7 Jan 2011other● Neutral
NTA fell 2.6c to 73.8c at 31 December 2010 on a lower GEO price and a new tax provision, as tax losses are exhausted. Cash rose over $2m to $11.7m. Any cash return awaits the GEO sale outcome.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2010other● Neutral
Administrative filing of Trojan's securities trading policy, required under new Listing Rules effective 1 January 2011. It sets blackout periods and trading windows for insiders. No effect on the portfolio or the GEO sale plan.
16 Dec 2010asset acquisition disposition● NeutralMajor
Trojan plans to sell its 85.4m GEO units (19.99%, 46% of assets) via a descending-price ASX auction from mid-February 2011, starting at 25c and falling 1c a week to 20c. Unsold units would be withdrawn, with an in-specie distribution one option. Trojan can vary or skip the auction.
2 Dec 2010other▲ Good
NTA rose 6.5 cents to 76.4 cents at 30 November 2010 on higher Buru and Maverick prices and a GEO distribution of about $1.3m. Cash and receivables are $9.5m after part-sales of Buru and Maverick. The CPI option was extended to 31 January 2011 for a further $19,000 fee.
23 Nov 2010other● Neutral
AGM address: NTA is 73c and the year-to-date profit is over $6m, mainly from Maverick, of which Trojan has sold just over half for $2.2m. GEO in-specie distribution deferred in favour of a whole-stake sale, so significant capital returns before 31 December are now unlikely.
11 Nov 2010other● Neutral
NTA rose slightly over 2 cents to 69.9 cents at 31 October 2010 on a 1c GEO price gain; cash rose about $0.5m through minor sales. Described as a relatively uneventful month.
13 Oct 2010other● Neutral
NTA fell to 67.6 cents at 30 September 2010 after the 3.6c dividend and weaker major holdings. Trojan, frustrated at the delay, will now let GEO's strategic review run to its conclusion, a timing outside its control.
13 Sept 2010other▲ Good
NTA jumped to 75.6 cents at 31 August 2010 (cum the 3.6c dividend), mainly because Maverick's 22.8m shares are valued at the 20c IPO price ($4.6m). Cash rose to $6.1m.
31 Aug 2010annual report▲ Good
FY2010 profit $11.47m (23.7c per share), mostly from GEO rising from 10.5c to 19c; GEO is 52% of net assets. Wind-up continues, with an in-specie GEO distribution possible and further capital returns expected before 31 December 2010.
31 Aug 2010annual report▲ Good
Preliminary results for year to June 2010: net profit $11.5m versus a $15.1m loss, revenue $13.4m, NTA 64c (from 76c). A final fully franked dividend of 3.6c is payable 16 September.
30 Aug 2010asset acquisition disposition▲ GoodMajor
Maverick's $10m IPO at 20c completed, so Trojan's US$3m notes converted into 22.8m Maverick shares plus $388,205 cash. This resolves the long-impaired note thread; a $4.25m uplift on the A$700,000 carrying value is expected in next NTA at 20c.
12 Aug 2010other▲ Good
NTA rose almost 4% to 66.4 cents at 31 July 2010, mainly on a 10.5% GEO price rise. Cash is $5.1m after selling more Buru. No further comment is offered on GEO or Maverick.
12 Aug 2010security holder rights change● Neutral
The dividend reinvestment plan is suspended because the company intends to return capital under its wind-up strategy; a dividend for the year to June 2010 is to be paid shortly in cash only.
10 Aug 2010other● Neutral
Administrative notice: registered office and phone number changed to Level 12, 144 Edward Street, Brisbane.
14 July 2010other● Neutral
NTA was 64.0 cents at 30 June 2010; cash rose to $4.5m after selling part of Buru. GEO's strategic review continues, with other options possible if no sale. Maverick's IPO could lift the written-down notes (about A$700,000), possibly materially raising NTA.
7 June 2010other▼ Bad
NTA fell 9.3% to 63.4 cents at 31 May 2010 as the share market weakened, including an 11% fall in GEO's price.
6 May 2010other▲ Good
NTA jumped about 14% to 69.9 cents at 30 April 2010, driven by GEO rising from 19c to 22.5c. After month end Trojan granted an option over its 3.8m CPI shares at 38.5c, taking a $133,000 fee.
12 Apr 2010other● Neutral
NTA fell 2 cents to 61.2 cents at 31 March 2010 on a lower GEO price, partly offset by $854,000 of GEO dividends. Cash rose $2.7m to $3.1m after selling part of Wellcom and smaller holdings.
8 Mar 2010other▲ Good
NTA rose 6 cents to 63.2 cents at 28 February 2010, almost entirely because GEO's price rose from 18c to 21c. Trojan bought back 356,220 of its shares for about $160,000.
3 Mar 2010other● Neutral
Administrative filing cancelling 256,220 more shares bought back, for about $115,299. Issued shares fall to 48,579,577.
18 Feb 2010half year report▲ Good
Half-year to December 2009: profit $8.3m (17.3c per share) after a $1.46m goodwill write-off; net assets $28.4m (57.4c) after the 33c return. Management hopes to sell several major holdings this financial year; 823,572 shares bought back at 42-45c.
15 Feb 2010other● Neutral
Administrative filing cancelling 567,352 shares bought back under the June 2009 buyback, for about $254,882. Issued shares fall to 48,835,797.
1 Feb 2010other● Neutral
NTA was 57.0 cents at 31 January 2010, little changed. Trojan bought back 467,352 of its own shares for about $210,000 and says it will buy more while they trade well below NTA.
7 Jan 2010other● Neutral
NTA was 57.4 cents at 31 December 2009, virtually unchanged from November's 57.2c. GEO Property Group remains the largest holding at $15.8m (55.7% of net assets); cash is $0.4m.
3 Dec 2009other▼ BadMajor
NTA fell 2.4 cents to 57.2 cents at 30 November 2009. CMI's proposed Class A buyback at 63c failed at the separate Class A meeting, so Trojan keeps its CMI holding and that exit is gone.
9 Nov 2009other▲ Good
NTA rose about 7 cents to 59.6 cents at 31 October 2009, mostly from GEO Property Group gains (GEO now $16.6m, 56.5% of net assets). No material sales, so cash stays negligible.
6 Oct 2009other● Neutral
NTA was 52.4 cents at 30 September 2009 after the 33c, $16.3m capital return was paid. A small concentrated portfolio remains, with GEO over 50% of net assets; cash is negligible. Remaining holdings are to be sold and proceeds returned.
1 Sept 2009security holder rights change▲ GoodMajor
Shareholders approved the wind-up on 31 August: Trojan buys its manager for 3.5m shares and pays a 33c per share capital return ($16.3m) on 14 September. NTA rose 18% to 92.0 cents; pro forma NTA after the return is 55.3 cents.
31 Aug 2009investor presentation● Neutral
Chairman's meeting presentation repeats the proposal: buy the manager for 3.5m shares (7.1% dilution), return $0.33 now, sell the rest over 12 months, targeting about 90 cents total. GEO would be about 55% of remaining assets.
28 Aug 2009capital raising announcement▲ Good
Ahead of the 31 August meeting, the proposed capital return was raised from $0.28 to $0.33 per share after further asset sales. Shares would trade ex-return from 1 September if approved.