# ASZ - ASG Group



## Joe Blow (21 June 2010)

ASG Group Limited (ASZ), formerly eSec Limited (ESX), provides technology applications and business systems integration to government agencies and private companies nationally. The company is certified partner with many vendors, such as HP, Oracle and Microsoft.

http://www.asggroup.com.au


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## Noddy (24 January 2011)

ASG with a decade of earnings growth, together with three acquisitions last year, has developed into a national company.
Flagging solid growth for 2011, and paying a solid dividend from an ROE of around 14%,
a recent capital raising at $1.20 to consolidate the business in Perth was fully subscribed.
A DCF calculation came up with a value of $1.36 to $1.40.

Price chart shows a move up from a years low to $1.175, consolidation, a further move up then a dip to offer a buying opportunity around the $1.20 level IMO.

Not holding any, but will buy in tomorrow.

Interested in any comments


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## Miner (24 May 2011)

Noddy said:


> View attachment 41013
> 
> 
> ASG with a decade of earnings growth, together with three acquisitions last year, has developed into a national company.
> ...




Did you buy ASZ and what do you reckon now ?
How it compares with TLS or AMM ?
I do not hold but woudl like to learn your view since you posted some four months back

Regards


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## nem23 (1 June 2011)

The share price in recent days have dipped below $1.00. Does anyone has any idea as to what is driving the share price of ASZ down. I have checked the various media reports, there does not seem to be any negative news pertaining to ASZ. Does someone knows of some impending news that is affecting the share price. May be an opportunity to buy.


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## Country Lad (1 June 2011)

nem23 said:


> ........May be an opportunity to buy.




May be more prudent to wait till it breaks out of its year long downtrend.


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## McLovin (7 May 2012)

What's going on with ASZ? I picked up a bit a few weeks ago, I had been looking at it for ages, and now it's taken off. I'm thinking there could be a contract announcement on the way.


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## Ves (7 May 2012)

McLovin said:


> What's going on with ASZ? I picked up a bit a few weeks ago, I had been looking at it for ages, and now it's taken off. I'm thinking there could be a contract announcement on the way.



 I've been holding for quite some time. Got in in the low 80s.  I have been watching every now and then on Commsec, and the buyer's seem to be lining up.  The share price didnt even decrease after the recent dividend. Someone obviously knows something.  I am still worried about the buy-out payment they need to fund come 2013.  Interesting to see how dillutive it will be (maybe not at all if they win a big contract).


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## skc (7 May 2012)

McLovin said:


> What's going on with ASZ? I picked up a bit a few weeks ago, I had been looking at it for ages, and now it's taken off. I'm thinking there could be a contract announcement on the way.




Not sure but I closed my position today on open. It's had a good run although I only got in at 86c. 

If the market jitter continues a major contract win will probably be considered bad news... given that they've never done a 9-digit contract before.


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## McLovin (7 May 2012)

skc said:


> If the market jitter continues a major contract win will probably be considered bad news... given that they've never done a 9-digit contract before.




Gees...Feeling a little glass half empty today?

I'm hanging in there, I basically wanted some exposure to IT services and cloud computing. If ASZ can capitalise with some big contract wins then that's the icing on the cake, otherwise over the next 5 years the market will keep growing. Smallish investment because even after quite a bit of research, I'm still struggling to split them all.


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## skc (7 May 2012)

McLovin said:


> Gees...Feeling a little glass half empty today?
> 
> I'm hanging in there, I basically wanted some exposure to IT services and cloud computing. If ASZ can capitalise with some big contract wins then that's the icing on the cake, otherwise over the next 5 years the market will keep growing. Smallish investment because even after quite a bit of research, I'm still struggling to split them all.




Glass half empty is an optimistic day for me. Today I see the 50% filled glass for what it is, but I am worried about the evaporation, the wind, the vibration of the table etc etc. The more I think about it, the more thirsty I get so I had no choice but to drink the water. 

My timeframe was always ASAP and I've been know to make some early exits...


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## Ves (27 August 2012)

Poor result today.

EPS down about 8.8%  and I believe the fact that they paid less deferred acquisition expenses masks the fact that this could have been even uglier.

The cash balance went from about $13 mil twelve months ago to an overdraft of $4.5 million. Management would have shareholders believe that this is due to the fact that they have bought forward a lot of investment decisions  (it looks like there is definitely capex of some sort).  The problem is, they are borrowing to pay dividends at the same time!

I am surprised that the market did not whack this one further today.

