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ENG - Engin Limited

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That is excellent buying value - I'm jut waiting, waiting it is very much undervalued at that price.
 
Panic about interest rate rise and end of financial year seems to be pushing everything down. I am confident that this is only for the short term and should go back up in July.
 
Many of us did

This stupid, irrational panic selling is almost funny.
People follow the herds - fair enough on major specs - but to do it on co's with great fundamentals, and future prospects about to come to fruition like eng, well, you gotta face the music when the prices go right back up and you sold for a loss, plus didn't top up while low...

Well, it's good for us...
 
Pharoh,

I agree completely with you. The problem with most people is that when there is a big drop like we had in May up to now they panic instead of looking to the fundamental of the company first and invest for the long term (That is how I do it). Historically May and June are bad month partially for technical reason (end of financial year) therefore I see them as well as buying month for me instead of selling in a panic like most people did recently. No reason why the stock market will not bounce back in the next few months. It is already doing that.
I bought some more ENG recently too
 
A bit surprising to me that ENG went down almost 5% today when the rest of the market went up
 
People

I had a word to the investor relations guy from Engin yesterday

He told me this

1. there has been a billing problem
2. the problem is now corrected
3. no record of calls has been lost
4. those who have not been billed for calls will be billed for calls over the next month or two
5. the billing issue was minor, and affected less than 10% of calls
6. there is no information which is market sensitive that has not been released
7. there have been a number of calls to ask the company to make a statement, reassuring the market that there is no adverse news
8. he is going to raise the issue with the CEO (tales) who will discuss it with the board about an announcement
9. The company expects to break even within the first quarter of next financial year (as previously released)
10. There continues to be increased subscriber number growth at the previously forecast levels
11. nothing has changed with the company
12. the next planned announcement is toward the end of july 2006, at which time subscriber numbers and cash flows will be release


ij
 
Thanks for the update

I received a bill yesterday for -$10 which explains the billing issue

The only issue I can see with this is that they may not reach that break even point this month if that money wasn't billed correctly, but overall no big issue we just wait on and had a good chance to top up holdings
 
I've been following this stock for awhile.

Can't really see the fundamental of the stock changing much at all, and watching it went from 46c to 24c it look to be good value IMHO.

So I'm happy to top up at $0.24 yesterday. I'm confident I made the correct decision.

Good luck everyone.
 
Good decision - Engin rocks.
This is just a great 50% off sale at the moment

Bring on breakeven, BPL launch, etc....
 
ENG down today at opening on announcement of extraordinary meeting.
 
expanding on track

but no mention of cash position, or revision to EBITDA breakeven date
(which concerns me)

i guess last time cash was raised (at 14c)
the stock went to 24c within 10 days
based essentially on the same information (ie accelerating growth)
but no real cash figures

i think this is why the market has repriced the stock lately
i do not think the market will move much on this announcement

of course I could be proven wrong

i certainly would want to know the cash position prior to saying yes to more funds


ij
 
There are three concerns I have with today's announcement

1) Does this mean that the $4.1M raised in Jan 06 has been exhausted and there are problems with cash flow?

2) The perception that 100,000 customers can be achieved by June 07.

Based on the 40,000 figure quoted in today's relase, this would require a sustained increase of 5,000/month for next 12 months.

Looking at the last few months, the rate appears to have reached a plateau and I'd want to establish what strategies the company has to increase the per month uptake. Such strategies I'd also want to see take into account any issues that delays to BPL roll out may introduce.

3) Placement is at the discretion of Board.

Sure - but don't the Board represent shareholder interest????

I'd want to see placement made with institutional investors to see strong financial backing for the stock....

All these things in mind - I am wary of voting no, as this may also result in impeding the company's strategy.
 
I may be missing something - i just read the announcement, but it seems to me that how can one achieve 'breakeven' if you have to issue 50 million more shares to fund further capital to get you to the next goal (100,000 subscribers)?
 
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