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Re: SOO - Solco Limited

Solco Ltd Settles Two Contractual Issues
16.03.2007

Solco Ltd (ASX: SOO): Solco Limited has signed agreements to settle two matters previously highlighted as actual and contingent liabilities in its accounts.

Acquisition of Solco Industries

In August 2004, Solco (formerly SES Limited) acquired Solco Industries Pty Ltd and Poly Tuff Pty Ltd. Initial consideration was paid in the form of shares in Solco. There were additional payments potentially due under a Net Proceeds calculation for each sale of an SMS license up until 30th June 2006 as defined in the Sale Agreement.

In late June 2006, an interim settlement was reached for payments due under the sale of the Malta license which was to form the basis for subsequent payments for the Malaysia, Tunisia and Ghana transactions which were being progressed but have yet to be completed. Solco has now reached a final settlement on these transactions with the previous owners of Solco Industries Pty Ltd. The full and final settlement involves the re-payment of funds loaned to Solco under a convertible note of $200k and additional payments of $168k by 30th May 2007.

Possible Legal Action

The inventor of the original Sun Mill pump that Solco sells submitted a claim against Solco when it operated as Solar Energy Systems Pty Ltd (SES). The matter has now been settled at no significant cost or future liability to the Company.



For further information, contact Mr. David Richardson on +61 8 9334 8102 or Mr. John Beech 0400 10 3675

http://www.solco.com.au/investors/announcements/solco_ltd_settles_two_contractual_issues
 
Re: SOO - Solco Limited

Talked with SOLCO-Chairman Robin Forbes this morning. SOLCO Board will meet on Monday, 16.04.2007. For future growth acquisitions are planned.
I guess there is already something in the pipeline. Expect news after above date.
 
Re: SOO - Solco Limited

StockExplorer said:
Talked with SOLCO-Chairman Robin Forbes this morning. SOLCO Board will meet on Monday, 16.04.2007. For future growth acquisitions are planned.
I guess there is already something in the pipeline. Expect news after above date.
Click to expand...


Interesting, I hope it all works out well.
 
Re: SOO - Solco Limited

19.04.2007

Solco Ltd (ASX: SOO) The Directors of Solco are pleased to report to the market on the progress of its phased corporate re-invigoration.


Phase 1 (Addressing the Past)

The Company believes the significant negative operational performance has now been substantially arrested through systematic remedial action since late August 2006 under Managing Director (and major shareholder) David Richardson.

This program of remedial work to resolve the underlying problems of the past is not complete, and has lead to a revenue reduction, as underperforming lines of operation have been rationalised. However, the Directors believe that Solco now presents as a sound base from which to leverage the future potential of the Company.


Phase 2 (New Board)

From 18 April 2007 the Board of Solco is to comprise:

Steven Cole (Chairman)

John Beech (Non-executive Director and Company Secretary)

David Richardson (Managing Director)

Mr Robin Forbes has retired from his position as Non Executive Chairman of Solco Limited effective from 18th April 2007 although he will remain temporarily as an alternate director to Mr Richardson.

Mr Forbes' retirement was foreshadowed during the final quarter of 2006 as part of the re?structuring of Solco when it was agreed he would step down as a director when a new appointment was made. The Board would like to acknowledge Mr Forbes' contribution to the Company through some very challenging times and his stewardship over the recent period of transition.

Mr Cole brings high level commercial skills in the areas of corporate governance, capital and financial markets, and mergers and acquisitions expertise. In addition, Mr Cole's experience in strategic and business planning, and financial and risk management will be important as Solco develops and executes its growth strategy for the future.

Mr Richardson said he was pleased that Solco prospects are now such that it can attract the commitment of someone of Mr Cole's calibre to the Board.

Mr Cole said he believes that the world is only now beginning to realise the potential of the sustainable energy sector. "The opportunities for Solco, as an emerging participant in this dynamic sector, are significant. I am also delighted to be working with Managing Director, Mr David Richardson, and the team with strong commercial and engineering disciplines he is assembling at Solco."

Mr Cole has 30 plus years of professional, corporate and business experience, through his legal training, as well as a range of other non-executive and executive corporate appointments. Steven is a senior partner of leading national law firm Allens Arthur Robinson, Deputy Chairman of the Professional Standards Councils of Australia, Vice President of the Australian Institute of Company Directors (WA Division) and Chairman of two investment companies with over $20 million under management.


