SEN - Senetas Corporation
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bigdog
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Notice of Annual General Meeting to be held Thursday 23 November 2006
You would expect some good news to be issued yoday prior to AGM tomorrow
Maybe today!
You would expect some good news to be issued yoday prior to AGM tomorrow
Maybe today!
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This SEN story has become so tiresome. 
The moment they start trading again I'm OUT!!!!!! :
The moment they start trading again I'm OUT!!!!!! :
bigdog
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Just ANN to ASX
SHAREHOLDER UPDATE
Senetas anticipates that the capital raising will be completed by 5pm Wednesday 22 November 2006, in the event that the capital raising is not fully completed by this time the company will withdraw resolution 5 from the business of the Annual General Meeting on the 23 November 2006 and will immediately inform the market of its decision to do so. Senetas will request the ASX to lift the suspension on Thursday 23 November 2006.
SHAREHOLDER UPDATE
Senetas anticipates that the capital raising will be completed by 5pm Wednesday 22 November 2006, in the event that the capital raising is not fully completed by this time the company will withdraw resolution 5 from the business of the Annual General Meeting on the 23 November 2006 and will immediately inform the market of its decision to do so. Senetas will request the ASX to lift the suspension on Thursday 23 November 2006.
bigdog
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ASX ANN today states:
Senetas has requested the ASX to lift the suspension period and expects to resume trading on Thursday 23 November 2006.
http://www.asx.com.au/asxpdf/20061123/pdf/3zqm30rw62rp4.pdf
SHAREHOLDER UPDATE
Senetas advises that, as at this time, the company has not completed its proposed capital raising with IKL Management Co. Ltd, the company withdraws Resolutions 3 and 4 from the Business of the Annual General Meeting (AGM) to be held on 23 November 2006.
Resolution 4 was an incident of the capital raising and predicated completion by the AGM. Due to both the nature and size of the proposed investment it was not possible for IKL to complete by the 23rd November 2006. Resolution 3 was to facilitate a possible restructuring of the Senetas board associated with the strategic investment.
We regret the Capital raising project has not been finalized. Both parties are working to complete the transaction as soon as possible.
Senetas has requested the ASX to lift the suspension period and expects to resume trading on Thursday 23 November 2006.
Senetas has requested the ASX to lift the suspension period and expects to resume trading on Thursday 23 November 2006.
http://www.asx.com.au/asxpdf/20061123/pdf/3zqm30rw62rp4.pdf
SHAREHOLDER UPDATE
Senetas advises that, as at this time, the company has not completed its proposed capital raising with IKL Management Co. Ltd, the company withdraws Resolutions 3 and 4 from the Business of the Annual General Meeting (AGM) to be held on 23 November 2006.
Resolution 4 was an incident of the capital raising and predicated completion by the AGM. Due to both the nature and size of the proposed investment it was not possible for IKL to complete by the 23rd November 2006. Resolution 3 was to facilitate a possible restructuring of the Senetas board associated with the strategic investment.
We regret the Capital raising project has not been finalized. Both parties are working to complete the transaction as soon as possible.
Senetas has requested the ASX to lift the suspension period and expects to resume trading on Thursday 23 November 2006.
bigdog
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Smuggler from HotCopper posts:
anyone seeing any good in this are persons desperate because of their holdings.
this is as close to the biggest sham the ASX has seen its not funny.
In fact would not surprise me to see and ASX and ASIC investigation into this entire matter.
where this goes now is anybodys guess.
There has been NO news on any contracts and all this fiasco has done is to take scrutiny of the business off itself.
Now everyone has to focus on what SEN has or is doing in terms of revenues.
I would say this also could be another reason why the placement collapsed.
Did the "investors" get to see how bad things are at SEN???
there are too many red flags on this now.....and has danger written all over it until there is more clarity on the business and this transaction.
anyone seeing any good in this are persons desperate because of their holdings.
this is as close to the biggest sham the ASX has seen its not funny.
In fact would not surprise me to see and ASX and ASIC investigation into this entire matter.
where this goes now is anybodys guess.
There has been NO news on any contracts and all this fiasco has done is to take scrutiny of the business off itself.
Now everyone has to focus on what SEN has or is doing in terms of revenues.
I would say this also could be another reason why the placement collapsed.
Did the "investors" get to see how bad things are at SEN???
there are too many red flags on this now.....and has danger written all over it until there is more clarity on the business and this transaction.
Note that they did not say that the capital raising was off but was just not finalized at this stage.
I agree there was no real reason to keep the share in trading suspension for that long.
Let's see what the agm brings but the opening will probably not be very favourable to SEN
I agree there was no real reason to keep the share in trading suspension for that long.
