# QAD - Quadrant Iridium



## Knobby22 (22 June 2006)

This is one for any fundamentalists to take a look at.

They own part of the US firm Iridium Satellite LLC which due to Katrina and modern living has increased their profits 73% from the same quarter last year.
They are now providing capital repayments that will rapidly reduce QAD's debt.

Iridium are on the market and if sold QAD should be awash with cash.

Secondly, QAD has took a controlling stake in HCT at a bargain price.

And they have got their own businesses.

In terms that traders understand the price has formed a strong base and should take off following a good announcement.

Knob


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## Knobby22 (6 July 2006)

Market is catching on! Up 11% today.


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## Knobby22 (25 July 2006)

Iridium announced double EBITDA today compared with last year.

Iridium Doubles EBITDA in Second Quarter.

Melbourne, July 25, 2006 – Quadrant Iridium Ltd (ASX: QAD) today
announces the second quarter highlights for Iridium Satellite LLC (of
which Quadrant indirectly holds ≈9% stake).

• Voice and Data Subscriber numbers have increased 25%
compared to the same quarter last year to 159,000.
• Revenue for the second quarter 2006 increased 31% compared to
the same quarter last year to US$53.6 million.
• EBITDA for the second quarter 2006 was US$13.2 million an
increase of 100% compared to the same quarter last year.
• Cumulative EBITDA for the half year was US$26 million.


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## Knobby22 (7 August 2006)

Another 20.8mil capital return!
Release from loan guarantee resulting in increase of 800K to bottom line!

All good news!


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## king.jackson (15 September 2006)

Hi Guys,

First post on this site for me! - (Although I have been keen a reader for a little while now).

Wanted peoples thoughts on QAD.

After their Company Update release last week I cant believe there was minimum movement on the stock. It seems very undervalued to me.

A great cash flow, 6 million cash in bank, no debts and now paying dividends!

"Managing Director Adam Legg said “Quadrant has never been in such a
strong financial position, we have more than six million cash at bank,
zero debt and the main operating business unit, Healthpoint is
performing better than ever”.

Thoughts...


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## Knobby22 (15 September 2006)

I do think the stock is still a bargain however ...
the accounts are not at all clear, they have missed out the HLT takeover. Why have some of the costs risen so much? Why is the amount spent on travel so high? Suspect CEO has hands in till.

Still, when Iridium is sold should get a very health cash return, if they give us one.

The annual report had better be better otherwise we shall see a few shareholders including me) turning up at the Annual Meeting with some hard questions management will need to answer.


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## king.jackson (15 September 2006)

Well a little extra money being spent on travel isnt such a bad thing in my books. Could be just a case of drumming up more business.

If theyre now flush with cash, it doesnt surprise me they are spending more. You've got to spend money to make money!

But yes, i agree, it would be nice to be told some more specific information on what is happening.


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## Knobby22 (15 September 2006)

I am a bit critical as I have invested a substantial sum of money.

It will be a great investment unless management stuff up.

The basics are goods though. The markt cap is only 31 mil. Healthpoint seems to be improving though it was 15% below forecast and HCT may be a real goer. It is Iridium which really gives value to the company though. I can easily see a rerating of the company to double the present price.

The next six months will be very intersting and hopefully very profitable.


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## king.jackson (18 September 2006)

Yes, it's very undervalued at this point in time.

If it was a mining exploration company that hadnt even dug a thing out of the ground it would probably be over a dollar!!


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## king.jackson (18 October 2006)

Does anyone here know what the hell QAD are up to?!!

They release information saying how they are cashed-up and have never been in a better position but havent actually said what they are doing! 

Whats going on guys?! 

Now that you have this available money why dont you tell your share holders what you intend to do with it! Not doing much in the bank! Or is it just paying your wages to sit around with your thumbs up your backsides?!


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## Knobby22 (18 October 2006)

Is this a new release?

I wish they would tell us what they will do with the money.
They have said that they will sell the Iridium investment which will bring in a lot more.

I wish I trusted the management more.
Have you received the annual report in the mail yet? I haven't.


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## king.jackson (18 October 2006)

I havent recieved zip from these guys.

Im 50/50 on selling at this stage and may buy back in down the track if they start to do something a bit more interesting.

Right now however it's one big snore!


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## Knobby22 (18 October 2006)

King

They have put Iridium on the market.
If they sell, which could happen next week or in six months the price will jump substantially. We know the company is worth more.

Patience required.


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## king.jackson (18 October 2006)

Your right K22,

Just looks very weak at the moment. I agree if they sell their Iridium portion it'll be good for the shares. Healthpoint looks good too but whats happening with HLT?!!! All a bit unclear.

hmmmm, to hold or sell.....

I'll hold and look at the situation again toward the end of the year....


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## Knobby22 (18 October 2006)

Hopefully we will get a Christmas present.


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## Knobby22 (24 October 2006)

AS expected, QAD have decided to take control of HLT through the clever loan deal, now owning nearly half.


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## king.jackson (24 October 2006)

Yes, but why the fall to .049 breifly today?! (Luckily it came back up).

Dont think the market knows what to make of investing into HLT. Nor do I really?...


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## king.jackson (24 October 2006)

Just finished reading the "Independent Experts Report" on the QAD loan/share transfer.

Interesting potential with the ULTRA PAY product into the european market and good to see them selling off the telcogames and TV network in Sri Lanka.

Something tells me the QAD guys know what they are doing...


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## king.jackson (16 November 2006)

QAD up 10% yesterday and looking much stronger in the buying side recently...


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## Knobby22 (16 November 2006)

I think the real trigger for a rerating will occur at the AGM.
When are they having it? Surely they will get into trouble with the ASX soon.


