Friday, November 07, 2003 1:53:11 AM
SNN Previously Maxis Corporation was relisted on ASX: August 2001 with issue of ordinary shares of 100,000,000 at 2c. currently there are 75 million shares in the company at 19c after 1:5 consolidation.
http://www.sonnet.com.au/
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The stock is held between three core groups in roughly equal 20 pct stakes – one group is a handful of high net worth individuals who took place in the recapitalisation in August 2002, , another is Marcel Dufour and family members and the third is John Beville, a Sydney based property developer in BRW’s Rich List and a canny investor in micro caps (took an early stake in Tribeca).
The new Executive team took over in December 2002 and has been in a turnaround reconstruction process since. The company expects to begin talking to brokers to seek to broaden its footprint in the marketplace around February next year.
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employees: 77 (tripled since 2002)
Revenues:$20.2 million ($9.5 million 2002) $28 million projected for 2004.
Cash in bank: $3.7 million (up from $1.3 million)
Profit:2003 $890,227 (2002-loss $2.9 million. 2003-loss $78 Million)
Sale of Loss making business: "ARBT" sold for $50k (book gain $600k), arbt lost $1.2 million in last 9 months alone.
New business purchase: "Senteq" $1.06 million
Economic dependency (similar to LOK and microsoft)has been reduced: A new 3 year contract has been secured with "cisco systems" on 17th of January 2003.
The purchase of "Senteq" is designed to deversify sonnets revenue base and dependency.
Share details: a consolidation of 1:5 has recently taken place creating a total of 75 million shares.
Outstanding options: 1.2 million
Controlled companys 100% owned:
(1) Capital Gas fields
(2) Hancock holdings
(3) Pulsar Graphite
(4) Rescan NL 80%
(5) ABT supplyline
(6) NDT
(7) Senteq information systems
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http://brw.com.au/stories/19990528/2306.htm
John Beville (one of Australias richest men) originally held 1.76% of MXS (now SNN) He is now holds 18.5% of SNN
He was personally worth $130 million back in 1999.
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MAXIS PROFILE
Maxis was incorporated in Western Australia in 1987 as Glacial Exploration NL, they changed to Quicksilver Resources NL in 1989 and Capital Energy NL in 1994, the same year it was listed on the ASX initially as a diamond explorer and diversified into oil and gas production in 1993 and gas exploration in 1994 and 1995.
The Company changed it's name to Maxis Corporation in January 2000.
They purchased 4 other companys in July 2000 two of which went into voluntary administration in 2001, resulting in the suspension of MXS for 18 months.
They have now completed the restructure (October 30 2003) and have no debt with strong cash flow.
RECENT FIGURES FROM SONNET.
On October 14 Sonnet announced EBITDA for the nine months to Sep 30 2003 had reached $2.63 million, well on track to meet the forecast provided in July for a calendar year EBITDA range between $2.5/3.5 million.
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THE BUSINESS
1/ Managed Networks:
Managed Networks, the existing business, provides System Integration Services, design and implementation and project management.
Its Managed Services team provides remote monitoring, remote management and reporting services.
In January this year Maxis Corporation announced CSC renewed its major contract with the company's subsidiary Managed Networks. This extension will be for a further three years and the financial terms will be substantially the same as those applying in prior years. As this contract was the primary income source for the group, the board sees this renewal as providing a sound footing for business for the coming calendar year (although the new contract includes a clause that allows the client to terminate at any time with three months notice).
Maxis has a sub contract from service supplier CSC that provides and manages the services for a NSW Government Department.
Maxis built and now operates a NSW Government Department’s wide area network (WAN).
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Tex.
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