ITE & E (ITE) is Potential Superstar [Archive] - Page 3

sekrub

01-03-2007, 08:55 AM

Here's what Robbo wrote on Feb 5th:

Have been calibrating the pemutationsand combinations--doing a "Decison Tree" and Probability Analysis--

And can rationally now say this....

As the days count down --for More major Blue Chip Bank Clients out of the USA and Europe-- the probability curve increases markedly in favour-- of 30 cents by THIS-- Friday

-And will say something controversial-- will be 45 cents by the end of This month (Feb) or at latest-- end of first week of March-- 2007.

You are now in to injury time Robbo....end of the first week of March
is almost here.....could be a teensy bit difficult to climb from 14c
to 45!.....time to revise your continuous stream of, shall we say, "sanguine" prognostications.

If Michael Cullen or Peter Costello had made such claims, they
would be held to account.

I hope not too many investors have climbed into ITE on your
prompting.

Underlord

01-03-2007, 11:04 AM

Be careful Seakrub as ridicule has a habit of comming back at ya.. as a matter of interest have you done any homework on ITE so as to make some actual productive comments instead of pointing the bone:D

UL

sekrub

01-03-2007, 12:50 PM

Fair enough Underlord....but I say again, I hope not too
many punters have got burnt by being caught up in Robbo's
euphoria.

I happen to have a friend who climbed in at 20c.

No-one could foretell the rumours about the Chinese
authorities suddenly remembering they were Commies,
and spooking investors, but those are the chances you take.

And Robbo did set himself up for a king-hit when making
such bold declarations of what a SP will be a short time ahead.

Bobbyvee

01-03-2007, 01:06 PM

Sekrud tell your friend to hang in there and he will be rewarded. There are many of who have been well rewarded through the leads Robbo provides, backed up by our own further research. Have a look at what has happened to the price of shares like ANG, TRS, MTN, HSK just to mention a few.

Underlord

01-03-2007, 01:19 PM

Hi Sekrub

Robbo has a habit of making predictions and as a result if he is wrong he gets burnt by others[B)] but if he is wright he is a hero[:0].....read the posts on MTN and EMI and others and you will see what I mean.....your friend in at 0.20 i would not consider him/her burnt, there is also the other side of the coin did He/She do the homework instead of rideing on the back of others if the answer is yes then he/she will be quite happy with the 0.20 invesment

Yesterday was a great day tested the fortitude of alot of shares and ITE took a double it ....still sitting at 0.16 on low volume why??
because smarties are holding they know future potential yesterday the dummies sold IMO

Good luck sekrub and tell your mate to relax patience pays:):)

Regards

UL

Underlord

02-03-2007, 06:23 AM

This is of HC
haven't had time to fully understand it yet

.................................................. ........................
Rights Issue

Given the lag in revenue performance of the Company over the period, and the resulting interim loss for the first half of the 2007 year, the Board has taken the prudent step of resolving to undertake a non-renounceable Rights Issue to raise a maximum of $2.4 million (GBP 0.967 million) (the "Rights Issue") on the basis of 1 New Ordinary Share at a price of 28 cents per New Ordinary Share and one bonus New Ordinary Share for every 20 Existing Ordinary Shares held at the record date. The Rights Issue Price of 28 cents per New Ordinary Share represents a premium of approximately 44 per cent. to the closing price per Existing Ordinary Share of 19.5 cents on 27 February 2007, the last business day before the announcement of the Rights Issue.

An underwriting agreement has been entered into with UXC Limited, a substantial shareholder of the Company. UXC Limited have agreed to underwrite the Rights Issue up to $2.05 million (GBP 0.826 million) and will hold 17.3% of the ordinary issued shares of the Company should no subscriptions be received. An underwriting fee of 5% of the amount raised under the Rights Issue is payable to UXC Limited on completion. The underwriting agreement contains a loan facility whereby the Company is able to draw down on an advance of up to $1.2m of the rights proceeds at 12% interest per annum until completion of the rights issue.

The directors intend to use the net proceeds of the rights issue for working capital purposes.

The proposed timetable for the Rights Issue is as follows:

"Ex" date to be advised

Record date for determining rights under Rights Issue to be advised

Lodgement Date - Prospectus lodged with ASIC by 30 May 2007

Opening Date 15 June 2007

Closing Date 16 July 2007

Shortfall Notification Date 20 July 2007

Shortfall Settlement Date 24 July 2007

Issue Date 25 July 2007

Shares admitted to trading on AIM 31 July 2007

The above dates may vary provided that the Lodgement Date is no later than 30 May 2007.

The Board of IT&e wishes to advise that it has considered the costs of complying with the relevant legal and regulatory requirements to extend the Rights Issue outside of Australia and New Zealand (in particular, to existing shareholders in the United Kingdom) and regrets to advise that it is unable to extend the Rights Issue to shareholders outside of Australia and New Zealand at reasonable cost having regard to the number of shareholders outside of Australia and New Zealand, the number and value of the securities to be offered to shareholders outside of Australia and New Zealand; and the cost of complying with the legal requirements and requirements of regulatory authorities in the overseas jurisdictions.
.................................................. .............................

UL

Flying Goat

02-03-2007, 07:11 AM

Great, more dilution to stop them going bankrupt... what a lemon this is turning out to be...[V]

mamos

02-03-2007, 09:14 AM

My understanding is there are about 215,000,000 ordinary shares on issue right now.

Scenario 1:

One bonus New Ordinary Share for every 20 Existing Ordinary Shares held at the record date (0nly if you subscribe for rights issue)

215,000,000 / 20 = 10,750,000 New Ordinary Shares

Then the rights issue at 28c is only available on a 1/20 basis. i.e. Every share you subscribe for you will get one bonus share.

If everyone fully subscribed this would be 10,750,000 * 0.28 = $3,010,000.

However, the maximum amount raised is only $2,400,000.

Scenario 2:

One bonus New Ordinary Share for every 20 Existing Ordinary Shares held at the record date.

Then the rights issue at 28c is only available on the new ordinary shares.

Under this scenario I dont understand why UXC would agree to underwrite so much of this when the premium is now closer to 100%. Maybe it explains why the interest rate on the loan is so high.

Cheers

M

Bobbyvee

06-03-2007, 09:20 AM

Following yesterday's news of an imminent government sales contract in Aust I note sales last night (albeit low volume) in London at 6.88p which is equivalent to 17c, so let's hope ITE has bottomed and we can look forward to a rise back into the 20c range.

robbo

06-03-2007, 07:19 PM

(ITE).