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## Knobby22 (19 November 2006)

king.jackson said:
			
		

> Yes, but why the fall to .049 breifly today?! (Luckily it came back up).
> 
> Dont think the market knows what to make of investing into HLT. Nor do I really?...




King, look in your messages for an answer.
K22


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## king.jackson (19 November 2006)

indeed...

Well, Im going to hold until the new year on this and see what to make of it all at that stage. The company seems to be in a transitional phase at the moment... for the better I think....


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## king.jackson (21 November 2006)

Wow! Qad signed a deal with Sigma Pharmacauticals to supply 700 of their information systems to Sigmas Amcal and Guardian stores. Will add 4.5 Million to bottom line plus giver leverage into other areas.

Sounds like theres interest from overseas too.

This is great news. QAD are on the up from this point on.


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## Knobby22 (21 November 2006)

I agree. 
I didn't expect this. Great news.


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## king.jackson (28 November 2006)

AGM date set and on the agenda a name change to FUL.

Great move as the QAD name has too much baggage associated with it and with the new aquisitions the company has made this year really is a new company than a few years ago.

Good move


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## Knobby22 (5 December 2006)

Looking really good now, up a handy 50% on my initial investment. 
See everyone, fundamental analysis does work!

The company is still fundamentally undervalued but we won't know by how much until Iridium is sold. I suspect it will get a lot more than what it is shown for in the books.

K22


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## rub92me (5 December 2006)

Well done Knobby22. There is also a big buyer on the prowl today, who appears to buy out all the 0.08 sellers. This one could definitely go places soon if he/she/they keep(s) it up. I like the longer term potential for this one too, so will be holding out for a while


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## king.jackson (6 December 2006)

And still going strong!


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## rub92me (7 December 2006)

Exceeded my positive expectations. Up another 23% today. Surely they'll get a speeding ticket now! I'll be happy if it stabilises a bit tomorrow around the 10 cents to establish a bit of a platform. On the other hand, I wouldn't mind for it to go ballistic either


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## Knobby22 (7 December 2006)

And finally I'm winning the tipping comp


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## king.jackson (7 December 2006)

well done Knobster!

It had to be sooner or later as they are so under valued (even now).

Make no mistake, this company is on the up.


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## rub92me (8 December 2006)

Big buyer still at it. Just took a chomp of 3 million shares @ 10 cents. That should give it the foundation we're looking for.. :


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## rub92me (13 December 2006)

Good consolidation for a number of days with decent volume to fill the gap that was jumped between 9 and 10 cents. And it started running again today with an 11.5 cent close. This is looking really promising now.


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## Knobby22 (21 December 2006)

Went to the meeting, it was a tiny conference room! So small that they could barely display the powerpoint presentation. There were 12 shareholders present.

The speech will be posted soon but I was impressed, paticularly with the MTM system in the US.  Healthpoint looks a real goer and HLT will also be nice shares to get one day (promised between 9 months and 2 years). 

Iridium will be sold on the 15 Jan for around 20 mil. They explained the reasons for selling which were very logical.


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## rub92me (21 December 2006)

Thanks Knobby, looking forward to the presentation. Price action so far today again looks promising, with the 12.5 cent sellers taken out by big-ish buys. With a bit of luck they may win you the competition this month.


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## noobs (21 December 2006)

Yeah good on you Knobby!! I thought I had it all wrapped up with EDE but this looks like a even bigger winner at present. I hope it is a race to the finish!
Merry XMAS


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## Knobby22 (21 December 2006)

Thanks.
Merry Christmas everyone! May next year be half as good as the last three years have been on the stockmarket.


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## king.jackson (23 December 2006)

Thanks for the update on the AGM meeting. Looks like the company is planning on having a properous 2007. Good for them, great for us!

Question now is when is the right time to sell.


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## Knobby22 (24 December 2006)

I've sold nearly half my shares, (I had a lot of them) and plan to retain the rest long term (at least 3 years).  If the price drops to less than 10c, I will buy back to my original shareholding.

The meeting has convinced me that this company is going places. I expect a price over 20c over this time. Now we know more it is possible to do a valuation. I will do one when I get a chance after Christmas.

K22


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## king.jackson (15 January 2007)

Happy New Year Knobby!

Thanks again for the update on the AGM meeting. Look forward to reading your annalysis on the QAD shares at the moment, or should I say FUL.

I too am very positive about this company and believe this will be a good year for them as they have put everything into place last year (including elminating their all debts).

Looking forward to seeing what they do with the 20 million they will get from selling the iridium stock. Leverage into new markets with their kiosk product, international hopefully.

Did they mention much about the HLT company they have invested in? WOuld have been worth while attending that AGM also.

All good at this point.

KJ


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## Knobby22 (15 January 2007)

Yes, KJ, they did mention it and showed us the finished product.

The short term market is basically the taxicabs in London. They were pretty confident but won't issue is the shares until the company is making (hopefully) lots of money. I don't think it will that difficult to copy by competitors should it start to make really big money.

I don't the potential is anywhere near as great as the kiosks but it should do Ok nevertheless. Can't wait to get the shares, they were suggesting it would be at least a year away.

Haven't done the valuation yet.
Price has stopped for a nice breather, but I don't think I will be able to buy more below 10c unless a sharemarket crash occurs (there are pointers that this may occur).

We will have to start a new thread..or can one of the moderators change the name??  Fulcrum  Ful.


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## Joe Blow (19 January 2007)

Quadrant Iridium (QAD) is now known as Fulcrum Equity (FUL) and any further discussion about the company is to be continued in the FUL thread, which is located here: https://www.aussiestockforums.com/forums/showthread.php?t=5653

This thread is now closed.


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