Once I get my head clear and have a closer look at the report it is most likely that I will exit this position at a small loss  (depending on whether the price finds a floor before then or not...).

I don't have any particular faith in management at the moment. The whole  "we are shooting for big contracts"  (this time it is $600 mil!!) mantra and the fact that they did not flag this result in the lead up to reporting season being the reasons.  Lots of spin in the investor preso.


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## McLovin (28 August 2012)

Ves said:


> Poor result today.
> 
> EPS down about 8.8%  and I believe the fact that they paid less deferred acquisition expenses masks the fact that this could have been even uglier.
> 
> ...




I got out of this yesterday for much the same reasons as you describe. Way too much fluff in the report. And they have been saying for the last ~18 months that they are trying to win large contracts but then in this report that changed to "now we have everything in place to start winning large contracts".


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## tech/a (28 August 2012)

Technical buy at .70c
Stop .66
Like the low risk
Shackeout of weak hands.
Looking initially at 85c on the up side.
Will post a chart with analysis when I have more time.


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## herzy (28 August 2012)

tech/a said:


> Technical buy at .70c
> Stop .66
> Like the low risk
> Shackeout of weak hands.
> ...




Surely the big drop was fundamental? Profit decrease, lack of sales, reduced dividend etc.


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## Ves (28 August 2012)

McLovin said:


> I got out of this yesterday for much the same reasons as you describe. Way too much fluff in the report. And they have been saying for the last ~18 months that they are trying to win large contracts but then in this report that changed to "now we have everything in place to start winning large contracts".



There are plenty of others, briefly:

The "normalised" EBITDA, they mentioned something to do with "opportunity costs" - no one ever does that, it's meaningless

Fairly sure if you take all of the fluff out of the P & L the bottom line is basically the same as 2009  - but there is something like $65 million more assets & acquisitions on the balance sheet.  This means profit dropped 42% compared to pcp

They have $16 million or so (I don't remember the exact figure) in deferred acquisition payments to make in the next few months. The rest is script, so further dilution. No cash in the bank,  almost $4.5 million overdraft.   I wonder just how much they are starting to be at the bank's mercy.  They've burnt through more cash last year than some small mining explorers!

Their main mode of operation going forward seems to be, as someone else on another forum said, "if we build it they will come" (referring to the data centres), but there seems to be a lot of hoping to go along with all of this.

I am wondering whether they will need to tap the market for cash in the next 12 months?

Definitely should have gone with my gut feel and sold yesterday.  I agree with tech/a in terms of it finding support at $0.70.  Doesn't help me much though!


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## McLovin (28 August 2012)

Ves said:


> There are plenty of others, briefly:
> 
> The "normalised" EBITDA, they mentioned something to do with "opportunity costs" - no one ever does that, it's meaningless




Ha! I saw that too and scratched my head. I've never seen a company add back, what I guess economists would call, "revenue foregone". When companies start using such fuzzy metrics they are clearly trying to paper over something.



Ves said:


> I am wondering whether they will need to tap the market for cash in the next 12 months?




I also noticed that they have $10m bank loan which has become current. There is no mention of what will become of that. If they can't roll it over then they are going to need to fund it with equity. There's not much fat on this company left.

Why can't DTL be back under a $1.


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## Ves (28 August 2012)

McLovin said:


> There's not much fat on this company left.



There's probably none in reality - negative net tangible assets!  Such poor disregard for their balance sheet IMO.


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## craft (28 August 2012)

Ves said:


> Definitely should have gone with my gut feel and sold yesterday.  I agree with tech/a in terms of it finding support at $0.70.  Doesn't help me much though!





 Since you realised your investment thesis for ASZ was invalidated, how much has hesitation cost you so far?


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## Boggo (28 August 2012)

Ves said:


> There's probably none in reality - negative net tangible assets!  *Such poor disregard for their balance sheet IMO.*




Aren't you doing exactly the same, ie, having a poor disregard for your own balance sheet by hanging on to a stock that is in freefall  

Maybe I am missing something here but I am having difficulty understanding why anyone would be holding on in hope to something that has halved in value.

(click to expand)


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## tech/a (28 August 2012)

herzy said:


> Surely the big drop was fundamental? Profit decrease, lack of sales, reduced dividend etc.




Technical analysis is (to me at least) The ability to read and anticipate 
the participants conviction in the stock going forward.
There reactions to Fundamentals are recorded in price and volume.
Their anticipation is also recorded in Price and volume as well as time.
My stop is in place so that when Im wrong---Ill live to anticipate another day.
When I can move my stop to B/E its no longer a risk issue.


