Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2012joint venture update● Neutral
CMI's own announcement: it appoints independent director Darryl Somerville to oversee the Trojan litigation and says Trojan released director Danny Herceg. Trojan must lodge $600,000 security for costs and promise not to dispose of its CMI shares. CMI will keep defending.
28 Feb 2012other● Neutral
Trojan confirms it has released CMI director Danny Herceg from the claims. It has not released CMI or the other respondents, and the wind-up trial still starts 19 March 2012 before Justice McMurdo.
15 Feb 2012half year report● Neutral
Half-year to 31 Dec 2011 profit was $206,342 (2.6c per share), down 96.8% on the prior year. NTA was 32.9c. Assets are cash, receivables and 3,028,000 CMI shares; the CMI trial is still set for 19 March 2012.
14 Feb 2012other▲ Good
NTA rose to 33.9c at 31 January 2012 as CMI reached 65c, now 74% of net assets of $2.64m. The CMI winding-up trial is set for 19 March 2012.
9 Jan 2012other● Neutral
NTA rose to 33.2c at 31 December 2011 as CMI reached 61c. The Souls holding no longer appears in the portfolio table; cash and receivables are back to $1.1m.
2 Dec 2011other● Neutral
NTA 32.4c at 30 November 2011. Trojan now holds 4.3m Souls Private Equity shares ($0.69m at 16c), a new investment alongside CMI, funded from cash. Cash and receivables fell to $0.5m.
8 Nov 2011other● Neutral
NTA 32.1c at 31 October 2011, slightly down as CMI eased to 56.5c. Net assets are $2.5m, with CMI 68% of them.
13 Oct 2011other● Neutral
The Supreme Court set Trojan's application to wind up CMI down for trial starting 19 March 2012. This gives the CMI dispute a date, with no outcome yet.
5 Oct 2011admin correction● Neutral
Trojan disputes a Courier Mail article saying its shares fell 69.4% in the September quarter. It says shares rose 22.2%, from $0.45 to $0.55.
5 Oct 2011other▲ Good
NTA rose to 33.3c at 30 September 2011 as the CMI Class A price rose to 58c. CMI is 68% of net assets of $2.59m.
1 Sept 2011other● Neutral
NTA slipped to 31.2c at 31 August 2011 as cash fell and the CMI price eased to 50c. Net assets are $2.43m, with CMI 62% of them.
25 Aug 2011annual report● Neutral
FY2011 profit $8.5m (19.6c per share), down 26%, with a 32% return on capital. After the $0.72 payout, net assets are about $2.35m (NTA 30c). CMI Class A is the only remaining investment; the board seeks a strategic investor.
19 Aug 2011other▲ Good
The court granted an injunction stopping CMI paying the legal costs of the deceased's estate and the remaining directors in Trojan's case. A timetable for pleadings runs to 27 September, with directions on 3 October. A procedural win.
9 Aug 2011other● NeutralMajor
Trojan has sued CMI, its late former managing director's estate, current directors and associates in the Queensland Supreme Court, seeking a CMI wind-up and damages for oppression. CMI is over 50% of Trojan's net assets. Escalates the earlier wind-up requisition.
3 Aug 2011other▲ Good
NTA rose to 33.3c at 31 July 2011 as the CMI Class A price rose to 50.5c. CMI is now 59% of net assets of $2.59m.
13 July 2011other● Neutral
NTA is 30.3c per share at 30 June 2011, after the $0.72 payout and consolidation. Net assets of $2.36m comprise CMI Class A shares ($1.24m) and about $1.5m cash, less a tax provision.
8 July 2011security holder rights change● Neutral
The 1-for-4 share consolidation is complete, with new holding statements sent 8 July 2011. Shares on issue are now 7,788,687, the same day the $0.72 per share payout was made.
22 June 2011asset acquisition disposition● Neutral
Maverick confirms Trojan has sold its final parcel of Maverick shares, held since seed funding in November 2007. This completes the Maverick exit that followed the 2010 note conversion.
15 June 2011other● NeutralMajor
EGM address: the $0.72 payout ends the asset-sale and capital-return program, leaving about $2.3m net assets and 7.8m post-consolidation shares. The board plans to continue as an investment company, is in talks with a strategic investor, and will pursue CMI's directors legally. Managing director's salary falls to $36,000.
9 June 2011other● Neutral
Notice that 5,972,409 bought-back shares were cancelled, for about $4.59m. Shares on issue are now 31,154,539. Administrative follow-through on the buyback.
1 June 2011other● Neutral
NTA 79.2c at 31 May 2011. Trojan sold its free-trading Maverick shares and bought back 5.92m shares for $4.55m. The $0.72 payout and 1-for-4 consolidation meeting is set for 15 June.
11 May 2011capital raising announcement▲ GoodMajor
Notice of meeting for 15 June 2011: a $0.72 per share payout ($0.5973 capital return plus $0.1227 partly franked dividend), paid 8 July, and a 1-for-4 share consolidation. Delivers the capital return promised in April.
27 Apr 2011other● Neutral
Trojan joined a requisition for a general meeting to vote on winding up CMI Limited, its largest remaining investment apart from cash. The text says success could materially lift the value of the CMI stake. Follows its earlier complaint about CMI withholding dividends.
11 Apr 2011asset acquisition disposition▲ GoodMajor
Trojan completed the sale of its GEO holding in March, leaving $27m cash and two small investments worth $2.6m. It intends to return about $0.70 per share in early July 2011. This resolves the GEO auction thread.
21 Mar 2011other● Neutral
Notice that 11,324,861 shares bought back on market were cancelled, for $8.38m. Shares on issue fall to 37,254,716. Administrative follow-through on the resumed buyback.
7 Mar 2011asset acquisition disposition▲ GoodMajor
Trojan sold over half its GEO holding (38m units left) and bought back 8.7m of its own shares for $6.5m since February; shares on issue are now 39.9m. It criticises CMI's board for halting Class A dividends and will explore legal options.
21 Feb 2011half year report● Neutral
Half-year to December 2010: profit $6.4m (13.1c per share), down 24% on the prior period; NTA about 73.5c. The report says the sell-down strategy continues, with GEO still 44% of net assets.
21 Feb 2011asset acquisition disposition● Neutral
The GEO auction of Trojan's 85.4m units (19.99%) began at 25c, with a faster, shorter schedule than first planned: steps down to 20c by 14 March, unsold units withdrawn 21 March. Trojan may vary the auction or accept any offer.
17 Feb 2011director officer appointment● Neutral
GEO says Troy Harry, a director of both GEO and Trojan, takes unpaid leave from GEO's board from 17 February 2011 to manage the conflict over Trojan's planned sale of its roughly 20% GEO stake.
2 Feb 2011other▲ Good
NTA rose 3.6c to 77.4c at 31 January 2011. CPI Group was sold after its option was exercised, worth $0.39 per share including premium, and Buru sales continued. Cash is $13.8m; the GEO auction is confirmed to start 21 February.
