SPY SmartPay

So it is up and running as a listed entity and announcing deals:
Retailer Kmart partners with SPY for prepay solutions

Website here

Seems to be based around Cadmus (CTL) terminals, no idea myself of the worth of this company, yet.

cadmus are currently buying a lot of terminals off provenco with EZIPAY loaded on them... looks like a dead duck to me

HEY paper boy I saw it first and put it down as an outsider in your trader contest. It went up 20pc yesterday. BUGGER!!!should have done it after the close. Macdunk beating you all to the draw as usual.

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quote:Originally posted by Paper Tiger

So it is up and running as a listed entity and announcing deals:
Retailer Kmart partners with SPY for prepay solutions

Website here

Seems to be based around Cadmus (CTL) terminals, no idea myself of the worth of this company, yet.

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They just set up another new deal, so on the surface it looks very good.
It might be worth doing a bit of homework on this new start up.
Anyone out there have any information to contribute it would be appreciated. macdunk

It's not you who has bought $73 worth of SPY to up the price by 20% is it MacDunk?

The HY is end of June so they should report by the end of August, but that will only be one and half months of SPY and four and half months of CUB.
You may have to chat to the tea-lady.

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quote:Originally posted by duncan macgregor

HEY paper boy I saw it first and put it down as an outsider in your trader contest. It went up 20pc yesterday. BUGGER!!!should have done it after the close. Macdunk beating you all to the draw as usual.

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SO, how come my opening post is dated the 26th and your picks are dated the day after?
Come on, credit where credit is due. :D

I didnt notice that you puddy cat. I suppose it was you that bought a thousand of the things to make a young fella look bad. They went up then down 20pc then back up 19pc not bad for a wild ride. I might visit the tea lady and find out if they are worth a punt. Still the only one to pick them PT, why dont you join me and risk one of your nine lives. macdunk

Great ann today and buying reflects confidence of investors, with Cadmus out of the way SPY should be able to build a great little company!

Hi all.

Smartpay is fast becoming a serious player in the retail payments/eftpos transactions sector IMO. A lot of the 'provencocadmus' terminals, they acquired when the company went into recievership earlier this year. They were also positively endorsed by provencocadmus, well before the company went into recievership. They have also just purchased software which was licensed to cadmus, so now Smartpay owns the software and also intellectual property to other projects.

Could well be a very worthy investment in future.
Eg. If someone purchases tens of thousands or hundreds of thousands of shares at a few cents, and then the company decided to pay maybe a one-off special dividend or something.

The payoff would cover itself a few times over.

A special dividend?!?

I'd test for solvency first, before sending out THAT cheque.

As I remember it the company needs to raise capital to pay for recent acquisitions. Short term debt financing still needs to be replaced so difficult to see how a dividend will be paid.

This is a new company now with the demise of Cadmusetc but SPY has to address their financial issues ( which Im sure they are aware of and have plans for ) Im picking a share consolidation say 20-50 for 1 new share followed by a cash issue to recapitalise SPY and then we can look forward to a reasonable future as SPY can now pick up all the useful bits of Cadmus which they are now doing.

VERY good volumn again today rerating under way,on the wat uppppppppppp!!

Up again today on rerating as this company gains recognition of its business model , up 400% in 3 months.!!!

Up 12% today , heading for a 5 bagger in a little under 3 month, could be heading towards a 10 bagger !!! wow !!!.

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Originally Posted by belgarion

You following me around, whatsup?

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Yeh right !!

Substantial selling down -DISCLOSURE OF MOVEMENT OF 1% OR MORE IN SUBSTANTIAL HOLDING
OR CHANGE IN NATURE OF RELEVANT INTEREST OR BOTH

doesn't exactly inspire confidence.

Maybe getting ready for the cash issue

Mcdougal 's the share broker in a report out last week said the "SPY's future looks very poaitive based on the latest Cadmus acquition" $7-10 Mil EBITDA for the 2010/11 year, looking good at last!!!

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Originally Posted by whatsup

Mcdougal 's the share broker in a report out last week said the "SPY's future looks very poaitive based on the latest Cadmus acquition" $7-10 Mil EBITDA for the 2010/11 year, looking good at last!!!

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Might also be that they are setting themselves up to do the equity raising....not aware of any other broker following the stock.

Anna
are you holding ???
I have been watch for a bit now and might buy a few just
to be in the loop as they say>.
Their move into ozzy is positive & I read a News clip saying how
eftpos transactions are on the rise there. Cant find now, else I would post
Cheers BB :)

BB, do not hold but agree it looks to have potential. Maybe I am missing the chance but it looks to me like they need capital so I am a bit cynical until that is achieved. Past examples suggest amalgamations like this take longer than expected and therefore profits are longer in the making.

can anyone advise which is the better investment spy or zin.
zin have cash in the bank,plus the hypercom eftpos agency
.

