 for the GrowthPlus outfit.
For the 2005-06 year, the manager, a company associated with Kovacs, collected $6 million in management and performance fees from IncomePlus. GrowthPlus paid $2.3 million in management fees. Disappointment of the first water
ANYONE who imagined that shares in NSX would more than double there were some, apparently when it said it would buy a private company called The Waterexchange would have been very disappointed indeed. The shares did get a wriggle on, from 43 cents to 56 cents but weakened off to 51 cents. NSX, which runs the Newcastle Stock Exchange sorry, the National Stock Exchange is planning to issue no less than 25 million shares for the Waterexchange, which values the company at nearly $13 million. Missing from NSX’s bullish acquisition announcement was any mention of Waterexchange’s operating results. Interests associated with a director, Brian John Price, are one of the NSX’s largest shareholders.