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## herzy (28 August 2012)

tech/a said:


> Technical analysis is (to me at least) The ability to read and anticipate
> the participants conviction in the stock going forward.
> There reactions to Fundamentals are recorded in price and volume.
> Their anticipation is also recorded in Price and volume as well as time.
> ...




Thanks for the reply - I'm just interested in why you think the stock will go up in the short term given the fundamental hit it's taken yesterday...


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## Ves (28 August 2012)

craft said:


> Since you realised your investment thesis for ASZ was invalidated, how much has hesitation cost you so far?



Yesterday I would have been selling on emotion without reading the report properly. I perused it more closely after I got home. Market is obviously well closed by then.

I think today it opened at $0.75 so my original sell order got skipped. That's the highest point at which I could have sold.  I see what you mean though,  but I like to start thinking clearer before I make a buying or selling decision. Maybe that is wrong, but it feels more natural to my mind.


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## tech/a (28 August 2012)

herzy said:


> Thanks for the reply - I'm just interested in why you think the stock will go up in the short term given the fundamental hit it's taken yesterday...





The short answer is (as I see it technically) Low risk good reward.

But this is what I see.

*Click to expand.*


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## Ves (28 August 2012)

Is that the control bar (ala the TGA discussion we had)?


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## tech/a (28 August 2012)

Ves said:


> Is that the control bar (ala the TGA discussion we had)?




No

The *current control* bar is * Today's* bar.

Its actually a Volume Control Bar.
Its zone of influence is the length of the range of the bar.
It will take a great deal of effort to trade out of the range and 
the range will for some time attract price back to it if there is
little demand. It is within this bar that buying is seen to absorb 
and indeed overcome supply.---currently---and until this changes
from a technical view that's what I trade from and expect.

The Impulse bar is also a volume control bar and has a zone of influence of its range.
I would expect supply to come in in its range.
Thats why this stock will have a hard time breaking out of a range.

My trade is at the highest extremes of the expected ranging (I dont expect a prolonged trend!)
The highest probability in all honesty is a small profit as I get bored waiting for buyers
to exhaust supply! But as I say tomorrow will tell a lot.

The best to expect would be an average to low volume up day.
Next a high volume small range day finishing up on its high.
Worst high volume Up and down day finishing down.
OR High volume down day wide range finishing on the low.
I'm going for an average volume Inside day. Basically a non event
which will tell me a lot!!---go figure that one--
(hint see the last spike low test in the chart and the inside day that followed!!).


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## tech/a (28 August 2012)

*This may help a little*

Click to expand


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## Ves (28 August 2012)

tech/a said:


> No
> 
> The *current control* bar is * Today's* bar.
> 
> ...



Cheers mate - that's a really good analysis.   Just to clarify I was referring to today as the control bar in my original post. 

I could be wrong - but is there a gap on the chart in the last few days in the low 80s?

edit: I also forgot to mention that I liked how you are looking the previous significant yearly low (the bar you marked at with the low at $0.73)


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## tech/a (28 August 2012)

Ves said:


> Cheers mate - that's a really good analysis.   Just to clarify I was referring to today as the control bar in my original post.
> 
> I could be wrong - but is there a gap on the chart in the last few days in the low 80s?




Sorry so yes.
Yesterday was also a control bar to the down side due to the gap and it's volume.
Today because of it's very high volume is the. Latest control bar.
Both are so strong that I'll be a rubber duckif it doesn't range for quite a while.
Obviously a break above or below will be significant.


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## notting (28 August 2012)

I agree that these kind of actions are pretty reliable.
I don't know much about the technical details.  I just know them as blow off lows. Where there is a capitulation of selling after a period of themed fear leading to a kind of conclusion that confirms all the fear then suddenly those awaiting value jump in and the dramatic capitulation reverses on strong volume.

A bit like WHC on 24th Aug and KAR on the 26 July both of which I bought into once I saw the reversal.  That's all I can say about it.  There usually gems. I would of been happy to jump in on this at 1.70 if I wasn't  a bit over committed elsewhere at present!