Up today 4.5% today in a down day !!

Issued $1.6 million worth of shares at 3.78 each. Certainly not the most transparent cap raising. I'm guessing it was based on a 10% discount to last 5 days average. Which explains why some cheeky bugger has been selling them down. (Pure Speculation on my part)

Still if their on track for 7mil ebitda then this will be the last cap raising required this year.

Not done in a fair way but, at least its over with a minimum of fuss and blood. So I think its a postive.

Others thoughts?

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Originally Posted by Doyle

Issued $1.6 million worth of shares at 3.78 each. Certainly not the most transparent cap raising. I'm guessing it was based on a 10% discount to last 5 days average. Which explains why some cheeky bugger has been selling them down. (Pure Speculation on my part)

Still if their on track for 7mil ebitda then this will be the last cap raising required this year.

Not done in a fair way but, at least its over with a minimum of fuss and blood. So I think its a postive.

Others thoughts?

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Looks like the shares came with 1:3 options free.

Payment: The Options were issued for nil cash consideration and in consideration for certain investors subscribing for Ordinary Shares in SmartPay on or about the date of this notice. Ordinary Shares allotted to option holders on exercise of the November 2010 Options shall be issued at NZD$0.05 each and the holder of a 2010 November Option will be required to pay this amount to SmartPay for each November 2010 Option they exercise.

Percentage of Options: The November 2010 Options constitute 100% of the total issued options to acquire Ordinary Shares in the share capital of SmartPay with an expiry date of 12 November 2010.

Also note that there is a bunch of 2c options as well, so the boys have looked after a few very well.


SmartPay also has 18,748,086 options (the March 2010 Options) on issue which entitle the holders to acquire ordinary shares at NZ$0.02 per share on or before 5.00pm on 31 March 2010, which options were issued on 21 April 2009.

SmartPay also has 60,490,000 options (the January 2010 Options) on issue which entitle the holders to acquire ordinary shares at NZ$0.02 per share on or before 5.00pm on 19 January 2010, which options were issued on 18 August 2009.

Thanks Anna

I had no idea that so many options were available, certainly keeps a bit of downward pressure on future SP. Seems like the boys have been very well looked after.

Explaination out about all the options today, most of the justifaction seems fair enough, although I'm unsure as to why those share holders who got to participate in the last share purchase plan were issued with the 0.05 options. By this stage Smartpay was out of any serious financial difficulty, surely the 10% discount to weighted average price should have been incentive enough to subscribe. It also seems like TM advisory and Finance has done bloody well out of Smartpay, would have loved to have been at their christmas party whoever they are. Good on them though, on the face of it just got the best deal they could out of a distressed borrower, and made alot of money out of it can hardly begrudge them for that.

So in short in favour of all the resolutions except maybe Resolution four involving issuing options under the share purchase plan.

Hopefully this is the last time they have to (or want too) issue shares for a long time.

Spy would appear to have cracked another major nut in snaring Mitre 10. Good activity so far today

http://www.nzx.com/markets/NZSX/SPY/...-MANUFACTURING


Slash outgoings, make bigger margins........
Crush, kill, destroy!!!

But yeah, good to be seing a 25% reduction in staff

SmartPay announce a Share Purchase Plan (http://www.nzx.com/markets/NZSX/SPY/...-PURCHASE-PLAN) at a 16% discount, and the share immediately fall by approx 16%!

Does this normally happen when a non-renouncable SPP is announced? Do those who currently hold SPY plan on participating in the SPP now that the purchase plan's discount has been erroded? Is anyone going to buy a share or two before the 21st in order to participate?

Can anyone explain more generally why a company would choose to have a SPP as opposed to say a renouncable rights issue?

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Originally Posted by Anna Naum

BB, do not hold but agree it looks to have potential. Maybe I am missing the chance but it looks to me like they need capital so I am a bit cynical until that is achieved. Past examples suggest amalgamations like this take longer than expected and therefore profits are longer in the making.

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SPP suggests they struggled to get outside interest in capital raising. There is something about all this that just does not add up to me. Guess buying the company from the receivers might not have been the bargain they thought it was? Also as a SPP it relieves major shareholders from liability to put too much dosh up, not a good sign to me.

