# FUL - Fulcrum Equity



## Joe Blow (19 January 2007)

Fulcrum Equity (FUL) is the new name for the company previously known as Quadrant Iridium (QAD).

The thread on QAD has now been closed and any further discussion regarding the company should be continued in this thread. You may view the old QAD thread here: https://www.aussiestockforums.com/forums/showthread.php?t=3737


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## Knobby22 (19 January 2007)

Trying to do a valuation however can't get figures.

HLT (substantially owned by ful) has now been renamed Ultrapay ULT. They have a new CEO who started this January and the product has all certifications and is ready to be marketed to the UK taxi industry. At present only 20% of taxi and hire cars hace eftpos facilities so they have a good chance of getting profitable.  They are going to have a rights issue and it appears the present shareholders are very keen to take up their rights to the point they will underwrite the issue. Hoping for our shares to be issued if this is successful as expected.

We have been promised a capital return of between 2.2c and 3.2c in the near future from FUL mainly due to the selling of the Iridium business.

We also know the healthpoint business appears to have lots of potential. From memory (as we can no longer access the annual meeting slides and ful has no website) we were expecting fast growth. I was expecting something like 2.5c per share in three years. I might ring the company to get the info released.

So very difficult to value but does not appear expensive at this stage. All depends on what happens this year.


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## king.jackson (29 January 2007)

FUL looks to be gaining momentum again.

Looking forward to them releasing the announcement that they have sold the irridium stake in the US. (I think they stated this would happen early feb)

Should attract some attention on the market.


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## Knobby22 (2 February 2007)

Great announcement today, we should get a better price for the iridium share now, with a consequential increase in capital return.


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## king.jackson (3 February 2007)

Yes, great announcement - tax complications aside on the iridium sale...

Theres a bit of volatility with the day traders swaying the price around the 10 cent mark but overall there really is nothing negative going on with this company.This year should see some good announcements coming out.

Once the US get a hold of the Pharmacy Kiosk I also suspect some big deals happening.


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## king.jackson (17 February 2007)

*FULCRUM's Iridium jackpot*

This is great news for Fulcrum shareholders. The original value of their stake in Iridium looks to have just gone up in price. Do we hear 30-40+ Million?....

Heres the Article in this weekends Financial Review:

*FULCRUM's Iridium jackpot*

"Fulcrum Equities, with a market capitalisation of $43 million, is not a stock that gets a heap of attention but thanks to the woes of global satellite communications company Globalstar, it is starting to look interesting.

Fulcram is 54 per cent owned by Michael Boyd, best known as one of the early shareholders behind one of Australias best international corporate success stories, Sonic Healthcare.

Fulcrum has been in negotiations to sell its 6.35 per cent stake in the US satellite mobile phone group Iridium to a hedge fund since before Christmas, but the deal hasnt been completed because of the hedge funds tax issues and the emergance of other buyers.

In recent weeks, Iridiums newly listed rival, Globalstar, has emerged as a buyer of the whole of Iridium because of problems with its own satellites that appear hard to fix.
Buying Iridium would provide an instant solution and consolidate the satellite telecommunications market, which has had its well documented problems over the years.

Fulcrum seems to be selling partly because Iridium is looking to spend a speculated 2 billion-plus to deploy the next generation of satellites. Globalstars own trading multiple implies that it could pay a lot more than the hedge fund for the Iridium stake."

The Weekend Australian Financial Review Feb 17-18 2007 page 46


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## Knobby22 (17 February 2007)

Great find, King. 

I always thought they were selling it cheap. Michael Boyd wants to do a capital return as he doesn't need the company awash with cash. We could get a lot more money back if a good price is reached.

Fantastic.


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## king.jackson (6 March 2007)

Come on Fulcrum, time to show us some news...


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## king.jackson (12 March 2007)

Any thoughts Knobby?... All a bit too quiet...


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## Knobby22 (13 March 2007)

Their competitions satellites are failing!

http://www.stuff.co.nz/stuff/3990075a28.html

This article includes the following comment about globalstar 

"GlobalStar said in a statement to the US Securities and Exchange Commission on January 30 that growing gaps would emerge in its satellite phone coverage and that "some time in 2008, substantially all of the company's in-orbit satellites will cease to be able to support two-way communications services."

Should result in a much better price for Iridium


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## king.jackson (13 March 2007)

Good find Knobby!