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## tech/a (28 August 2012)

notting said:


> I agree that these kind of actions are pretty reliable.
> I don't know much about the technical details.  I just know them as blow off lows. Where there is a capitulation of selling after a period of themed fear leading to a kind of conclusion that confirms all the fear then suddenly those awaiting value jump in and the dramatic capitulation reverses on strong volume.
> 
> A bit like WHC on 24th Aug and KAR on the 26 July both of which I bought into once I saw the reversal.  That's all I can say about it.  There usually gems. I would of been happy to jump in on this at 1.70 if I wasn't  a bit over committed elsewhere at present!




$1.70???


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## notting (28 August 2012)

tech/a said:


> $1.70???




Whoooops,  would have been a bad fat finger!!  
I meant .70 as suggested!!


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## Muschu (28 August 2012)

Hi Tech

Does this stock have enough liquidity to be a valid subject for TA?  I don't know the answer but would value your opinion.

Regards

Rick




tech/a said:


> Technical analysis is (to me at least) The ability to read and anticipate
> the participants conviction in the stock going forward.
> There reactions to Fundamentals are recorded in price and volume.
> Their anticipation is also recorded in Price and volume as well as time.
> ...


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## craft (28 August 2012)

Ves said:


> Yesterday I would have been selling on emotion without reading the report properly. I perused it more closely after I got home. Market is obviously well closed by then.
> 
> I think today it opened at $0.75 so my original sell order got skipped. That's the highest point at which I could have sold.  I see what you mean though,  but I like to start thinking clearer before I make a buying or selling decision. Maybe that is wrong, but it feels more natural to my mind.





V

It appears to me that you have concluded that your investment thesis for ASZ has failed – yet it appears that you still hold.

It also appears now that you are adopting a technical basis to justify your exposure.  

Regardless of the merits of the TA approach - Would you have bought ASZ today based on the technical basis you are using to justify holding on?

Know your own game plan. No game plan works every time.  If you want to be around for the long haul, learn to be a good loser.

If you can’t take your fundamental exit, what makes you think you will take the technical exit?

Perhaps you will get a better exit by finessing now that there has been a short term capitulation. However that will be a good outcome from a bad decision – You had a chance to get out on the open before the capitulation occurred - Under an ‘alternative history’ no capitulation may have occurred today.  I know you would like to minimise your loss but I think if you are lucky you will get a bad return from your bad decision, nothing is more corrosive to learning then positive feedback from bad decisions.

Sooner or later getting out quickly, once your investment plan has failed will save you a fortune. Finessing the exit is like picking up pennies in front of a steam roller.


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## craft (29 August 2012)

V 


Are you out yet? Or is there another justification for holding now?


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## Ves (29 August 2012)

craft said:


> V
> 
> 
> Are you out yet? Or is there another justification for holding now?



I'd already sold at $0.70.   Puts a few things into perspective though...  do you always sell "at market"?  I think the hardest part of selling for me was watching the "at limit" orders get further away from the price.  Once I changed to "at market" the decision was no longer mine on price - easy as that.


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## tech/a (29 August 2012)

Stopped.65c


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## Ves (29 August 2012)

craft said:


> V
> 
> It appears to me that you have concluded that your investment thesis for ASZ has failed – yet it appears that you still hold.
> 
> ...



I would also like to mention that this is a fantastic post.

This is the first fundamental exit that I had to make, and whilst I was more hesitant to sell than I thought I would be,  I thought I did pretty well - I read the report as intended and made my own decision, rather than trying to rush on the first day.  I will know what to expect psychologically (to an extent) next time I need to pull the trigger and some things I can do (sell at-market) to minimise any conflicting thoughts. I lost 5% more than I should have in reality,  but losing 15% all up is far worse than a fate than holding a company without longer having an investment thesis, as you mentioned.  I thnk my original position sizing was pretty good too.  I only ever had 3076 shares in this company.  It's peanuts.

Not sure why boggo seems to think I have lost more than half of my money...


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## craft (29 August 2012)

Ves said:


> I would also like to mention that this is a fantastic post.
> 
> This is the first fundamental exit that I had to make, and whilst I was more hesitant to sell than I thought I would be,  I thought I did pretty well - I read the report as intended and made my own decision, rather than trying to rush on the first day.  I will know what to expect psychologically (to an extent) next time I need to pull the trigger and some things I can do (sell at-market) to minimise any conflicting thoughts. I lost 5% more than I should have in reality,  but losing 15% all up is far worse than a fate than holding a company without longer having an investment thesis, as you mentioned.  I thnk my original position sizing was pretty good too.  I only ever had 3076 shares in this company.  It's peanuts.
> 
> Not sure why boggo seems to think I have lost more than half of my money...




