Concept Sports tanked after listing and traded at 2.2c in early Dec. Its now 7c on fairly consistent volumes. Apart from a good Ashes series can anyone help me understand the increase ???
Concept Sports tanked after listing and traded at 2.2c in early Dec. Its now 7c on fairly consistent volumes. Apart from a good Ashes series can anyone help me understand the increase ???
Ahh ok. I've had these on my watch list since they where 2c. In just a few weeks they've more than tripled... one of those ones that got away I think. They could very likely come back to earth soon though.
ST KILDA Football Club president Rod Butterss has bought a 2 per cent stake in Concept Sports, the troubled sports merchandise company run by the president of rival AFL club Richmond, Gary March.
Butterss Management Services bought 2.5 million shares in Concept Sports late last year. That gives the St Kilda president control over a 2.08 per cent stake in the company and made him the 10th largest shareholder when the company last lodged its share register.
Yesterday Mr Butterss confirmed the purchase in Concept Sports. "Yes, I have bought a stake, but I can't really comment on the day-to-day operations of the company because I am just a shareholder," he said.
"But I do see a brighter future ahead for the company, otherwise I wouldn't have bought the shares."
Mr Butterss referred all further questions to Concept Sports' new non-executive chairman, Andrew Plympton, who was Mr Butterss' predecessor as president of the St Kilda Football Club.
Mr Plympton said the involvement in the company of two St Kilda presidents and the Richmond president had given him "cause to laugh".
"But what I will say is that sport has an ability to bind people together regardless of allegiances," he added.
Mr Butterss is not the only high-profile buyer of the stock in recent months. 333 Capital, a private equity investment division of insolvency experts KordaMentha, has bought 8 million shares, or a 5.8 per stake. The purchase was done through the private company KM Nominees, and signed off by Mark Korda.
The buy makes 333 Capital the eighth-largest shareholder. "Yes, they are a shareholder and I have an enormous amount of respect for the players in that business," Mr Plympton said. "But they are not there to provide advice to the board."
Concept Sports floated at 50 ¢ a share in June 2004, but has laboured under a series of financial disasters ever since. The share price dived to a low of 1.6 ¢ a share last year, but rebounded to 9 ¢ in February. It closed at 6 ¢ yesterday.
The company raised almost $1 million through a two-for-three placement to existing shareholders last year, but it still must file monthly statements to the Australian Stock Exchange detailing its financial position.
Mr Plympton's appointment to the board heralds a new era for the company, according to managing director Mr March. "We have had a major restructure of the company in recent months and that includes Andrew joining the board," Mr March said. "Our goal is to get this company back to trading profitably on the back of its major merchandising events."
Concept Sports has the merchandising rights to the 2007 cricket World Cup, which starts in the West Indies this month, the 2007 America's Cup in Spain and the 2007 Rugby World Cup.
"These are three significant business events for the year," Mr March said. "We start with the cricket World Cup, but that actually has the least volume (of trading) of the three."
Mr March said he had no issue with his current and past rivals at St Kilda becoming involved with the company.
Mr March said he had no comment on Mr Butterss' purchase in the company.
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