Yes if they do buy, Fulcrum should get a good price however how long is this going to take to eventuate? In the meanwhile the company needs money now and also has to pay out the dividends they promised.

Exactly why the ASX asked how they were going to operate with only 800,000 cash at hand?

With so many promises and no deliveries share holders are getting impatient.


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## king.jackson (21 March 2007)

Up 12% today!

Must be something cooking in the kitchen...

Cant wait to see whats served up


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## rub92me (21 March 2007)

Definitely a sigh of relief from this end; surprised how far this retraced after the earlier rally. Still, I got a nice cheque in the mail   for keeping the faith...


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## king.jackson (29 March 2007)

Thought there was supposed to be a 'big' announcement this month?...


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## king.jackson (3 April 2007)

Havent seen your comments lately on this Knobby. You have any thoughts on whats going on? All a bit strange if you ask me. 

You mentioned you went to the AGM last year and met the guys who ran the company. Do they seem legit? Its all starting to look a bit sloppy....


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## Knobby22 (4 April 2007)

The guy who owns over 50% of the company runs it like a private company.

I have no idea when the Iridium sale will go through, only that it will go for more. He isn't very interested in keeping us co-owners informed.

You may have to wait a while or if you can't wait, get out and try to jump back in at the right time.


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## rub92me (18 April 2007)

Disappointing announcement yesterday. Revised profit forecast for the first half year and deferred income and capital return. No real progress reported on the Iridium sale either. Price dropped back to 7 cents on the close, back to where I bought it  I think it is still worth the wait, but it is going to take longer than original hoped for.


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## malachii (19 April 2007)

Nice come back today though with the Telstra announcement!

malachii


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## king.jackson (29 April 2007)

These guys have really choked.

Michael Boyde needs to take a good look at management at Fulcrum. Very disappointing.


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## king.jackson (29 May 2007)

Havent had a look at these guys for a while.

Cant believe how cr*p they have gone after all the empty hype. Boy-o-boy these guys are a bunch of turkeys.

Oh, hang on whats that? ASX announcment "please explain why you have no money"

Jokers.


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## rub92me (30 May 2007)

Feeling better now king?:Sure, it's disappointing that things haven't moved as quickly as hoped. But empty hype? They still have a stake in Iridium that's real. Even if they don't sell, that's a nice little earner. And the cash is deliberately left low in this company. I'm not concerned just yet. Patience is king


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## Knobby22 (13 June 2007)

rub92me said:


> Feeling better now king?:Sure, it's disappointing that things haven't moved as quickly as hoped. But empty hype? They still have a stake in Iridium that's real. Even if they don't sell, that's a nice little earner. And the cash is deliberately left low in this company. I'm not concerned just yet. Patience is king




Trading halt!
Our patience is to be rewarded hopefully with a good price for the Iridium sale. We shall see.


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## Knobby22 (13 June 2007)

And its not that good. They have sold 55% of their Iridium stake for 
 8.25 mil to buy AHG, much lower than I thought and are left with 1.8 million cash.  

They were going to sell the whole stake for 20 mil but kept getting other offers. Why has Boyd sold so cheaply? 

He must think he is on a big winner with AHG but I am personally disappointed.


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## rub92me (13 June 2007)

Knobby22 said:


> And its not that good. They have sold 55% of their Iridium stake for
> 8.25 mil to buy AHG, much lower than I thought and are left with 1.8 million cash.
> 
> They were going to sell the whole stake for 20 mil but kept getting other offers. Why has Boyd sold so cheaply?
> ...



I agree it's not good news, but the way I read it they have sold a maximum of 30% of the Iridium stake (if the option is exercised in the second 18 months, otherwise it's 25%) rather than 55%. And as long as the option is not exercised we'll still get 100% of the payout. Volume is so thin that it is hard to get out at a good price so I'll sit it out unless it gets really bad (sub 5 cents is probably my pain threshold).


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## Knobby22 (13 June 2007)

rub92me said:


> I agree it's not good news, but the way I read it they have sold a maximum of 30% of the Iridium stake (if the option is exercised in the second 18 months, otherwise it's 25%) rather than 55%. And as long as the option is not exercised we'll still get 100% of the payout. Volume is so thin that it is hard to get out at a good price so I'll sit it out unless it gets really bad (sub 5 cents is probably my pain threshold).