Hi everyone,

Still reckon ....(ITE) investors ....will get ....between 50 cents and $1.00 range-- within a few months.

Kindest Regards,

Robbo:)

Flying Goat

06-03-2007, 08:13 PM

quote:Originally posted by davidrob

(ITE).

Hi everyone,

Still reckon ....(ITE) investors ....will get ....between 50 cents and $1.00 range-- within a few months.

Kindest Regards,

Robbo:)

Robbo,

Nice to have you back, hope you're right. I have been hanging in there but must say that I was REALLY dissapointed with big operating losses these guys are posting. However, my logic for hanging in there is that the market is supporting them at 16 cents with 4.5m loss, we are all expecting that recent contract closure should generate some.... that ellusive little thing... callled EARNINGS!!! next period, so perhaps it is just a matter of needing a certain scale for the business to work. One more period of losses and I am convinced this business model will not work, and I will be out, but giving them the benefit of the doubt. As far as your picks go Robbo, what I have noticed is that you seem to always end up being well ahead of your time... so I am sure that ITE will be soaring in about 12 months from now!

Cheers
FG

pago

06-03-2007, 09:46 PM

hi fg,my opinion for what its worth,as ihave looked at ite,its a med /longer term investment.unless there are some surprise a/ns re contracts,give it time,ie 3 months,cheers pago.

robbo

23-03-2007, 05:59 PM

(ITE) it&e.

HI everyone,

Agree I have been ...."out of wack" ....now ....about 3-4 + weeks on the "timing" --but my fundamental view of (ITE) --and its intrinsic Value and Attraction strategically to certain Buyers-- and (ITE's) Intrinsic Value-- in and of itself as well;..... is definitely Unchanged....

Except that if the Merger discussion the Company has flagged consummate quite swiftly from now; the (ITE) Share price Target might be lower --than previously hoped for by myself-- if their is Negotiation and subsequent Acceptance from ... only One Friendly Merger Buyer...?....

Of course that is only --"one"-- of a number of possible several options...and directions this may end up following....

On this scenario-- If a Single Bidder is "friendly" and identified and agreed upon-- (see recent previous ASX announcements by (ITE) ---of possible Merger discussions) --then a initial low ball offer of 28-30 cents maybe--??-- moving up through; to the normal argy bargy of --30--34 cents....might possibly be completed ???-

- IF the deal is concluded by end of March/first week of April-- this outcome-- would seem ....on one view at least; of "predicting the future" -- relatively feasible.

-If there are however; emerging "auction style" -- multiple Genuine Bidders--for (ITE) ....And this is also in a competitive Bidding Environment--when the hoped for.....(and admittedly now a bit frankly overdue)-- new Razor/Monarque/PTX-- several "in the Pipeline"-- Bank Contracts also begin to Emerge At around the Same time-- then place a 4 or even maybe a 5 in front of the lower number...in my view only...

Again, I reiterate, the first more modest.... but still nice.... "play out" ....is probably more likely--all things balanced and considered....

Again the above 2 broad Options--are only "some of several" -- but in my view--(ITE) is now fast approaching ----a Catalyst.----

Kindest Regards,

Robbo.

:):)

danlupi2

24-03-2007, 08:38 PM

hey absolute advance...

with the signing of contracts do you assume the following or know:

if they sign razor, do they

a) get 6 mil in the hand straight away and extra for maintenance.
b) get 3 mil and then negotiate milestones....
c) get 0 mil and set 3 milestones 2 mil in 3 months, 2 mil in 6 so on???

what is your spin??? or any else who is in the know??

I called ITE on friday and spoke to stephen their sales rep... tell you the truth he sounded very professional and was happy to take my number to contact their investor relation man...

hey also what rights do we have as share holders.. are we able to ask quest get a tour.. is there a web site explaining this?

quote:Originally posted by absolut-advance

Also of interest ... and to remember is that IT&E announced expected closure of 4 New contracts within a few months announced on the 28th feb, So by the 28th of april we should see some significant appreciation of ITEs share price.

AA

danlupi2

25-03-2007, 10:11 PM

ok folks lets fill in the blanks...

lets assume contract lags are 3 months

ok lets assume all razor sigings are tier one.. and the extra mods are not taken into consideration , which makes this asumptions fair..

3 new signings from 1 jan to march 2007.

ok lets assume the next contract we get a PTX tier one..

ok

3 razor = 6 mil * 3 = 18 million

then ptx = 3.5 mil

= 21.5 mil

ok last hlf rev for 2006/2007 is 3.7

so full year rev = 25.2 million

cost is extrapolated from half year 2006/2007 which is = 8.5 * 2 = 17 mil for full year

mmm simple then,

full year EBIT = 25.2 - 17 = 8.2 million

mmmm NPAT of say 6 million....

or mmm ITE have made a few loses so we could assume that 8.2 but to be conservative lets say 6.6. mil

with 211 mil shares.
EPS
is 6.6 / 211

is 3.1 cents

with pe of 14 we get a SP

of 43.7 cents

or PE of 40 to be fair a SP

of $1.25

mmm is that where robbogets his 1.27 I think by mem

hey robbo just finished reading Philip Fisher , man is master but I can see flaws in his approach .. todays market is very different but some fundamentals still apply..

keep the comments comming

Underlord

26-03-2007, 06:24 AM

Thing is Danlupi

Market will need to have trust in ITE before it reaches the high numbers $1:00-$1:50 ....so would have to probably maintain its earnings for a couple of years. If contracts come through in the next 4 weeks all well and good I could see 30-40cents on the cards:) but lets not forget the merger or poss buyout, who knows what will happen there[?]

Cheers

UL

robbo

26-03-2007, 02:35 PM

it&e (ITE).

Get that intuitive 'feeling' in my Pub bones, that we are "veerrrry"- very close now ....;)...

Kindest Regards,

robbo:)

perm

28-03-2007, 11:36 PM

im kinda with you AA. i think one of the main problems for me is the total lack of information from them.
i will give it a while longer and start to ease out cause im also thinging maybe iv been a mug to hold so long
i had ZYL but no were nere my holdings in ITE..theres that saying about hindsight lol;)

km

perm

29-03-2007, 12:40 PM

another contract in

km

tommy

29-03-2007, 01:27 PM

Hi all,

It's been a while since I posted on ITE thread... and yes I no longer hold because in the current volatile market, ITE does not go well with my level of risk tolerance and investment timeline and opportunity costs[:o)] (I only like holding low PE undervalued positive-cash flow companies with reliable earnings history at times like this, yeah I'm a chicken!)

