Australian (ASX) Stock Market Forum

FUL - Fulcrum Equity

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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.
 
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. :cool:
 
Great announcement today, we should get a better price for the iridium share now, with a consequential increase in capital return.
 
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.
 
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
 
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.
 
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:)
 
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.
 
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...
 
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....
 
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.
 
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 :banghead: I think it is still worth the wait, but it is going to take longer than original hoped for.
 
These guys have really choked.

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