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I've got a reply from the firm now and am quite happy with it. The $15 million is over and above the potential $6 million currently under advanced stages of negotiation. The revenue is for the expected sale of additional equipment and service to Defence connected with the overall contract.
I'm fairly bullish about the firm. They're quietly going about their business and with John Howard pushing anti-terrorism laws, homeland security is in focus.
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TheBoss, Thanks for finding that out. That is good news.
Mark
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Homeland Security firms on NASDAQ trade around the 18-20 P/E range. There is some industry consolidation and huge takeovers in US. Firms like Fortress America are looking at acquisitions for growth.
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ASIO to receive huge funding - augurs well for XTEK?
See http://www.smh.com.au/news/national/...401138358.html
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and another contract. This time, it is for security training for CommonWealth Games.
The annual report looks promising. Capital raising in offer for expansion. I think, XTEK is increasingly looking like the "preferred" security agency for government contracts. Their strong network with defence personnel on the Board, does help.
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The Boss,
What is this about a capital raising? On the Notice of AGM there were 4 resolutions but on the proxy form there were 5 and the 5th on was 'Proposed Capital Raising'. I rang the company and they said it was a mistake and a new form was to be sent out but I haven't got anything yet.
Mark
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same here. but, they had signalled expansion in an earlier report, so it may be in the offing.
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I got the info in the mail today. Seeking approval to raise $7m at a discount of up to 20%. They just raised capital for the float, why rasie more now??
No wonder the price has been under pressure
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I've asked the company for more details. will post it tomorrow or so.
Happy to see a 10% gain?
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Yes happy with the share price gains but I would have thought they would have made a proper annoucement regarding the placement. Sounds like its for potential acquisitions.
I'd say this is why the share price has been struggling, the big boys knew it was coming up
Mark