Phase 3 (Capital Raising)

Solco announces an initial capital raising program of $2.95 million for development and working capital to allow Solco to build its human and strategic infrastructure requirements pending refinement of its strategic pathway forward. These funds are to be raised as follows:-

1. $2.45 million (approx) from a 1:4 renounceable pro rata rights issue at 7 cents per share to existing shareholders (as at a Record Date, yet to be set, but anticipated to be in June) following preparation and lodgement of a prospectus with ASIC and ASX.

2. Subject to shareholder approval in EGM (anticipated to be held in June), and in compliance with applicable ASIC and ASX requirements, $0.5 million by the placement of 7,142,857 shares at 7 cents each to interests associated with Steven Cole (representing approximately 4% of Solco's fully diluted share capital base).


Phase 4 (Strategic Pathway Forward)

In anticipation of completion of the Phase 3 capital raising initiatives, the new Board, in conjunction with executive management, are actively developing Solco's future strategic pathway in the growth driven sustainable energy and water sectors, and will report to the market and its shareholders as these plans are finalised.

It is foreshadowed that in addition to organic growth, this pathway will include strategic acquisitions of complementary businesses in target sectors to assist Solco in achieving the economies of scale and scope necessary for it to drive shareholder value as a public listed corporation.

To allow the Board to respond quickly to strategic acquisition opportunities as they may arise, at the proposed June EGM, approval will also be sought from shareholders to authorise the Board to issue up to 35% of Solco's share capital base for such purposes.

The new Board has great confidence in the future prospects of Solco as displayed by their commitment to the Company including personal financial investment.


Indicative Timetable

An indicative timetable for the capital raising and EGM is set out below (subject to fine tuning):
- mid/late May : prepare and dispatch notice of EGM
- early June : lodge prospectus with ASIC/ASX
- mid June : Record Date for rights and dispatch of rights issue offer to shareholders
- mid/late June : hold EGM and complete share placement
- early July : close rights issue offer
- mid July : issue securities under rights issue


Solco will keep the market progressively informed of material developments as and when they may arise. For further information, contact John Beech 0400 103 675.
 
Re: SOO - Solco Limited

Looks mildly upbeat, but the right issue and placement at 7 cents may hold the price back for a while. Will foreigners who are not registered as living in Australia be included in the rights issue, as it is quite expensive to include them these days?

I remain a little concerned as far as the present price of 9 cents is concerned. Matters have moved on and risk factors have reduced markedly, however, not enough to treble the value compared with Mr Richardson and his interests buy-in price, because profits are not yet being banked.
 
Re: SOO - Solco Limited

Third Quarter Report

30.04.2007

Solco generated a positive operating cash flow for the 3 months of $67k. This is the second consecutive quarter of positive operating cash flow.

The Company is benefiting from the tight control of its costs and working capital over the past 6 months. The latest result covers specific new expenditures aimed at growing the business.

Cash receipts for the quarter were $2.4m bringing YTD receipts to $7.9m.

Cash at bank at the end of the quarter was $870k up by $21k as at 1st January 2007.

As announced on the 16th March two contractual issues were settled. The first saw a final settlement reached with the original owners of Solco Industries, including an initial $33k cash payment made during this quarter. The second, involving possible legal action with the original inventor of the Sunmill pump, had no current or future impact on cash.

http://www.solco.com.au/investors/quarterly_updates/appendix_4c_march_2007
 
Re: SOO - Solco Limited

SOLCO up 55% !

Budget to energise solar power

The Government has revealed a range of measures to tackle climate change will be part of tonight's Budget, including spending $150 million over the next five years to increase the use of solar power in homes, schools and community buildings.
http://www.abc.net.au/news/newsitems/200705/s1916879.htm


SOLCO-owned CHOICE ElECTRIC
has been very active in the Solar
Schools program in Queensland, which is
administered by the Environmental
Protection Agency of Queensland (Qld
EPA). Choice was contracted to install 5kw
grid-connect school systems for 19 schools
in the Torres Strait; 8 of which were
completed in 05/06. All of these school
systems have now been successfully
installed and commissioned on time and on
budget.
Choice has over the past five years installed
65 grid-connect systems in Queensland
schools working with Qld. EPA and Ergon
Energy. Due to the successes with solar
schools Choice has been awarded 3 more
2kw grid-connect school systems in late
2006, giving us the opportunity to work
closely with Energy Solutions Team.
The newly formed Choice Western
Australia, whilst only operating for a short
period has been awarded 13 solar schools
with 8 of these systems successfully
completed to date. Choice presence in WA
will be expanded during 06/07 to become
part of our core Distribution and Project
business.
Annual Report 2006 http://www.solco.com.au/investors/annual_reports


SOLCO SP ASX 08.05.2007
Code Last % Chg Bid Offer Open High Low Vol
SOO 0.135 55.17% 0.135 0.140 0.090 0.140 0.090 3,299,329

0,135 AUD = 0,0823 Euro
 
Re: SOO - Solco Limited

Nice!

Are there any other companies that anyone knows of that are involved in the actual installation of solar systems?
 
Re: SOO - Solco Limited

SOO is at 0.165 at the moment, what is the expectation growth in price or a slump? is it worth buying now as the govt has planns for cleaner energy?
 
Re: SOO - Solco Limited

chops_a_must said:
Nice!

Are there any other companies that anyone knows of that are involved in the actual installation of solar systems?
Click to expand...

Hi Chops
I rang Solco about pricing a unit for my home and had a long discussion with very helpful staff, who also told me they had been fielding a lot of calls for the last two days. We got to talking about sliver cells (the latest in solar cells) and the salesman said that Origin were working on this, but he didn't know how they were progressing; and he was going to check up.
(Origin also pay dividends BTW).

I bought a small holding in both, SOO and ORG; both are up atm.

Taurisk
 
Re: SOO - Solco Limited

Solco seems to be drifting and closed at 10.5 cents after an enouraging price lift a few months ago.
I was always doubtful of the price rise that was many times the cash raising placing price.
The efforts of the directors have led to the enthusiasm that appears to have been overdone.
Would not be surprised to see the stock drift further.
 
Re: SOO - Solco Limited

Solco have announced a deeply discounted 1:4 rights issue at 7 cents a share. The stock may well come under pressure and may try to test the 7 cent level. This often happens, as was seen in the case of UXA.
 
Re: SOO - Solco Limited

received following for FOREIGN SHAREHOLDERS
July 20, 2007
Dear Shareholder,
RENOUNCEABLE 1:4 RIGHTS ISSUE (“ISSUE”)
- RECORD DATE : 20 JULY 2007
- RIGHTS TRADING COMMENCES : 16 JULY 2007
- RIGHTS TRADING CLOSES : 31 JULY 2007
Solco Limited’s prospectus for the Issue is dated 5 July 2007 and has been lodged with both ASIC
and ASX. A copy of the prospectus may be viewed on
www.solco.com.au/investors/announcements/prospectus.

Solco has a significant number of Foreign shareholders and wishes to ensure that they have the
maximum opportunity to participate in the rights issue where it is allowed under the ASX Listing Rules
and Corporations Act and to derive some benefit where they are precluded from the rights issues
under the regulatory framework.

Solco’s Foreign shareholders generally fall into one of two categories:

1. Foreign Shareholders registered with overseas addresses on the Solco Australian Share
Register managed by Computershare. Under the regulations, these foreign shareholders are
not able to participate in the rights issue. However arrangements have been made for the
rights of such Foreign Shareholders to be traded and any funds obtained will be remitted as
explained below

2. Foreign Shareholders who hold their shares through a nominee company with an Australian
address on the Solco Australian Share Register managed by Computershare. These Foreign
shareholders can only participate in the rights issue if they properly instruct the Australian
domiciled nominee company holding the shares on their behalf to accept their entitlement to
shares and provide the necessary funds through that channel. This option is explained in
detail below.

Foreign Shareholders registered with overseas addresses on the Solco Australian Share
Register

Although the Issue prospectus will only be made available to shareholders at the Record Date with
registered addresses in Australia and New Zealand, Solco has appointed:

Zenix Nominees Pty Ltd (a related entity to Hartleys Limited stockbrokers) of Level 6, 141 St
George’s Terrace, Perth, Western Australia.
o Phone : 61 8 9268 2888
o Fax : 61 8 9268 2800
o Attention: Talena Maes
to facilitate the sale of rights under the Issue for the benefit of foreign registered shareholders, in
accordance with ASX Listing Rule and Corporations Act requirements.

The net proceeds of the sale of the Rights (if any) after deducting all costs involved in the sale
process and subsequent distribution of such proceeds, will be distributed in Australian dollars to
overseas Shareholders for whose benefit the Rights have been sold in proportion to their
shareholdings as at the Record Date, save that individual amounts of less than $10.00 will be retained
by the Company.

Once the period of rights trading has passed either the Share Registry or the Company will remit
funds to the addresses held on the data base. Full details of these arrangements are set forth in the
Issue prospectus.

