Australian (ASX) Stock Market Forum

SEN - Senetas Corporation

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slimdusty96 said:
I must say that it's hard to imagine any news that can be worse than a profit downgrade we just received (in the positive background of someone investing 46 mils at 55c), so we could be looking forward to something positive! :rolleyes:
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I agree with the reasoning, at least I am hoping you are right. Anyway they appear to be abusing a bit of trading halt. :banghead:
 
The SEN annoucement has just been made after trading halt and it is not really the positive announcement I was hoping for. :mad:
 
FAB - Took much time to find copy to paste from Westpac Broking ANN
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00675682

Covering bases and trying to tell us that things have not happened yet and they screwed up the ANN by not consulting SHAW Stockbroking

Clarification re Capital Raising
Senetas wishes to clarify its announcement to the market on 5 December, 2006.

The Placement Offer and Convertible Note Agreements were executed by the parties to the transaction on 19 September 2006.

Senetas and IKL will not exchange counterparts of those Agreements unless and until IKL has deposited monies into a trust account. Shares will not be allotted until the funds have been received into trust.

Due to an oversight the company did not provide SHAW Corporate Finance Pty Limited nor SHAW Stockbroking Limited with an opportunity to review the announcement before it was made yesterday. The announcement was made as a result of a misunderstanding relating to the transmission of the funds.

No element of the transaction has been completed including the transfer of shares from Senetas Chairman, Francis Galbally, Director Ron Lunt and another associated Senetas shareholder.

To date, the monies have not been received into the trust account. Senetas will advise the market when the funds are received.
The Company is in compliance with the Australian Stock Exchange Listing Rule 3.1.
 
Some Questions for anyone who can answer them.......

1. Who is the person, persons or firm buying this stock today 7/12/06 and why (considering what we the shareholders have been told)?

2. Do the directors of this company know where Rodney Adler resides?

3. What is the ASX doing if anything regarding mistakes or timliness of these current and prior announcements?

Thanks
 
A lot of build up in buyers happening here. As much as I hate this share it can run pretty quick when it breaks, worth keeping an eye on it.
 
constable said:
lot of build in buyers happening here. As much as i hate this share it can run pretty quick when it breaks, worth keeping an i on it.
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Yep I noticed that too that is why I am not selling I believe when they receive the money from whoever was offering them 0.55 by shares this should bring the share price much higher :)
 
Did my bickies on this share but glad i got out when i did (44 cent from memory) then i went back in and lost another k.
Anyway she's lost all credibility now imo.
Am i right in saying they still haven't actually confirmed the "deal/capital raising" after all the drama ,f ups and trading halt?
"Senetas will advise the market when the funds are received"
No funds yet would mean to me no deal yet. Share price at 34.5c would suggest that holders have lost confidence. dyor
 
ASX announcement Jan 8
SEN 1:07 PM Senetas Withdraws from Capital Raising Transaction
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00683630

Todays newspaper provide update on ann and covers prior events leading up to today.
http://www.news.com.au/heraldsun/story/0,21985,21029955-664,00.html

"Senetas in share slump"
Mathew Charles
January 09, 2007 12:00am

SHARES in hi-tech Victorian company Senetas were pummelled yesterday after it revealed a $40 million capital raising had been abandoned.

The news wiped 12.5 per cent from the company's share price, which closed down 4.5 to 31.5.

The crunch coincided with new chairman and former Victorian treasurer Alan Stockdale's first day on the job after Senetas announced his appointment Friday afternoon.

Although the raising was first proposed more than two months ago the plan was affected by a series of postponements and involved an extended trading halt.

Senetas told the share market yesterday it cancelled the transaction because it had not received required funds from the proposed investor, IKL Management.

"While the strategic objective behind the transaction remains a key corporate objective of the company, the board believes that the planned transaction cannot presently be completed on a basis and on timelines acceptable to Senetas."

Company secretary Andrew Wilson said he was unable to add any further detail to the ASX announcement.

Exactly what the "strategic objective" involved has not been disclosed to the market for reasons of commercial confidence.

On December 5, in a statement to the market regarding the capital raising, the company said "the nature of the future investment will be commercially confidential for some time".

At that time it said that in preparation for the investment Senetas had struck a "strategic alliance" with IKL Management Group.

Exactly what IKL does or who it involves has not been revealed.

According to the December 5 announcement: "IKL is a special purpose investment company representing signficant investors based in the US and several other countries."

The transaction was mentioned in the notice of the annual meeting on October 24.

It said IKL would be issued with 46,020,443 shares at 55 each in October/November 2006 "for purposes of a future strategic investment placement".

Then, two days later, trading in Senetas shares was suspended.

Despite subsequent announcements to the market that it expected its shares to return to trade, the suspension remained in place until November 23.

When Senetas returned to trade it said the placement had still not occcurred.

On December 5, it told shareholders IKL would be issued with 46.02 million shares at 55 each and take up a convertible note for $14.72 million.

At the time it told shareholders it had already raised the $40 million.

In addition it said IKL "will also acquire 21 million shares" from then chairman and company founder Francis Galbally, former director Ron Lunt and "another associated Senetas shareholder".

The next day it clarified the announcement, saying the transaction would not proceed until the funds were deposited into a trust account.
 
UMike said:
It Is still dragging along below the 30c mark. :banghead:
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well i couldnt help but notice the share price now....26c after a low of 25.5c.
Bargain or bottom?
Cant help myself im holding sen "again"
 
constable said:
well i couldnt help but notice the share price now....26c after a low of 25.5c.
Bargain or bottom?
Cant help myself im holding sen "again"
Click to expand...
Not sure but this one is a lemon @ the moment. I think we need an announcement to get it back on track and we might need to be very patient. Some dividend payment would help but some how I don’t think this will happen
 
Fab said:
Not sure but this one is a lemon @ the moment. I think we need an announcement to get it back on track and we might need to be very patient. Some dividend payment would help but some how I don’t think this will happen
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Fab are they still paying a div or has this been suspended looking at westpac broking forecasts they are still saying $0.003c, (third of a cent)?
 
constable said:
Fab are they still paying a div or has this been suspended looking at westpac broking forecasts they are still saying $0.003c, (third of a cent)?
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I don't think they paid any last time around but if they could pay even that little this time. This might help to ease the pain :mad:
 
SEN paid me 0.75 cents/share on 31/3/06.. presume it will be something like that this year.. I hope.
 

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