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| Subject: Working with the Government to finalise a deal SMH Oct5th | |
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Author: anonymous |
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Date Posted: 09:40:18 10/04/02 Fri In reply to: anonymous 's message, "What is Free Float? How is it Determined?" on 05:36:05 10/01/02 Tue http://www.smh.com.au/articles/2002/10/04/1033538777462.html ------------------------------------------------------------ News of finance deal, US prospects give ERG a liftBy Colin KrugerOctober 5 2002 ----------------------------------------------------------- ERG lifted its stock price from 12-month lows this week with new financing and an expanded partnership with Northrop Grumman Information Technology to pursue transit projects in the US. ----------------------------------------------------------- The two companies are bidding on a contract for the Washington Metropolitan Area Transit Authority and have "agreed to expand the relationship to other transport tenders", an ERG spokesman said. ----------------------------------------------------------- "Northrop Grumman IT brings an excellent reputation for integrity, strength and know-how in working on major complex government projects," ERG chief executive Peter Fogarty said. ----------------------------------------------------------- Northrop Grumman IT is a subsidiary of US defence contractor Northrop Grumman, which Mr Fogarty has previously mentioned as an ideal partner for the troubled smart card vendor. ----------------------------------------------------------- ERG announced a full-year $243.9 million loss last month and saw its stock price plunge. ----------------------------------------------------------- The shares bottomed at a 12-month low of 16c last week and closed at 18c yesterday. ----------------------------------------------------------- The company's cause wasn't helped with the release of Monday's annual report. It contained a directors' statement admitting "there is a significant uncertainty as to whether the parent company ... will continue as a going concern". ----------------------------------------------------------- A market analyst who wished to remain anonymous agreed with the verdict and said most brokers had stopped following the stock. ----------------------------------------------------------- "The share price is very much in the hands of day traders at the moment," he said. ----------------------------------------------------------- The shares got a reprieve with the announcement that ERG had secured a $30 million loan agreement with investment firm Babcock & Brown. ----------------------------------------------------------- The firm will advise ERG on future funding and its Australian director will join the ERG board. ----------------------------------------------------------- ERG is the preferred tenderer for the troubled $100 million NSW integrated ticketing program. The company was working with the Government to finalise a deal, ERG said. ----------------------------------------------------------- [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Northrop Grumman Information Information Technology | anonymous | 09:47:50 10/04/02 Fri |
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