Let's see what the agm brings but the opening will probably not be very favourable to SEN
bigdog said:
Must admit they've made all the investors wait a month for no result and certainly looks embarrassing for the company. There has been no real information released which is frustrating and as investor i have found their behaviour towards shareholders contemptuous.
That aside im not going to jump on the cynic bandwagon. Suggesting this is a big sham, suggesting that their deal has failed and whatever else people can conjure up, really is just their temporary replacement for the want of FACT.
bigdog
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down 9 cents to 37.5 and now 38.5
Not good
Not good
bigdog
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I believe that SEN business has great potential and is exciting stuff
AGM is undeway and presentation posted ASX
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00670742
CHAIRMANS ADDRESSS – 23 NOVEMBER 2006
SENETAS HIGHLIGHTS FULL-YEAR TO 30 JUNE 2006
Highlights for the 2005-2006 year included the following:
• $9.7 million Net Profit Before Tax - up over 25%
• Increases Total Revenue: $23.6 Million – up 4%
• New strategy being implemented to improve product distribution
• Earnings affected by lower than expected O/S distributor results
• Increased R&D investment to maintain market-leading CypherNET technology
• Proof of concept shown for encryption of popular microwave networks
• New Senetas CEO completes restructure to build multi-channel sales
• Suspension of dividend policy due to a planned corporate alliance and strategic investment
A significant part of the profit last year was a result of our sale to InfoProtect. I will say more about this later but it does highlight the need for broadening Senetas’ strategic approach and freeing itself up to and then finding new distribution channels.
The company remains debt free with $5.5 million cash at bank.
We also had a number of significant strategic achievements for the year.
ACHIEVEMENTS FOR 2006 FY
• Completed Proof of Concept for encrypted microwave data
• SONET encryptor gains US FIPS accreditation
• RTM improved with new SafeNet agreement
• Senetas extends Signalguard reseller agreement for Asia
• Nextgen to market Senetas-encrypted VPLS service
• CypherBlade technology under development
• Senetas developing Quantum Cryptography solution
AGM is undeway and presentation posted ASX
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00670742
CHAIRMANS ADDRESSS – 23 NOVEMBER 2006
SENETAS HIGHLIGHTS FULL-YEAR TO 30 JUNE 2006
Highlights for the 2005-2006 year included the following:
• $9.7 million Net Profit Before Tax - up over 25%
• Increases Total Revenue: $23.6 Million – up 4%
• New strategy being implemented to improve product distribution
• Earnings affected by lower than expected O/S distributor results
• Increased R&D investment to maintain market-leading CypherNET technology
• Proof of concept shown for encryption of popular microwave networks
• New Senetas CEO completes restructure to build multi-channel sales
• Suspension of dividend policy due to a planned corporate alliance and strategic investment
A significant part of the profit last year was a result of our sale to InfoProtect. I will say more about this later but it does highlight the need for broadening Senetas’ strategic approach and freeing itself up to and then finding new distribution channels.
The company remains debt free with $5.5 million cash at bank.
We also had a number of significant strategic achievements for the year.
ACHIEVEMENTS FOR 2006 FY
• Completed Proof of Concept for encrypted microwave data
• SONET encryptor gains US FIPS accreditation
• RTM improved with new SafeNet agreement
• Senetas extends Signalguard reseller agreement for Asia
• Nextgen to market Senetas-encrypted VPLS service
• CypherBlade technology under development
• Senetas developing Quantum Cryptography solution
hmmm.....i wonder if the panic merchants, who listened to the doomsdayers, are buying back their stock? Herd mentality never ceases to amaze me!Fab said:I think there is a bit of over reaction in this morning sell off. It might offer some good opportunities to buy back at a good price. SEN is debt free which is quite valuable
Struggler is possibly the biggest loser of all. What ever this guys says do the opposite! Read some of the QTK thread on HC. He has bought 3 million of these shares which he is a LONG way down on. He is desparately trying to ramp up this stock.
Apparently has done the same a couple of times before. I believe BQT is anoter one of his investments that have gone horribly wrong. Struggler is articlular, researches hard, and then always seems to buy at the wrong time.
He is also extremely arrogant, and never ever wrong. Of course.
Follow this snake oil charmer at your own peril!!!!!
Regards
B
Apparently has done the same a couple of times before. I believe BQT is anoter one of his investments that have gone horribly wrong. Struggler is articlular, researches hard, and then always seems to buy at the wrong time.
He is also extremely arrogant, and never ever wrong. Of course.
Follow this snake oil charmer at your own peril!!!!!