That said, I hope patient holders will be rewarded following the latest announcement with MAN, which, naturally, should attract more genuine interest on LSE where MAN is listed.

I will get back into ITE when more information on ITE's current cash flow status (operating revenue and costs) is available. In the meantime, I'm too busy wetting my pants with TRF, which I only bought back a week ago[:p]

It's really hard to determine which way a stock is gonna go at the moment, kicking myself for procrastinating in buying SWK, CXG and ZGL (missed out!!!)

tommy

30-03-2007, 02:55 AM

Surprised with the lack of movement in London... hardly any price reaction at LSE @ 6.5 pence or approx. 15.8 AUS cents.

I was hoping for a bit of arbitrage but even MAN's profile in the City doesn't seem to be enough to impress ITE watchers.

Current market climate does not help either, where money is looking for a safe parking spot rather than risky loss-making techs.

Looks like more contract announcements are needed to reverse the sentiment[|)]

Will be watching with interest though, good luck to holders.

Flying Goat

30-03-2007, 01:11 PM

quote:Originally posted by absolut-advance

Well its a Start I guess... lets hope a few more roll in shortly

AA

Looks like the cavalry has arrived at last AA, another big one in today :D

Flying Goat

30-03-2007, 01:18 PM

whoa... check depth, one order for 500k shares!

Lizard

30-03-2007, 01:48 PM

Wish they'd waited till Monday - this is all adding to my FDR tax bill for next year![8D]

Flying Goat

30-03-2007, 01:55 PM

quote:Originally posted by Lizard

Wish they'd waited till Monday - this is all adding to my FDR tax bill for next year![8D]

Good point as always Liz, hadn't thought of that.

Never mind, guess we'll just have to grin and put up with it. :D

tommy

30-03-2007, 02:32 PM

Finally ITE surges back, well done holders up 20%[:I]

I wonder who this "North American financial institution" is????

robbo

30-03-2007, 02:46 PM

(ITE)

It is really not--imo--too late for New (ITE) Investors.

IN fact I would suggest a Two week Arbitrage now for those interested--between buying in at say under 21 cents--and exiting at 30- 32 cents--within a 2 week time frame from this coming Monday .

And of course by end of April --share price is anyone's guess...

Also this series of awaited Global Announcements-- may bring forward any Start--emphasis on word ---'Start'-- to Merger ..."first"-- Offers....

Bottom Line......Razor is proving to a World Class Product; with a Global Competitive Advantage in a billion Dollar Global High net worth Sector....htat has incresingly proven Need, and proven World Demand ,

And this Global Demand--translating into more and more Sales-- will now begin to Domino --

IF they....(ITE)..... go the whole distance--(and keep winning more and ore and more Global Banks and Financial Institutions-- to their Proprietary Software Suite-- Razor, PTX and Monarque-- $1.00 by October is frankly-- quite sensible, moderate and feasible.

Kindest Regards,

Robbo :)

bullant

30-03-2007, 02:51 PM

Excellent prediction on announcements Robbo...will now

sit back and watch things unfold:D

robbo

01-04-2007, 08:58 PM

it&e (ITE)

Watch this one go--(ITE) and observe carefully this week....

Will Start to see some much awaited for Upward Traction & Strong Reaction and Chain Reaction-- and kinetic energy....

Kindest Regards,

robbo:)

Halebop

01-04-2007, 10:26 PM

Love ya work Robbo :D

robbo

03-04-2007, 02:54 PM

(ITE)

Getting close now guys,pressure building

Regards,

Robbo

tommy

03-04-2007, 04:51 PM

Yup, looks like ITE is finding some confidence (I re-entered yesterday)[:I] Might hit 20c again in the next few weeks?

robbo

03-04-2007, 11:27 PM

quote:Originally posted by Halebop

Love ya work Robbo :D

-----------------------------------------------------------------------
it&e (ITE).

HI Halebop;

Thanks for those very Kind words, Halebop....(when folks show their genuine appreciation for the research I do---only makes me want to continue to share it!!)....

As you know Halebop; I have always been a (ITE) fan since I flagged (ITE) at 7.9 cents....--....errrrrr....exclusively; here on ...Share-trader-...-ASX Division....

Worth Steadily focusing Now intently Halebop; imo-- and concentrating hard on the hard facts now that is now evidential and in clear sight:

Namely:

That at a Market Cap of less than $40 m-- (ITE) are a beaut Investment Opportunity and firm -- it&e (ITE)—for mine— are PROVING now to be all I .... was fortunate enough to be able to Prophesy..... Before-- ; That is:-- on the evidence--and imo-- (ITE) is showing strong signs of becoming--A very Globally successful Proprietary Software Company with Razor, PTX, and Monarque…...that have…only--- in the last three (3) months or so..... won Successful On Going Highly Valuable (to the tunes of several ++ Millions of dollars)-- Large Blue Chip Financially very lucrative Contracts with:

In….. the last three (3) short Months--

(1). The World’s Largest Global Hedge Fund & Finance House of its Type with over 400 Employees –namely The Man Group.

(2). Pittsburgh Bank in the USA.

(3) A Tier One (1) Asian Bank for the Contract with its Monarque Contract.

(4). State Government Department.

(5) Queensland Treasury Department.

(6) Tier One Global North American Bank (Razor) …..

…: ## -- Conservative Value:-- of Above Contracts.... imo....—approx .... $33-$37 Millions Plus …??..

…..And it is only now…...the 3rd . April 2007 so far….....:)

Sales Momentum , Increased Reputation, Referrals, International Kudos and International Self Referential Interest from other Global Treasury Departments from across the Globe, other Major Finance houses, Other Global Banks, other Hedge & Derivative Fund Specialist Clients-- will all soon Demand ...and ask for by Name & Reputation & Global Brand-- Razor....the Name is Razor--I want nothing .... but..... the Razor Software Suite Please .....Give Me ...--....The Razor !!

Also their are some great CLUES--of the Intrinsic Value of Razor in the last two (2) announcements.

Has anyone noted these Two 92) Important--very important Clues yet...???

Kindest Regards,

Robbo.

PS . **** :)We might be seeing the makings of a very significant Australian Success Story on the global stage-- think Cochlear (COH) guys....:)

And remember; You heard it here first--on Sharetrader ASX Divsion.