In this manner foreign registered shareholders may gain the benefit in value of the rights attaching to
their shares if there is an active market in the trading of such rights.
If you are a foreign registered shareholder at the Record Date you may care to contact Zenix
Nominees Pty Ltd (as above) or Solco Limited to ensure that your entitlement to participate in any
trading of rights attaching to your shares is registered.

If you are a foreign registered shareholder at the Record Date you may wish to make sure all details
are correct by contacting Solco Ltd’s Share Registry:

Computershare Investor Services Pty Ltd, GPO Box D182, Perth, Western Australia.
Telephone – 61 3 9415 4000 Fax – 61 8 9323 2033 www.computershare.com
Foreign Shareholders who hold their shares through a nominee company with an Australian
address on the Solco Australian Share Register

If shares are held through an Australian registered nominee company or intermediary, then the
beneficial foreign shareholder is treated as an Australian shareholder under the regulatory framework.
In this case, the Australian domiciled nominee companies will receive a prospectus and an application
form from Solco. Generally they will promptly forward all the details to the foreign based nominee or
intermediary acting on behalf of a foreign shareholder to enable them to consider or further process
such an offer. These foreign based entities may or may not forward the information in a timely manner
to the beneficial owner of the shares to enable them to provide the necessary instruction back through
the chain the Australian domiciled nominee company.

You may wish to contact your nominee company or intermediary through whom you deal to get them
to obtain details of the offer from the Australian domiciled nominee company in whose name your
shares are registered in Australia. Once you have the offer through the appropriate channels you will
be able give your instructions as to how you wish them to deal with the offer to participate in that
rights issue outlined in the prospectus.

The largest of the Australian domiciled nominee companies holding Solco shares on behalf of foreign
shareholders is ANZ Nominees. You may wish to contact Jeremy Duggan who is Announcements
Manager with ANZ Nominees in Melbourne , Australia to ascertain whether the foreign intermediary
through which you deal has been sent a prospectus and application form. Mr. Duggan’s contact
details are jeremy.duggan@ANZ.com and his phone number is 03 9273 6466.
I trust this information will assist you to be able to participate or otherwise obtain benefit from the
rights issue by the Company. We thank you for your support.

Yours faithfully,
John Beech
Company Secretary
 
Re: SOO - Solco Limited

SOO are firmly under pressure as markets decline. Trading at 9 cents this morning it may well be a wait and see situation on the rights issue. Looking determined to test 7 cents and may well drop to 6 cents shortly, imho.
 
Re: SOO - Solco Limited

noirua said:
SOO are firmly under pressure as markets decline. Trading at 9 cents this morning it may well be a wait and see situation on the rights issue. Looking determined to test 7 cents and may well drop to 6 cents shortly, imho.
Click to expand...

Down to 7.2 cents. Just before I comment on my clever forecasting it is fair to say that the "Great Slide" in markets made this happen. The company appears quite well set for the future, even so, it's 6 cents very soon, IMHO.
 
Re: SOO - Solco Limited

noirua said:
Down to 7.2 cents. Just before I comment on my clever forecasting it is fair to say that the "Great Slide" in markets made this happen. The company appears quite well set for the future, even so, it's 6 cents very soon, IMHO.
Click to expand...
Great slide yes, 6cents yes, after that report (Thanks Stock explorer) Looks Like a Slippery dip :eek: Well from the first page any way :eek:
Is there light at the end of the tunnel :confused: :banghead:
 
Re: SOO - Solco Limited

BIG BWACULL said:
Great slide yes, 6cents yes, after that report (Thanks Stock explorer) Looks Like a Slippery dip :eek: Well from the first page any way :eek:
Is there light at the end of the tunnel :confused: :banghead:
Click to expand...


There is a light at the end of the tunnel but, is this light, we see, a "Gorilla with a flash light"?
 
Re: SOO - Solco Limited

APPENDIX 4C – SEPTEMBER 2007

FIRST QUARTER CASH FLOW REPORT

For the quarter ending 30th September 2007, Solco Ltd sales
revenue from ordinary operations increased by a healthy 27% to
$3.3m compared with the corresponding period for 2006.
Although net operating cash flow for the period was negative $195k
this is accounted for by the timing delay of cash receipts from the
increased sales and the increased working capital needs to support
the expanded business (receivables up by $459k with inventories
down by $295k and payables also down by $43k for the quarter).
Cash at bank as at 30 September 2007 was $3.38m, up by
$2.575m since 1 July 2007 due largely to the capital raisings by
way of options conversion, pro-rata rights issue and placements
already reported to shareholders.

http://www.asx.com.au/asx/research/...chBy=asxCode&allinfo=on&asxCode=Soo#headlines
 
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