I hope you are right. Typically unclear wording. 
I doubt they won't take up the option.

I sold 15% of my holding but will hold the rest prob. till the end of the year when hopefully we will see some good figures.


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## king.jackson (13 June 2007)

Baaahhh 

Not holding my breath with these guys. Will check back in when they’ve got something substantial to announce. None of this pie in the sky rubbish.

Seems they are desperate to get some money in. Not a good sign that their subsidiaries/investments HLT, ULT etc don’t have any positive cash flow to cover costs forcing them to sell their iridium stake so cheaply.

How long til this next small injection of cash runs out? What a waste.

Need to get some runs on the board Fulcrum and stop this paper shuffling. 

To try and be positive I think give another 2 years and the empire Mr Boyd is trying to build here could be big. Just not in the next 12 months.


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## king.jackson (5 July 2007)

Finally! Placement of a CEO with some credentials.  Hopefully whip things into gear with Healthpoint products. Interesting to see they keep hinting at international interest for the Health system. Would like to see some more announcements on that.

A turn in the tide hopefully. Good time to buy I think.


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## king.jackson (30 August 2007)

Hmmm... maybe not. WTF is going on with this company?


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## stumpythefish (14 July 2008)

Has anyone been keeping their eye on this stock lately?

Looks like its had a few rounds with Tyson with its hands tied behind its back...

Any chance of a turn around with this one?

Seems to be as low as it can go. Might be worth a cheap gamble.


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## rub92me (24 September 2008)

rub92me said:


> Feeling better now king?:Sure, it's disappointing that things haven't moved as quickly as hoped. But empty hype? They still have a stake in Iridium that's real. Even if they don't sell, that's a nice little earner. And the cash is deliberately left low in this company. I'm not concerned just yet. Patience is king



Well, I did get concerned later and sold out. :
However, it looks like the Iridium stake is coming home to roost.
FUL holds 6.385% of Iridium, however has secured a 10 million loan against a 25-35% of this. Say worst case they're left with 4.15% of Iridium.
If I read this correctly, the Iridium merger will give FUL:
USD 77 million * 4.15% = USD 3.2 million
73.9 million shares * 4.15% = about 3 million shares with IPO value of USD 10 each. Actually, if they oppose the merger they can get bought out for a per share value of USD 10.50 to USD 12.50.
So the combined value of this to FUL = USD 3.2 + (30 to 37.5) = 33.2 to 40.7million.
Their current market cap is about USD 2.5 million.
This could get interesting


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## stumpythefish (24 September 2008)

What about the 11 Mill due next month they owe.

Also other the 'process of finalising two other significant transactions' concerns me. What is it? Some other surprise to stuff the company up?


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## rub92me (26 September 2008)

Placement of 225 million share at less than half a cent, but:
Looks like my calculations on the merger value are in the ballpark, and they're hinting at a cashback to holders of USD 15 million (about AUD 17.5 million), which is about 2.5 cents per share even after the dilution.
Someone has done a good deal there methinks...
Shareprice on the rise, but still well short of what it should be based on the above.


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## stumpythefish (26 September 2008)

Until I see the money Ill remain a sceptic based on past experience. Having said that it does look promising.


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## rub92me (4 December 2008)

A 'bit' of green today for this nano cap; up 250%  Hello ASX, wake up, it's going about 10 times faster than the speedlimit. :
Still about 30% down from where it was a short while ago though.
Will be interesting to see what tail this little puppydog will grow if the Iridium sale goes through.


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## stumpythefish (4 December 2008)

The exchange rate with the AUD now lower means we'll see an increase of another 40% more for the stake than a few months ago. 

what does that equate to Mr Rub?


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## rub92me (5 December 2008)

If the deal were to go through at its present form, without further dilution or other debt curve-balls at fx rate of 0.65 I'm coming to about 3 cents a share cash back. Lots of ifs and buts though, and I agree that it is probably wise to remain skeptic based on previous track record.


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## stumpythefish (28 March 2009)

HAHA! Just read the new announcement.

This company would have to be the laughing stock of the ASX the way they have treated the shareholders.

Its been an amusing ride. Ill miss the complete and utter stupidness of their comedy of errors.

Well done Directors of Fulcrum - well done.


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## burp (6 June 2012)

I just received annual reports for last three years today and a notice of general meeting for 1st June 2012 at 11am.

Are these guys relaunching?


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