Agree - something fishy in here me thinks. SPP to fund growth or retire debt they can't service? 40 people out of manufacturing only? These guys use announcement like their own private PR firm. If they were doing as well as they say there's be no need for the SPP. What about announcing to the market all the major NZ corp business of Provenco's they've already lost and not just the win of Mitre 10. Wonder if they'll try and talk things up again soon now the discount for the SPP has evaporated....

I'll be waiting for some real evidence of sustainable revenue before taking them seriously.

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Originally Posted by funpedro

Agree - something fishy in here me thinks. SPP to fund growth or retire debt they can't service? 40 people out of manufacturing only? These guys use announcement like their own private PR firm. If they were doing as well as they say there's be no need for the SPP. What about announcing to the market all the major NZ corp business of Provenco's they've already lost and not just the win of Mitre 10. Wonder if they'll try and talk things up again soon now the discount for the SPP has evaporated....

I'll be waiting for some real evidence of sustainable revenue before taking them seriously.

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Turn-around results ann today, just in time for the SPP holders to take up their allocation and the results should make it easier for share holders to make up their minds. IMHO SPY has turned the corner and with prudent management ( which we already have ) it is looking much better than it has for years. DYOR.

I'm not a follower, so I just took a look at SPY and am somewhat confused by the result. As I read it, the first half revenue of $17.9m only contained 2 months of the Provenco-Cadmus acquisition. This acquisition was supposed to have quadrupled the size of the business (according to the HY report). So, if that was the case, would have expected the second half year to be around double the first half revenue (which obviously it isn't)? Although corporate costs are twice as high in second half, so maybe that is what they meant?

As for the SPP, how much is likely to be raised? Looks as though they could do with a serious wad of cash for managing the increased working capital as well as to re-finance the short term debt (I haven't found who the lender is - SCF or Southbury perhaps?). How serious the situation is probably depends on the commitment of the lender and the major shareholders to seeing this through. Even if they resolve the financing issues, the EBITDA forecast puts it on a forward EV/EBITDA of 3.9 to 6.1 - perhaps cheap at the lower end, but not cheap at the upper. And hard to know if the EV side of the ratio might be getting bigger in order to generate the EBITDA. Definitely, the current share price doesn't seem to be building in the risk that the balance sheet seems to convey.

Right now, and particularly with the shares trading below the SPP price, it looks to me like one to stay clear of. Interested in others views.

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Originally Posted by mr.needs

SmartPay announce a Share Purchase Plan (http://www.nzx.com/markets/NZSX/SPY/...-PURCHASE-PLAN) at a 16% discount, and the share immediately fall by approx 16%!

Does this normally happen when a non-renouncable SPP is announced? Do those who currently hold SPY plan on participating in the SPP now that the purchase plan's discount has been erroded? Is anyone going to buy a share or two before the 21st in order to participate?

Can anyone explain more generally why a company would choose to have a SPP as opposed to say a renouncable rights issue?

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SPP Closing tomorrow, nothing in it re share price but short term future is looking better all the time with company ann that add up to a co that has turned the corner.
Good management who knows whats required and prepared to back this co with their own cash.

SPY did get PVO at a bargain price. PVO's spectacular fall from grace and all those that got sucked into the hype.

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Originally Posted by whatsup

SPP Closing tomorrow.

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One week since the SPP closed. Does anyone know how much they received?

Have been eagerley awaiting outcome myself. The delay in posting the results of the SPP would indicate that it fell way short of expectations.

Annoucement just released - only 10% takeup raising $870k

http://www.nzx.com/markets/NZSX/SPY/...CHANT-SERVICES


2 Degrees added to the list of clients using SmartPay's services

Annual report out now. Lots of debt needing to be refinanced ($7m) and re-paid ($5m) in the next 12 months and the SPP hardly makes a dent. Unless something changes very quickly this is starting to look like PVO revisited....

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Originally Posted by funpedro

Annual report out now. Lots of debt needing to be refinanced ($7m) and re-paid ($5m) in the next 12 months and the SPP hardly makes a dent. Unless something changes very quickly this is starting to look like PVO revisited....

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Announcement today that they have Postie Plus Group and ABC Learning Centres.
This is already on top of 2degrees, Mitre10, PaperPlus - All relatively large well known brands.

Touch wood - lightning doesn't usually strike twice and they dont go under. But seeing some of the financials the other week it seems that their company turnaround is looking promising.

Just raised $4.5m at 2c!! so on top of massive dilution there is also the huge discount to the prevailing share price. Wonder how existing shareholders feel having just put money in via the SSP. No wonder current major shareholders and management did not partake in the SPP.

