FUL - Fulcrum Equity

[rub92me]

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

 

[Knobby22]

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.

 

[Knobby22]

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.

 

[rub92me]

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.

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).

 

[Knobby22]

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.

 

[king.jackson]

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.

 

[king.jackson]

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.

 

[king.jackson]

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

 

[stumpythefish]

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.

 

[rub92me]

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

 

[stumpythefish]

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?

 

[rub92me]

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.

 

[stumpythefish]

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

 

[rub92me]

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.

 

[stumpythefish]

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?

 

[rub92me]

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.

 

[stumpythefish]

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.

 

[burp]

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?