Sorry for riding you so hard on ASZ - but I thought it important. Being exposed with a no longer valid reason is a game of chance that you don’t need to play.   You've paid a bit of tuition fee - might as well review and learn from that as you appear to be doing.

If your volume is not going to move the market significantly then go at market every time for exits and do it the second you realise you are wrong. 

Cheers


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## Ves (29 August 2012)

craft said:


> Sorry for riding you so hard on ASZ - but I thought it important.



There is no need to apologise.   Often the importance of something is lost in the heat of the moment, especially when it is something that has only been theory until you do it for the first time in practice.


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## Boggo (29 August 2012)

Ves said:


> Not sure why boggo seems to think I have lost more than half of my money...




Not quite what I said V...



> ...why anyone would be holding on in hope to something that has halved in value.




meaning the stock as displayed on the associated weekly chart.

I am sitting in a hotel room at the moment with only 20 min delayed data but ASZ seems to be maintaining the down trend.


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## skc (29 August 2012)

Ves said:


> There is no need to apologise.   Often the importance of something is lost in the heat of the moment, especially when it is something that has only been theory until you do it for the first time in practice.




You should feel good about closing a losing trade for the right reason. It's a relieve, it shows that you are disciplined and you can just move on. It's an important trait to be a successful trader/investor imho.

And in case people are wondering why trading/investing is competitive... this is a good example. Those who were able to read the report faster and accurately, and with the coviction to act straight away, got to sell their shares on open at 82c. These quicker operators used up the available bids, leaving those who hesitate to move their asking price down and down...some may still haven't sold 25% later.


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## Ves (29 August 2012)

skc said:


> You should feel good about closing a losing trade for the right reason. It's a relieve, it shows that you are disciplined and you can just move on. It's an important trait to be a successful trader/investor imho.



Certainly is a big weight off the shoulders... I am trying to think of an apt metaphor, but there is not much like the feeling. It's a feeling of closure, that brings a willingness to move on to the next lot of research.



> And in case people are wondering why trading/investing is competitive... this is a good example. Those who were able to read the report faster and accurately, and with the coviction to act straight away, got to sell their shares on open at 82c. These quicker operators used up the available bids, leaving those who hesitate to move their asking price down and down...some may still haven't sold 25% later.



Yes - if you have the experience to read the report quickly (knowing what you want to look for) and have full-time access to your screen, then you can certainly gain some edge on that alone.  When I first looked it was already $0.76 or $0.77 and I noticed there was an announcement...


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## Ves (29 August 2012)

Boggo said:


> Not quite what I said V...
> 
> 
> 
> ...




Alright, misunderstood you - sorry about that.  I think we've had the discussion about our different methods before.  Obviously this one didn't work out on this occasion, so I got out.


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## pixel (1 October 2012)

Back from holidays in the Midwest: "Wildflower Country"! Seriously recommended as a destination for a break 
A solid GXY trade provided most of the funds for accommodation and petrol.
Let's see if ASZ can finance the next trip: my scan suggests as much, and I hopped on board.
71c *may* offer some resistance, but more likely, serious targets are 77 and 88.
Stop on Close Below 64.


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## Ves (19 October 2012)

Ves said:


> I am wondering whether they will need to tap the market for cash in the next 12 months?



The answer turns out to be yes! Turns out they did run out of cash.

Raising capital at $0.52 by the looks of it.  

Yet... just before they raised cash a takeover offer at $1.03 (highly conditional of course).

This management is unbelievable. It boggles my mind how you can raise cash at that sort of discount after a takeover offer (probably imaginary!) has been made at double that! I'm glad I got out when I did.


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## McLovin (19 October 2012)

Ves said:


> The answer turns out to be yes! Turns out they did run out of cash.
> 
> Raising capital at $0.52 by the looks of it.
> 
> ...





That explains the shennanigans earlier this week with putting forward the dividend payment by seven days only to be told the ASX that they were too late, they must have been very low on cash. They really are a bunch of wombats running the shop.


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## herzy (19 October 2012)

McLovin said:


> That explains the shennanigans earlier this week with putting forward the dividend payment by seven days only to be told the ASX that they were too late, they must have been very low on cash. They really are a bunch of wombats running the shop.




Sorry how does moving the dividend a week earlier help with cash flow?


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## Ves (19 October 2012)

herzy said:


> Sorry how does moving the dividend a week earlier help with cash flow?



They actually tried to push it back and the ASX denied them this option because it was lodged too late.