Regards
B
bigdog said:
bigdog
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Todays Australian reported
http://www.theaustralian.news.com.au/story/0,20867,20812298-23634,00.html
Senetas back on the boards
CRITERION
Tim Boreham
November 24, 2006
Senetas (SEN) 42c
THEY'RE baaaack! After a five-week absence from the boards, the IT house and day traders' favourite resumed trading just as the faithful gathered for yesterday's AGM. With expected news of the $26 million capital raising and accompanying strategic investment failing to materialise, the shares did well to lose only 4.5c, or 10 per cent.
There's a profit warning as well: first-half profits will be down by "more than 15 per cent" on the previous $1.2 million. Given the length of the self-imposed suspension, management had desperately wanted to seal the deal before the AGM. "We turned out to be wrong, by perhaps days," said chairman Francis Galbally.
So with the vaunted 55c-a-share raising not going "as smoothly or expeditiously as we would have liked", all management could offer holders was "short-term pain for mid to long-term gain".
Galbally maintains the nub of Senetas's revenue problems - its underperforming global distributor SafeNet - has been fixed. After a SafeNet management reshuffle, a "mutually more collaborative" relationship is showing results. Alas, these aren't showing on the sales line - or at least, not yet.
"Senetas expects far better results in the second half as the expanded business model begins to affect results for product sales," Galbally says.
Management yesterday was mum on strategic investment - confidentiality reasons and all that - but reassured folk the investment would "further enhance our penetration of key markets".
Despite the share suspension, Senetas has remained a hot topic in share chat rooms. Many holders remain convinced about the market prospects of the company's home-grown high-speed encryption products, but some have been convinced (probably wrongly) that Senetas will be taken over.
Criterion backed Senetas last year when the company appeared to have a decent head of revenue steam, selling to high-security customers such as police and military authorities.
These home-grown products could still be the best thing since the last best thing, but Senetas simply isn't selling enough of them to justify a $190 million market valuation.
It's possible the proposed transaction will be a company-transforming (that is, big) deal, given Senetas has no debt and $5.5 million of cash.
Criterion rated Senetas an AVOID at 35c on September 14 after the lacklustre full-year results. We misjudged investor willingness to give Senetas the benefit of the doubt, but see no reason to change that call.
Senetas has emerged as an accident-prone disappointment, but we remain open to evidence to the contrary.
http://www.theaustralian.news.com.au/story/0,20867,20812298-23634,00.html
Senetas back on the boards
CRITERION
Tim Boreham
November 24, 2006
Senetas (SEN) 42c
THEY'RE baaaack! After a five-week absence from the boards, the IT house and day traders' favourite resumed trading just as the faithful gathered for yesterday's AGM. With expected news of the $26 million capital raising and accompanying strategic investment failing to materialise, the shares did well to lose only 4.5c, or 10 per cent.
There's a profit warning as well: first-half profits will be down by "more than 15 per cent" on the previous $1.2 million. Given the length of the self-imposed suspension, management had desperately wanted to seal the deal before the AGM. "We turned out to be wrong, by perhaps days," said chairman Francis Galbally.
So with the vaunted 55c-a-share raising not going "as smoothly or expeditiously as we would have liked", all management could offer holders was "short-term pain for mid to long-term gain".
Galbally maintains the nub of Senetas's revenue problems - its underperforming global distributor SafeNet - has been fixed. After a SafeNet management reshuffle, a "mutually more collaborative" relationship is showing results. Alas, these aren't showing on the sales line - or at least, not yet.
"Senetas expects far better results in the second half as the expanded business model begins to affect results for product sales," Galbally says.
Management yesterday was mum on strategic investment - confidentiality reasons and all that - but reassured folk the investment would "further enhance our penetration of key markets".
Despite the share suspension, Senetas has remained a hot topic in share chat rooms. Many holders remain convinced about the market prospects of the company's home-grown high-speed encryption products, but some have been convinced (probably wrongly) that Senetas will be taken over.
Criterion backed Senetas last year when the company appeared to have a decent head of revenue steam, selling to high-security customers such as police and military authorities.
These home-grown products could still be the best thing since the last best thing, but Senetas simply isn't selling enough of them to justify a $190 million market valuation.
It's possible the proposed transaction will be a company-transforming (that is, big) deal, given Senetas has no debt and $5.5 million of cash.
Criterion rated Senetas an AVOID at 35c on September 14 after the lacklustre full-year results. We misjudged investor willingness to give Senetas the benefit of the doubt, but see no reason to change that call.
Senetas has emerged as an accident-prone disappointment, but we remain open to evidence to the contrary.
Little rally going on here......suprising as i would have thought the longer they prolong the ann. the more damage to the sp. ,may well be an air of expectation creeping in . Still holding at 48.5 waited this long im beyond frustration !Fab said:
