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| Subject: Powerlan---off subject--5/12 AGM was 29/11 | |
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Author: anonymous |
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Date Posted: 23:22:48 12/04/02 Wed If anyone happens to be reading this Powerlan really is a turnaround story---it is no delusional BB creation--the company is good--the writedowns like ERG occurred in the past financial period---except for a minor one that occured post balance sheet date--which I don't think will be of too much concern---just like ERG plenty of net realisables in the accounst to be recovered--which I'm sure they will do as it moves through time--I'm actually pretty literate the stock for in times past Ive done a lot of research (let us say it was enforced research--LOL)--It is going to be a good company with the same March 2003 view I feel--now that the accounts have turned around. I am a shareholder in it---and fairdinkum I won't be selling mine at any price--you can say that is a ramping statement if you like---I state it though--it is too valuable to sell. POWERLAN LIMITED 2002-11-28 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ CHAIRMAN'S ADDRESS Dear Shareholders, OVERVIEW OF FY2002 AND MOVING FORWARD Last year was possibly one of the most difficult years that I have experienced in my commercial career and probably the year during which I personally made the least amount of money. Whilst transforming our business from a traditional product and services reseller to the building of an organisation, consistent with our vision of being a global software leader in a select number of niche markets we had to contend with a number of adverse external factors specifically: * A global technology downturn compounded by a global economic downturn which significantly reduced demand for such products and services and put enormous margin pressure on our IT product supply and services business. * A share marketdownturn, more so in the technology sector and * The withdrawal of our banking facility by the ANZ Contrary to the perception of most parties external to our business, Powerlan has dealt with the adverse external factors and today I can proudly say, that with the commitment and support of all our staff, my fellow directors and our customers, Powerlan has successfully transitioned. its business into being a global software leader, * Within the next week we will have paid out the ANZ bank fully from our initial indebtness of $12M without taking on any additional debt. * We have divested of 95% of our non-core and/or loss making businesses - with the balance of the non-core assets currently under negotiation to be sold. * We have won many significant new contracts against global competitors within our core business areas, Such wins include: * Tower Trust, Macquarie Bank and Hunter Hall in our banking business. Essentially giving Powerlan's Portfolio Manager a 30% share in the Australian market. Also the ongoing success with American Express in relation to the IMX suite of products.. * Clarity has secured Reliance in India (one of India's largest and most profitable companies), Sri Lanka Telecom and has put back on-track and secured additional business with companies such as Taiwan Fixed Network, Putrajaya (Malaysia's Technology City), Australia's AAPT and El Paso Global Networks in theUSA. (as an example the Clarity system is used to control all of Putrajaya city's infrastructure including traffic lights, road monitoring systems etc. * Our Security Managed Services business, Zento, is signing up new clients at a rate of 2-3 per month on up to 3 year contracts. Such clients participate in the finance, legal, manufacturing, telco, travel and education markets. Moreover Zento is today considered Australia's most successful managed security businesses. * And our Office Converter product, which automatically converts early versions of Microsoft Office documents including those with embedded Visual Basic to later versions of MS Office without at user intervention is achieving sales in Australia, US and Europe. As an example US Company National Cities Corporations recently paid $210,000 for a site license of Office Converter. We anticipate significant sales of Office Converter when Microsoft's Office XP sales increase, with multiple other 6 figure sum opportunities already in the pipeline. I should also add that Office Converter is unique and is being supported by Microsoft globally. As mentioned before with the imminent repayment of the ANZ debt, the sale of the non-core and/or unprofitable businesses, the completion of the transition of the business and the positive take up of our products globally we are extremely optimistic about FY2003 and beyond. Additionally we have significantly strengthened our administrative and financial areas. Moving forward we now need to focus on scaling and replicating the successes we are having with our core products, and prudently manage our financial position including our cash-flow and work through the current dispute with the IMX vendors. So to all those non-believers, critics, the ANZ Bank, uninformed analysts and fund managers (who simply follow share price trends and not the unique attributes of the business) I express my disappointment that you lack appreciation and support for a small Australian company with locally developed products winning in global markets against global competitors and other players with $100's of millions of dollars in funding and support. WE WILL NOT FAIL and thanks again to our loyal and talented staff, directors and our customers! MORE TO FOLLOW POWERLAN LIMITED 2002-11-28 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ A copy of the presentation material is available in PDF format on www.asx.com.au. Alternatively it is available for purchase from ASX Customer Service on 1 300 300 279. POWERLAN LIMITED 2002-11-28 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ The Board of Directors' are pleased to announce the results of the Powerlan 2002 Annual General Meeting. It should be highlighted that the results of the resolutions are in accordance with the Directors preference, including the resolution to Consolidate the shares, which was not passed. The proxy vote is listed below. RE-ELECTION AS DIRECTOR OF TOMISLAV MATIC - PASSED Pursuant to Rule 7.1 (f) of the Constitution of the Company, shareholders consider, and if thought fit, pass the following ordinary resolution: "That Dr T Matic who retires in accordance with Rule 7.1(f), and being eligible for re-election, be re-elected as a director of the Company." FOR AGAINST ABSTAIN OPEN 119,531,003 8,605,313 2,463,710 7,743,915 APPOINTMENT OF DIRECTOR ANTHONY KALCINA - PASSED Pursuant to Rule 7.1 (d) of the Constitution of the Company, shareholders consider, and if thought fit, pass the following ordinary resolution: "That Mr A Kalcina who retires in accordance with Rule 7.1(d), and being eligible for appointment, be appointed as director of the Company." FOR AGAINST ABSTAIN OPEN 124,468,594 5,196,716 913,933 7,762,698 CONSOLIDATION OF SHARES - NOT PASSED Pursuant to Rule 7.20 of the Listings Rules of the Australian Stock Exchange Limited and Section 254(H) of the Corporations Act, shareholders consider, and if thought fit, pass the following ordinary resolution: 'That the Company's ordinary shares be consolidated in the ratio of 20:1 so that 20 ordinary shares in the Company shall be consolidated into 1 share.' FOR AGAINST ABSTAIN OPEN 1,379,567 128,435,602 808,407 7,718,865 RENEWAL OF PROPORTIONAL TAKEOVER APPROVAL PROVISIONS - PASSED Pursuant to subsection 136(2) of the Corporations Act, shareholders consider, and if thought fit, pass the following ordinary resolution 'That Rule 1.6 of the Constitution shall be renewed/adopted and granted effect for a period of 3 years effective on the date on which this resolution is passed by shareholders in the general meeting.' FOR AGAINST ABSTAIN OPEN 121,183,471 8,319,832 917,607 7,921,531 [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| Re: Powerlan---off subject--5/12 AGM was 29/11 | anonymous | 17:23:30 12/05/02 Thu |
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