2c is a massive discount! have they said which parties bought in via the private placement? - looking after themselves me thinks!

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Originally Posted by belgarion

http://www.nzherald.co.nz/business/n...ectid=10686459

Anything in this for SPY? ... (rhetorical question ;) )

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Old news Belg..., SPY has been onto this for the last year, push into Aussie has me worried grave yard for N Z co's, IMHO.

Why the big drop off today down to .026 on small volumn ?

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Originally Posted by whatsup

Why the big drop off today down to .026 on small volumn ?

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Insider selling ahead of another big discounted issue?

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Originally Posted by Anna Naum

Insider selling ahead of another big discounted issue?

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Not to this level surely !

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Originally Posted by whatsup

Not to this level surely !

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Well they did sell a gazillion shares at 2c not so long ago!

Good to see SPY pull out a break-even result, but without the Appendix 1, it's difficult to make much of it - there are none of the critical balance sheet and cashflow elements to value it on.

Unless the NZX have gone back to with-holding the accounts and making them only available to paying data clients (and that doesn't look to be so with other shares), then I guess these must be coming later?

Accounts now out - belatedly perhaps so as not to cast a shadow on the air of optimism...

Looks like the $100k profit was achieved through a tax credit of $800k. Cashflow not so good, with a $12.4m deficit in op cashflow, funded from borrowings. Most of it looks to have gone into funding a hefty increase in receivables (no matching increase in payables). Also note a rather impressive $4.1m of interest and related costs against the $10.6m of borrowings - must be some sensible explanation for that.

Might have to wait for the AR notes to see if those cashflow and interest factors are one-offs... if so, might look much better value going forward, although their reporting to date has appeared a bit optimistic for me to find trustworthy at this point.

don't follow this one anymore...has it ever been disclosed where the funding for the PVO purchase came from?

cher Moi.

Looks like these guys are in for another round of pain if this story has legs.....

http://www.nzherald.co.nz/nz/news/ar...ectid=10735109

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Originally Posted by Anna Naum

Looks like these guys are in for another round of pain if this story has legs.....

http://www.nzherald.co.nz/nz/news/ar...ectid=10735109

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how do you think all of the new credit/debit transactions will be processed? using terminals in store... just like you see today...

really don't see it making that much difference

Hi all-first post for a while (lost password!)

This one seems to be slipping under the radar somewhat. They still intend to list in Australia where sp must be at least AU20c. Expect a trail of press releases before listing. Has dropped on very low volume. I have been accumulating.

Discl hold heaps

Hi Jonu,

Bit worried about your "hold heaps" disclosure... hope you hold heaps of other things too!

SPY looking like a business that MAY get there one day, but they do seem to perennially sound a bit over-optimistic. For instance, in the annual report a few months ago, they were suggesting EBITDA would be ahead in FY12, yet are now producing a first half which is 30% down on pcp and reducing that prediction to "in line with 2011".

The ASX listing remains mirage-like on the horizon, where they somehow expect to get the shares re-rated due to "...companies similar to Smartpay [having] PE's of 8 - 14." (quoted from annual report). Well, apart from the fact that not too many ASX micro-caps have PE's that mean anything at all given the volatility of their earnings, using a PE as a benchmark actually presumes consistent POSITIVE earnings, so the statement seems a little premature in relation to SPY.

Given their general over-optimism to-date, I find it a 50:50 gamble that they will actually be able to announce "a number of new contracts and relationships" in the second half... particular since it sounds like they were expecting to announce them in the first half - which ended two months ago.

The one positive from this result is that they have managed to trim corporate costs.

Overall though, I find the financing part of the business quite interesting, as it seems as though "lease-finance" is representing a significant part of operations. This is probably a good business, but tough to operate in, since it means carrying associated rental-book debt at high interest rates in order to finance the leases - and a drain on cashflow if they grow this part of operations.

If you can afford to hold heaps, you might be better off putting up the kind of $500k+ deposits that they seem to have been looking for (see the October 2010 prospectus on their web-site)... sounds like they're "secured" over rentals and, although you'd need to get your hands on a rates card to be sure, going off what interest rates they're paying to other entities, might get 13 - 17% interest for 12-60 month terms.... (and NO, this is not to be construed as financial advice! It is tongue-in-cheek, and meant to point out that any returns they are producing for investors right now is for their debt-providers, not holders of equity... I do not hold shares or debt in SPY, nor am I qualified etc, etc )

Thanks Lizard

The main thrust of my post was that I think SPY is undervalued and has dropped in value on light volumes. I don't think they intend to achieve a higher sp through another consolidation, so will have to get the sp up by other means. In my view the sp is likely to more than double in the next few months as they work towards their ASX listing, probably again on relatively light volumes. If they use the funds raised by the listing to partially reduce debt and expand the business, I think they are on their way.
I wouldn't underestimate the "new contracts and relationships".
One of the reasons for the sp fall would be the lack of news on the ASX listing and there has been no effort to stem this with flakey promises. I do think they have been somewhat distracted with the imminent departure of the CEO, but hopefully this will settle with the new appointment.