Then, they raise capital...  sounds like cash flow to me.


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## herzy (19 October 2012)

Ves said:


> They actually tried to push it back and the ASX denied them this option because it was lodged too late.
> 
> Then, they raise capital...  sounds like cash flow to me.




Ok thanks - misunderstood your previous comment to mean bringing it forward


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## McLovin (14 February 2013)

More bad news...

$15m in writedowns...CFO gone...Still no big contract...In fact they don't even mention it anymore! I guess on the plus side, they reaffirmed guidance.

Glad I got out of this hound without too much damage.

http://www.asx.com.au/asxpdf/20130214/pdf/42d0lk0khmytkm.pdf


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## tinhat (14 February 2013)

A couple of observations on that announcement.

The stationery truly sux.

"New World computing" is used six times. Meaningless IT hyperbole is the pits. They must be using the same spin doctor as Julia Gillard.


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## McLovin (14 February 2013)

tinhat said:


> "New World computing" is used six times. Meaningless IT hyperbole is the pits. They must be using the same spin doctor as Julia Gillard.




Columbus would be rolling over in his grave.


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## skc (14 February 2013)

McLovin said:


> More bad news...
> 
> $15m in writedowns...CFO gone...Still no big contract...In fact they don't even mention it anymore! I guess on the plus side, they reaffirmed guidance.
> 
> ...




Wasn't there a mention of potential transaction proposal? I was expecting it to run up from the open in this kind of market... but the IT sector hasn't really caught the bull run.


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## McLovin (15 February 2013)

skc said:


> Wasn't there a mention of potential transaction proposal? I was expecting it to run up from the open in this kind of market... but the IT sector hasn't really caught the bull run.




Yeah there was. "further work has occurred". Makes you wonder how serious the bidder is.


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## tinhat (28 February 2013)

Half year results are out. A clean up of the balance sheet with 15.6m of write-downs. It looks like the previous CFO was deferring booking expenses related to long term contacts and it looks like he has been shown the door.

They are hoping to be bought out. Share price down over 17% today on huge volume as I type. It's a stampede for the doors.


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## skc (28 February 2013)

tinhat said:


> Half year results are out. A clean up of the balance sheet with 15.6m of write-downs. It looks like the previous CFO was deferring booking expenses related to long term contacts and it looks like he has been shown the door.
> 
> They are hoping to be bought out. Share price down over 17% today on huge volume as I type. It's a stampede for the doors.




Company has no cash, still plenty of capitalised assets on the balance sheet (~$16m in capitalised costs) and $85m in goodwill... in technical breach of debt (albeit waived after the balance date). If "balance sheet strength" is a criteria to winning large contracts, they'd never win one.

If it wasn't for the dangle of potential suitors it would be an even more substantial fall.

They might need a cap raising again... but it hasn't been that long since the last one at 52c in Oct, I hate to think what price they can get away with this time.


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## jbocker (18 March 2013)

Not sure if the price per share on offer was touted before, but it was announced as indicative at 68c from a non binding and conditional proposal from a significant participant in IT services. Jumped the price from Fridays close at 42c to end the day at 49.5c.  I am happy with that. I managed to pick up a few at 35c which bought my average down to 44.2c.
Is there more room for the price to move? Apparently there are other potential acquisition parties in discussions also.
Worth watching.

jb


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## jbocker (5 June 2013)

At last some good news from this company. $25 million contract signed and $60 million waiting in the wings. Apparently in their New World (i think  based on cloud computing) services. Lets hope for the company and holders sake their price returns to the clouds too.

Pleased to hear the news is based on business success. There is also apparently some good indications of re-signings of the existing customer base, and some management of their debt. 

Worth watching to see if it is turning the corner. Be a good effort in this current climate.


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## VSntchr (6 June 2016)

ASZ giving holders the old **** sandwich today - 
Start out nicely with


Here comes the real reason for the announcement - 


Finish strong!


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## skc (6 June 2016)

VSntchr said:


> ASZ giving holders the old **** sandwich today -
> Start out nicely with
> View attachment 66995
> 
> ...




I read that and just laughed... sounds like one of those "FY16 guidance unchanged" but don't quote us on FY17 type update.


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## laurie (4 October 2016)

hmm takeover offer of $1.63 has not raised a response here


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## System (26 December 2016)

On December 23rd, 2016, ASG Group Limited (ASZ) was removed from the ASX's official list in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement by which Nomura Research Institute Ltd acquired all of the Company's issued capital.


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