;)

caktus

03-04-2007, 11:31 PM

Am a long term holder of tis stock. I watch the charts but maybe my charts are noy crash hot. What is the best charting system to get ticker tades at minimal cost ? apreciate your advises -caktus

mamos

03-04-2007, 11:48 PM

From the CEO:

"This deal marks a major milestone for the Company and strongly supports the competitive nature of our Razor product across the globe and in particular Europe.We are extremely encouraged on future growth given the demand and our ability to vie successfully against our major competitors."

In the MAN ann:
"The decision to select Razor was made after a comprehensive evaluation of vendor solutions and a comprehensive on-site feasibility study."

Shows ITE is gaining credibility and recognition in Europe and North America and doing so by beating its established rivals.

Cheers

Mark

robbo

04-04-2007, 12:23 AM

HI Mamos,

Spot on and Brilliant.

And did you also see the line about the extendability, adaptability, and reconfigurability--and that was from the Client not (ITE)... ..

Enablement, and being able to be flexibly built around existing architecture-- is a very powerful THEME-- in the world of Big Software architecture...so they tell me.

Also I like yet again--how (ITE) beat--on Merits-- several competitive alternative Bidding Global Software Vendors.....yet again.

Regards,

robbo:)

PS. Remember the company....."Cochlear"....(COH).

robbo

04-04-2007, 02:48 PM

it&e (ITE).

HI Everyone,

Today....I actually rang the (ITE)-- CEO today-- (who seemed like a scholar and a gentleman)-- and he emphasized to me..... to concentrate on certain wordings in the latest ASX Released ASX Announcement re the: finalization of the North American Contractual negotiations .....

....It said ....(The Announcement)- exactly this:

30 March 2007 ASX/AIM Announcement

IT&e’s Razor Risk Solution Selected by Major North American Bank

The Board of IT&e Limited (ASX: ITE, AIM: ITEL), a leading technology solutions provider to the global financial markets, is pleased to announce the selection of IT&e’s Razor risk solution by the Group Risk Management division of a major North American financial institution, subject to final contracting.

The decision to select Razor was made after a comprehensive evaluation of vendor solutions and a comprehensive on-site feasibility study.

IT&e and the Bank are now engaged in formal contract discussions.

Razor will be implemented to address the client’s global trading credit and market risk management requirements subject to finalization of this contract.

The key words that James said to Think & Ponder carefully about are:

"....Razor will be implemented to address the client’s.... Global..... trading credit and market risk management requirements..."

The Key word in the above sentence (from the (ITE) Announcement)-- is the word: "Global".

I asked James, would they be releasing the name of the North American Bank shortly.

Answer was: "Definitely....Yes"

From the Global Significant Bank--implied in the sentence, I asked James, would Most People who have ever read the AFR-- (including me)-- instantly--- and Quickly-- Recognize the Name of this Global Bank that has a Global reach....???

His answer was ..... Most definitely ..."Yes".

So keep pondering the ... sentence again--->>>-- ie: ( Razor will be implemented to address the client’s global trading credit and market risk management requirements) .....>>>>---.... and see if YOU can now guess; .... the name ....of the said Global Large North American based Bank....

Food for thought with the Implications of this on a number of levels I would have thought.

Kindest Regards,

Robbo. :)

tommy

04-04-2007, 03:05 PM

Robbo, good work mate as always, but there is only one global bank that I can think of: Citibank N.A. Is this too much of a wild guess?

ohmyme

04-04-2007, 03:15 PM

Here is a potential list for you Tommy. The number on the right is consolidated assets in $millions (data is 1 year old though).

I am hoping its Citigroup or Morgan Chase :)

1. Bank of America Corp. (Charlotte, N.C.) $1,082,243
2. J. P. Morgan Chase & Company (Columbus, Ohio) 1,013,985
3. Citigroup (New York, N.Y.) 706,497
4. Wachovia Corp. (Charlotte, N.C.) 472,143
5. Wells Fargo & Company (Sioux Falls, S.D.) 403,258
6. U.S. BC (Cincinnati, Ohio) 208,867
7. Suntrust Banks, Inc. (Atlanta, Ga.) 177,231
8. HSBC North America Inc. (Wilmington, Del.) 150,679
9. Keybank (Cleveland, Ohio) 88,961
10. State Street Corp. (Boston, Mass.) 87,888
11. Bank of New York Company, Inc. (New York, N.Y.) 85,868
12. PNC Financial Services Group, Inc. (Pittsburgh, Pa.) 82,877
13. Regions Bank (Birmingham, Ala.) 81,074
14. Branch BKG&TC Corp. (Winston-Salem, N.C.) 80,227
15. Chase Bank USA (Newark, Del.) 75,052
16. Countrywide Bank (Alexandria, Va.) 73,116
17. LaSalle Bank (Chicago, Ill.) $71,061
18. National City Bank (Cleveland, Ohio) 69,482
19. Bank of America USA (Phoenix, Ariz.) 62,983
20. MBNA Corp. (Wilmington, Del.) 58,517
21. Fifth Third Bancorp (Cincinnati, Ohio) 57,613
22. North Fork Bank (Mattituck, N.Y.) 57,045
23. Bank of the West (San Francisco, Calif.) 55,158
24. Manufacturers and Traders TC (Buffalo, N.Y.) 54,391
25. Comerica (Detroit, Mich.) 53,577
26. Amsouth Bancorporation (Birmingham, Ala.) 52,570
27. Union Bank of Calif. (San Francisco, Calif.) 48,679
28. Fifth Third Bank (Grand Rapids, Mich.) 47,605
29. Northern Trust Corp. (Chicago, Ill.) 44,865
30. Citibank SD (Sioux Falls, S.D.) 44,011

robbo

04-04-2007, 03:17 PM

it&e (ITE).

hi Tommy,

I honestly am not Privy to the actual Bank's name....But putting the dots available together-- your guess ....is also my... guess....

yep. Citi-Bank Global N.A. for mine

Kindest Regards,

Robbo :)

tommy

04-04-2007, 03:38 PM

Hi robbo and ohmyme,

I mentioned Citibank too because very few companies have the global reach that they do.

If ITE can win over Citibank that is a whopping win! The scale of this contract would be collosal indeed.

That said it's all speculation at the moment so would love hear the name disclosed...

