Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2008asset acquisition disposition● NeutralMajor
Agreed to buy 40,080,158 units in Geo Property Group from The Premium Income Fund at $0.255 each, $10.22m total, partly debt funded. Also pays the seller 40% of any profit on later sales. GPM's NTA is quoted at $0.85.
13 May 2008other▲ Good
NTA rose about 4 cents to 112.2 cents at 30 April 2008 after ARC Energy received a merger proposal nominally valuing it at $1.59. ARC is 37.5% of net assets; cash fell by almost $3m to $2.6m.
8 Apr 2008other● Neutral
NTA edged up to 108.6 cents at 31 March 2008 as ARC Energy rose 21% after more was bought, now 34% of net assets. The bank withdrew the undrawn $50m credit line, with no immediate impact; cash is $5.5m.
7 Mar 2008director officer appointment● Neutral
Garry Gill resigned as Company Secretary; Richard Symons is appointed Company Secretary and Chief Financial Officer.
7 Mar 2008other▼ Bad
After-tax NTA fell to 108.3 cents at 29 February 2008 (down 3.7 cents), mainly as ARC Energy dropped 16%. Tatts was sold, lifting cash to $9.9m; the board approved lifting ARC to 30% of net assets. Nylex fell a further 31%.
21 Feb 2008dividend declaration● Neutral
Appendix 4D confirms the half-year loss of $2.38m and a 2 cent fully franked interim dividend ($910,848), record date 10 April and payable 29 April 2008. The dividend reinvestment plan applies at a 2.5% discount. NTA is 119 cents.
20 Feb 2008half year report▼ BadMajor
Half-year to December 2007: net loss after tax $2.38m (5.3 cents per share), reversing the $6.49m profit a year earlier, as the market's record run ended. NTA $1.19 per share, cash $3.5m. A 2 cent interim dividend is declared.
15 Feb 2008security holder rights change● Neutral
A lodged form records cancellation of 35,500 shares bought back under the buyback announced 25 October, for about $35,240. Shares on issue are now 45,506,884. This is a small step in the buyback.
8 Feb 2008other▼ Bad
After-tax NTA fell 6.5 cents to 112.0 cents per share at 31 January 2008. Nylex fell over 33% when its $2.65 non-binding offer did not become a firm offer. Cash is $3.0m, with an undrawn $50m credit line available.
10 Jan 2008other▼ Bad
After-tax NTA fell about 3 cents to 118.5 cents per share at 31 December 2007, with ARC Energy, the largest holding, down a further 7%. Cash is $3.5m after small trading purchases; management calls the outlook challenging.
10 Dec 2007other● Neutral
After-tax NTA fell to 121.4 cents at 30 November 2007 as ARC Energy fell 12%. Lipa proceeds of $8.8m lifted cash to $5.3m. US$2.9m was put into Maverick Energy Group convertible notes, the first unlisted investment (an IPO is intended before end-2008).
26 Nov 2007admin correction● Neutral
Administrative notice: the share registry, Registries Limited, changes its Sydney street address from 3 December 2007. Other contact details are unchanged.
7 Nov 2007other● NeutralMajor
After-tax NTA rose to 124.4 cents at 31 October 2007, but shares trade at $1.00, a record discount to NTA. The board announced an on-market buyback; $8.8m from the Lipa scheme was received after month-end, and a large CostaExchange stake was bought.
3 Oct 2007other● Neutral
After-tax NTA was 120.8 cents per share at 30 September 2007, down on the 4 cent dividend and option dilution. Cash is $5.1m; the Lipa Pharmaceuticals scheme meeting is due late October, with the holding expected to be cashed in early November.
6 Sept 2007other▼ Bad
After-tax NTA fell 5.8% to 122.5 cents per share at 31 August 2007. Cash dropped to $5.4m, mostly spent adding to Lipa Pharmaceuticals ($8.5m, 15.7%) after a takeover proposal. Tattersall's fell on equine influenza sentiment.
