SecureNet Limited

By Intelligent Investor · 24 Jan 2003

By Intelligent Investor ·
24 Jan 2003

Recommendation

Sierra Nevada Gold Inc. - SNX

Current price

$0.07 at 16:40 (19 April 2024)

Price at review

$1.01 at (24 January 2003)

All Prices are in AUD ($)

A group of shareholders led by Rene Rivkin has requested the directors of the company call a general meeting. The purpose of the meeting will be to vote on a resolution to return capital to the amount of A$68m or $0.90 per share to shareholders. Under section 249D of the Corporations Act, shareholders owning more than 5% of the company can request a general meeting. This group of shareholders is unhappy with management's use of the company's cash reserves (about $70m). Management in turn states the money is needed to provide working capital to enable the company to grow and create shareholder value. For what it's worth we'd prefer to see the cash distributed to shareholders. After all that's why we recommended the stock so strongly in the update to issue 101/Apr 02 (Buy - $0.85). HOLD FOR THE UPSIDE.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.

SecureNet Limited

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SecureNet Limited

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