In any case I hope the contract will be finalized soon!

cjh

04-04-2007, 07:56 PM

Great work Robbo, looking stronger today.
Thanks

David Hardman

05-04-2007, 06:11 PM

Interesting.. Reuters wins some deals in IT&E backyard. Not sure if Kondor competes directly with Razor?

http://www.finextra.com/fullstory.asp?id=16766

Disc - Don't own IT&E but have been watching this thread with interest.

BTW - The finextra.com website is a good source of info for IT&E holders.

trader-jim

05-04-2007, 06:29 PM

quote:Originally posted by David Hardman

Interesting.. Reuters wins some deals in IT&E backyard. Not sure if Kondor competes directly with Razor?

Not sure either but found this on a sun microsystems site about installing version 2.6, current version is 3.0 I think so looks to be a much lower level package that Razor

"List prices for these typical Reuters Kondor+ system configurations range from around $6k to $175k"

perm

06-04-2007, 10:10 AM

nice gain on the AIM

As at 05-Apr-2007 22:54:39
7.125 +0.25 +3.64%

km

ruethewhirl

23-04-2007, 08:53 AM

AA,

Didn't you mean to say:

"Share price has been range bound now for the better part of 6 years but, but, but ANY MINUTE NOW it will explode to the upside."

The fundamentals are all in place, but share price wise, this stock's emperor is in the buff.

Meanwhile you could've been riding to glory on the IMD express...

steve fleming

25-04-2007, 08:07 PM

Good move IMO, AA....i would do the same.

The reasons you give today for your selling of ITE are the exact same reasons a number of posters highlighted about 6-7 months ago for not buying into ITE ....however given the enthusiasm surrounding the stock at the time these opinions were routinely dismissed.

Meanwhile, since then, ITE has gone sideways while the market as a whole is up about 15%.

I know its easy with hindsight, but there's probably a good lesson about not getting caught up in the hype in there somewhere...

Flying Goat

25-04-2007, 08:26 PM

Good call Steve. I agree as I was guilty of getting caught up in the hype, and have learned from that experience. In saying that actually I still hold, as I was pleased with the number of contracts coming through earlier this year, although I hardly agree with any of the logic defying valuations that certain posters have been placing on the stock.

AA, always appreciate your candid posts and admitting that an investment does not stack up makes me think all the more highly of you!

Michael

tommy

26-04-2007, 04:45 AM

Hi AA,

At this stage I think ITE is a good trading stock but not a secure investment stock so I understand that your timeframe may not tolerate ITE's lack of price movement upwards... I go in and out of this stock depending on the sentiment simply so I don't blame you for dumpin it[|)]

That said, ITE is a potential massive winner in the long run, on the proviso that the management is disclosing all information that needs to be communicated to shareholders.

mothership

04-05-2007, 03:33 PM

I don't hold ITE but have followed the discussions with interest. The market seems a little unhappy with the announcement of no takeover today - down 14.7% So guys - is this a great opportunity to buy in cheap? Or a bunch of traders deciding to dump and run? Or something else.

ONTHENOSE

04-05-2007, 03:48 PM

Hi Mothership,

Although there have been alot of sells the other way i look at it.... there has been alot of buys and LARGE ones..... The question is who is buying???

I dont see the announcement as a negative... More of a posotive, as ITE Management do not want to sell at these levels.. As they know ITE's potential..

Also they state there are other possible buyers who may offer more money...

Anyone elses thoughts?? AA?? Flying Goat??

Regards

Mike

Underlord

04-05-2007, 10:30 PM

Hi AA

The North American Contract interests me sounds rather large .....stated "multi million dollar global contract" I struggle with the fact that these banking types would invest in the software and services of a company (ITE) when it could be taken over by plonkers or go belly up.

Ite for me has been a tricky one and I start to think it has no more to throw then wham someone starts buying, at current volume we will find out in a week or two who it is ........ left fielders comming from all directions for me it all depends whos buying as to what the offer might be

I don't think it is a risk to hold at these prices or for that matter to buy at these prices (up to 16) and its the old addage .....Time will tell...

All the best and we will save the rafters for another stock.... AUZ or BLR for me:D

Good Luck fella and thanks for all past posts here and on HC we will cross paths again:):)

UL

Flying Goat

04-05-2007, 10:37 PM

Hi Team,

Personally see it as negative - the mere fact the company is looking for someone to take them over as per todays announcement is, in my own opinion not good by any stretch of the imagination. What happened to "we are building a sustainable profitable business etc"?? This is one of the very rare situations where I bought a company that was not making money and is an excellent reminder to me why one should never do that. Also broke another of my rules by still holding a stock that I do not believe in, guess that is greed is stronger than fear on the occasion. To be honest my assumption is that if someone does eventually buy this lemon then it will be around 18 cents, so this would, for me avoid a loss. Now can we talk about a more interesting company, one that is cheaper, more profitable and has better prospects.... (that would be ISS !!!)

steve fleming

05-05-2007, 11:53 AM

quote:Originally posted by ONTHENOSE

Also they state there are other possible buyers who may offer more money...

Really?

Put yourself in the shoes of a company looking over ITE...how are they going to convince their own shareholders of the merits of spending say $50mil on a company that has yet to make a profit/prove itself??

$50mil is a lot of dough to spend on "promise/potential", esp given the massive dilutionary impact of EPS on existing shareholders (i.e. ITE is going to contribute negative EPS to the merged entity)

It may happen...but if i was a shareholder of a company acquring ITE i for sure would be voting against it.

Of course, the above assumes that it is listed company that takes over ITE - a private company would have different requirements.

steve fleming

05-05-2007, 01:54 PM

Hi AA

Yes - although Bacardi is a private company....so none of these issues would apply.

My point, as i had stated, was in relation to an acquisition by a listed company.

If you put yourself on the other side of the transaction, and you are a company that is proposing to acquire ITE, how do you "sell" this transaction (in terms of value) to an institutional shareholder of your company that knows nothing about ITE except that it has always lost money??

This sounds exactly what happened with the previously aborted transaction...the proposed acquirer could not justify the price sought, versus the value that ITE would bring to their own company.

Hopefully, for ITE holders, there will be another company out there that will be able to justify a decent price!

Cheers

Flying Goat

05-05-2007, 03:13 PM

quote:Originally posted by steve fleming

Hi AA

Yes - although Bacardi is a private company....so none of these issues would apply.

My point, as i had stated, was in relation to an acquisition by a listed company.

If you put yourself on the other side of the transaction, and you are a company that is proposing to acquire ITE, how do you "sell" this transaction (in terms of value) to an institutional shareholder of your company that knows nothing about ITE except that it has always lost money??

