Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Nov 2006investor presentation▲ Good
Presentation to Dixon Advisory repeats the strategy, fees and 2006 results. Adds four-month profit to 31 October 2006 of $3.3m after tax (unaudited), net assets of $34.9m, and borrowing capacity of $30m+ unused.
2 Nov 2006other▲ Good
Net tangible assets rose to 119.8 cents per share at 31 October 2006. Flight Centre was sold entirely at $17.20 and a short-term trading position in Mayne Pharma bought; net assets were $34.9m.
9 Oct 2006other● Neutral
Net tangible assets fell to 114.7 cents per share at 30 September 2006, after the 6 cent dividend and dilution from 11.7m option exercises. Net assets were $32.5m, with $8.3m in cash and fixed interest; the underlying portfolio rose strongly.
29 Sept 2006other▲ Good
AGM address repeats the 2006 results ($4.06m profit, 26.3% net return) and the 6 cent dividend. New: first-quarter pre-tax profit exceeded $2.1m, and pro-forma NTA after dividend and option dilution was 111.6 cents.
21 Sept 2006capital raising announcement▲ GoodMajor
Raised $11.7 million from early exercise of 11.7 million June 2008 options at $1.00, allotted 20 September so holders get the 6 cent dividend. Shares on issue rise to 28,353,001; 4,981,000 options remain.
7 Sept 2006other▲ Good
Net tangible assets were 130.0 cents per share at 31 August 2006. Tattersall's holding was lifted from 630,000 to 1.4m shares at about $2.80 and a Flight Centre position added; net cash was negative $0.5m, with option exercises expected to bring in capital.
23 Aug 2006security holder rights change● Neutral
Optionholders were told they only receive the 6 cent dividend if they exercise options at $1.00 before 20 September 2006. Directors intend to exercise all their options; a possible rights issue was dropped given likely option exercises.
17 Aug 2006investor presentation● Neutral
Notice of an audio broadcast with Managing Director Troy Harry on 17 August 2006. It carries no new information itself.
17 Aug 2006investor presentation● Neutral
Presentation repeats the 2006 results: $4.06 million profit, $1.25 net tangible assets per share, 6 cent dividend. New detail: cash is now fully invested, with $20m+ of borrowing capacity unused; fees are 1% management plus 20% of returns above 8%.
15 Aug 2006annual report▲ Good
2006 annual report: profit after tax of $4.06 million, 26 cents per share, and net tangible assets of $1.25 per share. A maiden 6 cent fully franked dividend is declared; 16.67 million shares and options are on issue.
15 Aug 2006dividend declaration▲ GoodMajor
Year to June 2006: profit after tax of $4.06 million after a $1.15 million performance fee, and a 44.5% pre-fee, pre-tax return. Maiden 6 cent fully franked dividend (about $1 million) is payable 4 October 2006, up from no dividend previously.
3 Aug 2006other▲ Good
Net tangible assets rose to 125.0 cents per share at 31 July 2006, in a month the market fell 2.0%. Tax and performance fee liabilities are still to be paid from the 11% cash.
19 July 2006security holder rights change● Neutral
The company has introduced a Dividend Re-Investment Plan, letting eligible shareholders take new shares instead of cash dividends. Rules and election forms were sent to all shareholders ahead of the first expected dividend.
4 July 2006other● Neutral
Net tangible assets were 124.3 cents per share at 30 June 2006 (subject to audit). Significant tax and performance fee liabilities, to be quantified in the annual report, will be paid from the 20% cash.
7 June 2006capital raising announcement▲ GoodMajor
Raised $1.38 million by placing 1,162,000 shares at $1.19 each, with a free option per share (exercisable at $1.00 until 17 June 2008). The cash goes to further investing; the placement had no costs.
2 June 2006other▲ Good
Net tangible assets edged up to 123.8 cents per share at 31 May 2006, despite the market falling 4.5%. Cash has since dropped significantly because of participation in several new capital raisings.
3 May 2006other▲ Good
Net tangible assets reached 122.0 cents per share at 30 April 2006. The company says it has minimal resource-sector exposure; cash has since risen to about 18% after selling part of Incitec Pivot and Magellan.
10 Apr 2006other▲ Good
Net tangible assets rose to 118.2 cents per share at 31 March 2006. Cash fell to 7% as the company bought more holdings, including Lemarne and Magellan Petroleum; the top six holdings are over two thirds of funds.
2 Mar 2006other▲ Good
Net tangible assets rose to 112.1 cents per share at 28 February 2006. Cash fell to 24% after buying Incitec Pivot and Tattersalls; the top four holdings are almost 50% of funds.
16 Feb 2006half year report▲ Good
Accounts behind the half-year result: $1.53 million profit after tax, 9.9 cents earnings per share, and net assets of $16.9 million. No interim dividend because of a lack of franking credits; a first dividend is hoped for September 2006.
16 Feb 2006half year report▲ Good
Half-year to 31 December 2005: profit after tax of $1.53 million on revenue of $2.68 million. No interim dividend declared; net tangible assets were about 109 cents per share. First report since incorporation in March 2005.
14 Feb 2006other▲ Good
Monthly update: net tangible assets rose to 109.9 cents per share at 31 January 2006, from 108.5 cents. The portfolio stayed about 63% shares and 37% cash, with Tower still largest at 21%.
9 Jan 2006other● Neutral
Monthly update: Trojan Equity's net tangible assets were 108.5 cents per share at 31 December 2005, with about 63% in shares and 37% cash. Tower is the largest holding at 22%.
