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| Subject: Utilico annual review | |
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Author: Utilico--ERG Jillings Saville SUIT |
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Date Posted: 23:04:16 01/25/03 Sat Utilico annual review. ------------------------------------------------------------ All references below found on ERG in PDF File--Saville and Jillings also on the board of SUIT---owned by Foreign and Colonial--who in turn were taken over by pan European fund manager Eureko in 2001--exact details on Eureko recorded on this scratch pad--elsewhere. ------------------------------------------------------------ A s s e t B a c k i n g The consolidated net assets as at 30 June 2002 were $5.04 million, or 89.4 cents per share. Comparisons with prior periods are not strictly comparable as UIL made capital reductions in November 2001 and December 2001, with 90% of the total 59 million shares outstanding at July 2001 being cancelled for payments of 50 cents per share. As at 30 June 2002, the Company had cash and receivables of approximately $0.34 million and investments of $5.15 million. Investments at year end consisted of: • ERG Limited redeemable convertible bonds which had a market value of $4.5 million. A c t i v i t y D u r i n g t h e P e r i o d ERG This Company is a world leader in automated fare collection equipment and software for the transit industry and smart card systems. The Company has over 350 transit customers and their systems process nearly 30 million transactions daily through 50 million cardholders. ERG is positioned to be a major infrastructure company with contracts in a number of countries. However, concerns remain in regard to its financial capability and performance, which need to be addressed. In this regard the recent announcement regarding the 8% Redeemable Convertible Notes (“Notes”) is a positive step. UIL holds 2 million of these Notes and further information is included in Note 5 to the financial statements. The restructuring enables the Noteholders to convert their notes into ordinary shares at the effective conversion price of A$0.55 or elect to receive cash. If the Notes are converted Noteholders will be entitled to a payment from ERG based on the difference between A$0.55 and the price of ERG’s shares. Successful implementation of this proposal would increase ERG’s equity and reduce its debt burden. Investments in other companies Consolidated Parent 2002 2001 2002 2001 $000 $000 $000 $000 ERG Limited 4,493 – 4,493 – Cost Value 2002 2001 $000 $000 2 million unlisted 5 year 8% redeemable convertible notes issued 16 November 1997 with a redemption date of 15 October 2002. Issue and redemption price A$1.65. Cost A$1.80 per note. 4,447 3,790 100,000 5 year 7 months 7.5% redeemable convertible notes issued 28 February 2002 with a redemption date of 1 October 2005. Issue and redemption price A$13.50. Cost A$8.80 per note. 1,095 703 5,542 4,493 Concentrations of credit risk 93% of the Group’s exposure to credit risk is represented by redeemable convertible notes held in ERG Limited. All short term deposits are with reputable financial institutions. [ Next Thread | Previous Thread | Next Message | Previous Message ] |