This sounds exactly what happened with the previously aborted transaction...the proposed acquirer could not justify the price sought, versus the value that ITE would bring to their own company.

Hopefully, for ITE holders, there will be another company out there that will be able to justify a decent price!

Cheers

Hi Guys

An interesting example of a similar situation may unfold over the next weeks / months with IBA's potential acquisition of i-soft. This would be worth following in terms of answering your question Steve on how a healthy listed company can sell their shareholders the idea of buying a loss-maker with potential. I have had IBA on the watchlist for ages, but am actually waiting to see if they go through with much talked about bid for i-soft. If they buy, I won't be buying IBA - as their current business is strong, organic, profitable, if they buy i-soft the risk profile increases immediately, due to i-soft's propensity to bleed big dollars... will be worth watching how share-holders respond. On the other side of the coin the more aggressive holders might see the i-soft buy as excellent - i certainly do not know enough about it to know though....

mike

steve fleming

12-05-2007, 12:04 AM

Ummmm...where have all the ITE'rs gone??....followed Robbo into hibernation???

Would have to be some of the most positve ITE news for a long time, with excellent value investors Hunter Hall taking a sub. stake.

Huge vote of confidence in the stock.

Moonshine

12-05-2007, 12:15 AM

quote:Originally posted by steve fleming

Ummmm...where have all the ITE'rs gone??....followed Robbo into hibernation???

Would have to be some of the most positve ITE news for a long time, with excellent value investors Hunter Hall taking a sub. stake.

Huge vote of confidence in the stock.

Hi Steve,

I think all the ITE'rs that have gone were expecting more short term rewards.

Most are by now realising that ITE will probably not be subject to "critical mass" type re-rating. IMO the market has cast a critical (or 'knowing' perhaps) eye over ITE and is determined to wait for some positive earnings/profit history before giving a re-rating.
Even if they do post a profit this year... a substantial re-rating may not occur untill they follow it up with a mid-year profit in 8-9 months time.

Hence the appearance of Hunter Hall on the registry... these guys are not after a short term 30% - 50%... they are no doubt after multiples, but as they have been accumulating for almost a year, they probably understand that it may take at least another year to see substantial gains.

I may try to bail on the next spike... depends on what else I am looking at really.

Cheers.

Lizard

12-05-2007, 09:30 AM

I still hold some.

Two points:

1. Wondering why they released financial forecasts in the relatively meaningless format that they used in the prospectus? Why not give total forecast revenues rather than excluding some sources (as the wording appears to). The implication is that there could be either a multi-million $ loss or a multi-million $ profit for the full year. A result at the top end, plus positive commentary on outlook might be cause for a re-rate. But:

2. The pipeline data looked very weak. Seemingly only two further qualified opportunities compared to 10 at the last agm. Unless there is rapid progress on the mandates they are bidding for, there seems little chance they can continue with a similar run-rate on contracts for 2008 and therefore, potentially, back to a loss again.

Could be a long wait and/or a bumpy ride.

perm

12-05-2007, 10:13 AM

i also still hold some
but i have drastically reduced my holdings.

i think once the option are out of the way we may see a bit more movment..and hopefully up.

Hunter Hall have been accumulating since June last year

"Hunter Hall bought 12,507,360 (5.75%) IT&E shares between June 29 and May 4th."

i just hope that they will be able to get someone on the board. as IMO management needs a shake up and they definitely need a new secretary

km

Flying Goat

12-05-2007, 10:18 AM

Hi All

Steve, yes HH is a good sign, but not good enough for me. They also bought Repcol, which is currently not even trading, its scrip worth probably the paper it is written on and not much more.

Liz, yes, I strongly agree with point two that you raised, the pipeline data looked very week, which makes me think that they have missed out on some of the bids and this is nothing exciting in the medium term as we know how long lead times from mandate to negotiations to etc...

Based on my feelings about the pipeline data I sold last week in favor of a more profitable business with better prospects.

Regards
Mike

Flying Goat

12-05-2007, 10:22 AM

Also agree with perm, check the Director salaries Vs company earnings.

steve fleming

12-05-2007, 11:16 AM

Hi guys,

good to see some life back on this thread!

While ITE has a heck of a lot of work to do to prove itself, and i wouldn't call it a buy yet, i think HHL's emergence is pretty significant.

HHL, as Moonshine said, are 'value' investors, and pretty respected ones at that. They must have seen some sort of value in ITE in the first place and 12 months later they must remain confident that this value and the ITE story still remains entact....Yes, as FG points out, HHL do get some wrong, but the fact that 12 months later they are still buying suggests that they are comfortable with their investment. Its not as though HHL are in the habit if throwing money away, there would have been rigorous analysis and debate and investment committee discussions prior and subequent to buying.

However it should be noted that the HHL fund buying is the AVT, which has a more speculative mandate than their flagship VGT.

Cheers

Lizard

12-05-2007, 11:59 AM

Having been caught in a couple of sudden HHL sell-downs on small stocks in the past, I'm not sure how reassuring that is! When they do decide to exit large positions in small stocks, I often find myself 30% down before I know what's hit!

mamos

12-05-2007, 06:26 PM

I have sold down recently too.

I was unimpressed with the value of the contracts won. Especially if you consider those numerous contracts announced since Nov 06, apart from the Canada bank, are very small.

I was also discouraged by the failed takeover offer given that the company was quite keen on a takeover. Although they have other takeover offers on the board I am unsure how long they will take to eventuate.

I do not think they will be profitable (if so only just) by full year and I was a bit anxious holding small companies that are not making profits given I think the market is a bit toppy at the moment.

I may have missed an opportunity for a takeover offer at a large premium to the current share price, but I would prefer to invest in businesses that have greater certainty, rather than holding out for a takeover offer.

Does anyone know why the rights offer was priced at 28c. Do you think this is a signal to what price a takeover must be price at?

The products are excellent.

I am intending to take part in the rights issue and would even buy at around 14c given I think there is a base around this level.

Cheers,

Mark

perm

15-05-2007, 08:02 PM

hunter hall up to 6.76% holdings today

maybe a takeover very soon

other peoples thoughts?

km

ruethewhirl

25-05-2007, 09:46 AM

Rue is wondering why anyone would take up the offer to buy ITE shares at 28c a piece when you can buy them on market for 15c?

trader-jim

25-05-2007, 10:27 AM

quote:Originally posted by ruethewhirl

Rue is wondering why anyone would take up the offer to buy ITE shares at 28c a piece when you can buy them on market for 15c?