17 Aug 2007other▼ Bad
A mid-month update shows after-tax NTA down to 122.6 cents per share at 16 August 2007, from 130.0 at end-July, after share market volatility. Fully diluted NTA, assuming all options are exercised, is 116.5 cents.
14 Aug 2007annual report▲ Good
Annual report for the year to 30 June 2007: net profit after tax $7.7m, NTA $1.287 per share, 4 cent final dividend declared, taking the year's dividends to 7 cents. Management says it will be cautious after the market's strong run. 44.1m shares and 16.4m options on issue.
14 Aug 2007dividend declaration▲ Good
Full-year profit after tax $7.66m, up 88.4%, with net assets $56.8m. A 4 cent fully franked final dividend is declared, payable 27 September 2007 (record date 14 September), taking the year's total to 7 cents. Note: the release quotes both 22.9 and 26 cents EPS.
8 Aug 2007other● Neutral
After-tax net tangible assets rose to 130.0 cents per share at 31 July 2007 (pre-tax 137.0). Cash is about $12m; management expects market volatility to persist and says it will wait patiently for value to emerge.
10 July 2007other● Neutral
After-tax net tangible assets fell 1.8 cents to 128.6 cents per share at 30 June 2007 (pre-tax 135.5). Cash rose slightly to $13.6m; ARC Energy remains the largest holding at 18% of net assets of $56.7m.
6 June 2007other▲ Good
After-tax net tangible assets rose to 130.4 cents per share at 31 May 2007 (pre-tax 138.3). ARC Energy, the largest holding, rose after an acquisition and exploration success; cash is almost $13m.
7 May 2007other▲ Good
After-tax net tangible assets rose to 129.8 cents per share at 30 April 2007 (pre-tax 137.4). Macquarie ProLogis sold at a small profit; $5.75m cash is due 9 May when the PowerTel takeover completes.
5 Apr 2007other● Neutral
Net tangible assets fell to 128.5 cents per share at 31 March 2007 after the 3 cent dividend and 1.25m option exercises. Macquarie ProLogis and Life Therapeutics were bought; cash is $9.5m.
6 Mar 2007other● Neutral
Net tangible assets were 130.8 cents per share at 28 February 2007, slightly lower on option dilution. A PowerTel position (under takeover) was bought, cutting cash to $19.1m. Further option exercises and a lower March NTA are expected.
14 Feb 2007dividend declaration▲ Good
Half-year to December 2006: profit after tax $6.49m, up 324%. An interim 3 cent fully franked dividend ($1.26m) is declared, record date 16 March, payable 23 March 2007. NTA backing 130 cents.
14 Feb 2007half year report▲ Good
Half-year accounts: profit after tax $6.49m (27.3 cents per share), net assets $54.8m, cash over $30m (about 55% of net assets). Directors say they are cautious as the market hits record highs.
6 Feb 2007other▲ Good
Net tangible assets rose to 130.9 cents per share at 31 January 2007. ARC Energy became the largest holding and over half of Tower Australia was sold; cash is $28.3m. Management says it is increasingly cautious on the market.
5 Jan 2007other▲ Good
Net tangible assets were 130.1 cents per share at 31 December 2006. The $1.29 placement completed, lifting net assets to about $55m; cash is $31.3m (57%) after Incitec Pivot, Mayne Pharma, Becton and Telstra holdings were sold.
7 Dec 2006other▲ Good
Net tangible assets rose to 124.2 cents per share at 30 November 2006; net assets were $36.1m. Part of Incitec Pivot and much of Lemarne (via its buyback) were sold. The pending $1.29 placement is not yet included.
28 Nov 2006capital raising announcement▲ GoodMajor
Subject to shareholder approval, will raise $16.77 million by placing 13 million shares at $1.29, each with a $1.00 option expiring June 2008. Funds are already held in escrow; shares on issue would reach 42.09 million.