For your 28 cents you get one share plus a bonus share so actually you are buying for 14 cents. If everyone takes up the offer it will dilute the shares by 10%.

Jay

25-05-2007, 02:44 PM

Don't know why they did that.

Why did they just say your are entlited to xxx shares and will cost you $$$$
Perhaps it makes it sound a better - can't see how though [:I]

Therefore TJ in theory , the price would drop by 10% or about 1.5c at current prices ?

trader-jim

25-05-2007, 02:50 PM

quote:Originally posted by Jay

Don't know why they did that.

Why did they just say your are entlited to xxx shares and will cost you $$$$
Perhaps it makes it sound a better - can't see how though [:I]

Therefore TJ in theory , the price would drop by 10% or about 1.5c at current prices ?

It may have been a signal of what they think the shares are worth for any takeover.

I think the price has already accounted for the 10% drop as it was around 18 cents when the ann was made

Rif-Raf

25-05-2007, 10:44 PM

Interestin theory. Is there any other logical reason they would do that?

mamos

28-05-2007, 08:16 PM

Whats the consensus on whether to apply for the rights issue?

I rang company sec today to see if he could tell me while it was priced at 28c, but he was not in his office.

Underlord

04-07-2007, 06:59 PM

Big 5 mill buyer today...interesting I wonder whats up

georgeofthejungle

04-07-2007, 09:08 PM

Conversely, I wonder who sold the 5m in one hit too? Is it someone who wants out or significantly reduce their exposure?

OutToLunch

05-07-2007, 01:08 PM

Robbo, Robbo, drinker of Crownies and slayer of flagons, where for art thou Robbie? Has one lost interest in one's little superstar?

jacko

11-07-2007, 07:57 AM

Interesting post on Hot Copper:

I have been following the ITE saga for the past nine months. I read the posts initially on the NZ Sharetrader forum and then followed the discussion as Robbo transferred his attention to HC.

I am an old guy and have a poor knowledge and "feel" for the IT sector. I am however wise in the ways of the market and I have real concerns about the blatant ramping tactics Robbo has engaged in.

Robbo has been posting on the Sharetrader forum for years and has a following of sorts. He is an intelligent and knowledgable character but his track record of success is poor. There is a competition on Sharetrader each year and for the past two years Robbo's "picks" have come in last and second last respectively.

My concern is that he has deliberately picked an IT stock because he realizes the typical ITE follower is young, naive and inexperienced in market tactics. Many of the ITE posters strike me as mere kids and have bestowed Robbo with guru status.

Robbo is a strange guy. His long rambling posts are quite bizarre. I am not in a position to question their veracity but I know BS when I see it and many of his quirky posts had my BS detector running red hot. I wonder where he found the time and energy for these crazed ravings and suspect is suffers from a manic-depressive illness. It would certainly explain the way he suddenly went "off air". Manic depressives are typically highly intelligent and during the manic phase, are prolifically productive.

There is a lesson in this for the inexperienced stock market punter. HC is replete with rampers and Robbo is one of the best at the game. I believe his modus operandi was as follows:

In mid 2006 he would have found ITE. The chart looked promising and the fundamentals were positive. He would have bought a couple of hundred thousand dollars worth of shares at around 8 cents. ITE was an ideal company as it would have plenty of geeky young IT aficionados following it. He then engaged in his attention seeking bizarre posts. He was very good and initially I was taken in by his engaging style. Once he had collected a cabal of devoted acolytes, he then began promising huge gains in the near future. I think this resulted in the initial jump from 8c to 20c. He continued ramping flat out. A few posters on Sharetrader called his bluff and he immediately transferred to HC where the ramping continued unabated.

I dont know when he sold the bulk of his holding but I would guess he averaged 22 c or thereabouts. The lesson for the young tyro is that our wonderful Robbo probably changed $ 200,000 into $500,000 in less than 10 months. Good money if you can get it.

I am sure this post will result in an avalanche of criticism from Robbo's supporters. I would urge these folk to at least think about what I have written before rushing blindly to Robbos defence.

As for ITE. I do not feel qualified to comment with any real certaintly but my gut feeling is that ITE is a highly speculative small company with a good product - but it is engaged in a very competitive business environment. With IT products, I suspect many are called but few are chosen. It is an undercapitalised company and will need a serious cash injection (?takeover / merger) if it is to go places.

FarmerGeorge

11-07-2007, 04:26 PM

Interesting find Jacko, this robbo character certainly seems to attract a lot of attention. At the possible risk of building this nonevent to Paris Hilton-style importance :( my two cents on that issue would go along the lines of:

The sharemarket appears to me to be a fairly pure transferral of money from impatient, lazy speculators (which may include fundamental 'analysts'), to capable, patient investors (which, contrary to popular opinion may include chartists). If these forums are used by some as a tool for hastening that transferral then that is regrettable on some level, but ultimately should not be a source of complaint.

My feeling is that if one were to buy a stock based purely on a post on the internet (or a tip from the ma-in-law, the rugby tea lady, your barber, etc.) then perhaps one is not suited to the field of shares and investments. This might be particularly applicable when the posts are written in barely comprehensible prose, with major speealling and errors of gramatical, or in large colourful letters LIKE AN EXCITED CHILD. We are, of course, all responsible for our own actions.

I cannot speak to any posters motivations but as a relatively new poster I've observed that 'davidrob' has had some successes and some failures. Nor can I make assumptions on when he bought or sold stocks. What I can say is that in forums such as these it would seem to me to be inappropriate to label a person or to make personal judgments about them.:)

Or am I just biased because I made money on ISS having been alerted to it by davidrobs post and, to the best of my knowledge, haven't gone near any other pick of his? ;)

Halebop

11-07-2007, 09:13 PM

Well I don't know who posted the hot copper blurb but from my perspective:

I sometimes agree with Robbo
I sometimes disagree with Robbo

or in other words I make my own mind up and do my own research

Its irrelevant if Robbo (or anyone else) is "ramping" a share. What is relevant is if the share will make me money? Its certainly difficult to be properly critical of a share you own - if you own it you are obviously optimistic about the company and its prospects (or if not you are a stranger character still).

Irrespective of motives or whatever the "truth" is, the poster does an excellent job of character assassination:

"Blatant ramping tactics"
preying on the "young, naive and inexperienced"
Bizarre
BS
Crazed ravings
Manic depressive
Poor track record of success (actually I thought Robbo had a pretty good record of success - warts and all).

...but to top if off he even estimates how many shares Robbo owned and how much money he made. As a holder of different shares at different times should I be lambasted by posters as they speculate on the amount of money I make - (and intimate that making money is a bad thing?)

At one point the poster slides in the comment "I was taken by his engaging style". If I was to engage in speculation I could weave my historical perspective on the meaning of this statement. ...but in short, the letters DYOR should suffice for any investor, neophyte or pro.

shasta

11-07-2007, 10:03 PM

We have had the robbo comments in the past & he left the forum, much to the dismay of many.

Just think when you start a new thread & get 2 posts & 250 views etc.

It's a bit rich to knock those wishing to post for the benefit of others as well as themselves.

I hate the term "DYOR", but its true, you should never make investment decisions based on what you read on any thread/forum without looking into it yourself...

I just wish there were more Robbo's on ST

Jacko - one final comment, dont come on to ST & make ramping claims when you have been at Hotcopper.

H/C is nothing but a rampers forum...

OutToLunch

12-07-2007, 09:58 AM

I've long wondered about our mate robbo and his incredibly long-winded posts & whether or not there was some motive behind it all that wasn't just pure enthusiasm. Maybe he was playing the field or maybe he just made a wrong call with ITE, who knows. Or perhaps he just ran out of large coloured fonts and smiley faces. :D:D:D:D[xx(]

OneUp

18-07-2007, 08:11 PM

I agree with the sentiments of AA and Halebop.

Robbo's picked some absolute gems in his time that have risen 1000% +.

Senetas
Emitch
Marathon

among others.

He's also picked some howlers that have fallen 80-90%.

On balance, I'm sure he's made mozza.

It's easy to criticize if he gets one stock wrong but the punters with their noses out of joint need to be realistic. No one in the stockmarket gets it right all the time. Not even Warren Buffett. If an investor gets 6/10 especially in the small cap field he'll come up trumps. It's important the sour punters keep some perspective and never blame others for their own poor investment skills. Robbo just put forward a view; if they didn't understand the company themselves they should not have invested.

The GrandMaster

20-07-2007, 11:41 PM

Robbo, thanks for taking the time to post a reply on this thread, it must have taken some constraint. I for one have always enjoyed reading your posts and have you to thank for highlighting TRF to me. I hope this has not put you off ST altogether.

TGM

steve fleming

12-08-2009, 10:50 PM

steve fleming

12-08-2009, 11:13 PM

Well Robbo has long gone.

However it looks as though ITE (now RZR) have finally come good.

Revenue up 40% to $18.3m (FY08 $13.1m)
Net profit after tax of $1.46m (FY08 loss of $5.9m)
Gross margins up to 43% (FY08 15%)

How good are those margins??

Currently nothing on the ask all the way up to 10c.

There is actually quite an interesting post re Robbo and ITE from Cloaka on HC.

" As far as I know Robbo is long gone. He told me, I think from memory he was out for an average of 10 or 12 cents I cant remember, certainly nothing like some people were guessing at 20 cents. He told me that he picked up the shares through his broker that were deemed to be unmarketable parcels when that offer was on the table and then proceeded to talk the stock up. Some of the positive spin was I believe based on fact and was not unfounded ramping contrary to popular opinion. It was based on inside info on a pending takeover by GBST ASX code GBT, it was supposed to be a done deal and I personally heard that third hand from a very high source in the company, I'm not sure why the deal fell over at the last minute. I heard there was an offer on the table of about 25 cents of cash and shares and was knocked back by one or more of the large shareholders but whether that was fact or fiction I don't know. As most people would be aware GBT are still a major shareholder. Anyway I bought in years before that for a 5 year plan and it looks like we are a few years behind schedule but I still believe that long term shareholders will ultimatly be rewarded as alluded to in the last trading update."

Lizard

29-11-2009, 10:27 AM

Currently nothing on the ask all the way up to 10c.

Bit easier to get now Steve, with some volume around at under 4cps.

Razor <b>Risk</b> is an apt name. USD exchange rate won't be doing Aussie software exporters any favours. Still, with cash on hand and low market cap, upside for RZR appears larger than downside. Taking into account the bumpy history and willingness to run large losses in the past, plus likelihood of tighter gross margins going forward, there's not much feel for their likely result in current year.

Buying in looks like the traders equivalent of a bungee jump. Thoughts?

steve fleming

29-11-2009, 10:47 PM

Bit easier to get now Steve, with some volume around at under 4cps.

Razor <b>Risk</b> is an apt name. USD exchange rate won't be doing Aussie software exporters any favours. Still, with cash on hand and low market cap, upside for RZR appears larger than downside. Taking into account the bumpy history and willingness to run large losses in the past, plus likelihood of tighter gross margins going forward, there's not much feel for their likely result in current year.

Buying in looks like the traders equivalent of a bungee jump. Thoughts?

Hi Liz, seems that the business is maturing reasonably well under rejuvenated management.

The issue i imagine is getting sufficient revenue scale so the high gross margins are converted into high net margins, given the high cost base that RZR maintains (offices in 3 countries?).

15% of revenue is recurring, and Management have been making positive noises re winning new business, so FY10 should see some growth.

Directors now own about 30% so some of the overhang associated with UXC and HH has been removed, but GBT is still there.

Agree downside is limited; and maybe a re-rating on annoucement of a half-year dividend (which Management seem to be alluding to) assuming it remains cash flow positive?

But given its history, its a bit hard to get too excited just yet.

Lizard

15-06-2010, 04:31 PM

Has traded down under 2cps of late - never a share so cheap that it can't get cheaper!

Forecast for FY still for profit, although second half looks lower than first - probably takes it to about $0.5m tax normal. However, not too bad an achievement considering no new licenses in the period.

Seems they have a few new licensing opportunities under negotiation including "one for a significant license and implementation of Razor (that) is in an advanced state and may be close to conclusion". Would think the increasing move to clearing houses might trigger a few more large implementations like the IDCG one.

Also getting out of Chennai for a $325k pa saving and working on reducing forex exposure - both of which are positives going forward. Though seems likely the $2.4m of spare cash might partly have gone on investment in the latest Razor 3.0 upgrade, since they've arranged an overdraft facility.

Overall, with likelihood of improving profitability, I'd say $7.7m market cap is on the slim side. However, these days, so illiquid that it would be difficult to buy in at these sort of prices. Interesting to watch though - potential recovery play.