Am I an optimist? Yes I am about this one. I was when I bought into DIL at 36c too. Trouble was I sold out at 45!

So Rome wasn't built in a day. I still stand by earlier post. Further drift down in last few days on extremely light volume. Sub 10 sellers seem to have stopped.
Have noticed a lot of price falls across smaller stocks of late. There are bargains to be had for those prepared to wait.

Looks like the clawback might have started. Rome wasn't built in a day, but maybe a few weeks!

At last-sellers have all but disappeared and the price looks primed to jump! Surely no ones been listening to Jonu!:eek2:

Don't worry, Jonu. Aren't they supposed to have an agm shortly to approve the issue of another 18m shares at 10cps to high net worth investors? That should help to bring the sell side down a bit towards your bid. Also approving another 1m in convertible notes to convert at 10cps, so they might convert to 10m shares on offer too if it heads up a bit... And, of course, if it makes a run for 16cps plus, the other 3m convertible notes could bring on another 20m shares.

Don't be so gloomy Lizard. The issue of the 3m convertible notes means they don't have to pay back 3m in debt and has you have noted would require the sp to be 15c or better. Sounds like a win/win to me.

If they do bring high net worth investors on board (I'm not one) it'll be because they see a dollar to be made. If they can't convince them I'll be more worried!

Maybe more exciting if they were going to be a) Profitable and/or b) Growing.

On the profit side - well they are behind pcp at interim report and forecasting a slight improvement at year end on the back of a rush of terminal changeovers for 2012. That doesn't look like profitable to me.

I'm not sure what the deadline is in 2012 that they are referring to - the last deadline was June 2011 for upgrade of 5.1 series terminals (still being promoted via their web-site as "Are you ready" and referring to getting ready for Rugby World Cup! They need to upgrade that link...). As far as I can find, the next upgrade deadline (for series 5.2 terminals) is not until June 2014. Paymark site says more info on upgrading these terminals will be available in Feb/March, so seems a little late for SPY 2H. There is a new pin-pad standard, but only seems to affect new installs in 2012 and doesn't take effect on existing till 2014. However, if there is a deadline in 2012, then it would seem 2013 is likely to fall away again.

Therefore, on growth, at this stage, it is difficult to call, but it looks hard to see any drivers until FY2014. Meantime, they increase their financing book - creating a long term source of profit, but requiring substantial cash injections, which they are continuing to fund through equity and quasi-equity placements.

I'd really want good odds on doubling my money in under 3 years to own a company like SPY at this point. Taking into account the various known options and convertibles that are then in the money, I'd be needing to see reasonable odds of sustainable $3m NPAT by 2014-2015. On current performance, about half that looks feasible to my eyes - and that's presuming a bit of a changeover rush in Jan-Mar 2014..

Off at a rush today after they somehow managed to get $13m of equity away at 11.5cps - a premium to the recent 9cps-ish at which it has been trading. Will be interested to read notice of meeting for clues to how that was achieved.

Revenue well down on last year, and will fall further next year, but looks to be due to increasing rental model rather than full sale, so revenue booked more steadily, but will need cash up front to build stock.

Could be a good model once it is bedded in, but the EBITDA projection of $7.5m on $17.5m of revenue for 2013 probably doesn't make for much of a profit below the bottom line once they finance the rental stock and depreciate assets. However, with increased equity and banking facilities, the groundwork may be in place for a more secure future.

For now, I rate too expensive and would like to see completion of recapitalisation for greater security, but will keep half an eye on it.

Anybody know anything new on this one? SP seems to be grinding up slowly with not a lot of sellers showing, hopefully the start of good things??

Thanks Moosie, A couple of weeks ago I bought a reasonable number of SNK at .15 and at the same time topped up my SPY also at .15

Which will get to .20 first? It's like watching two ants race across my desk......

as the whole advantage cum provenco cum cadmus cum smartpay saga is now over for me there is no way they will ever get anywhere near my watchlist ever again. Alf with electronics.:)

Milford for one increasing to re 12%.Been a great ride so far,happy hold ing for more gains ahead.

from Diamondtendies on H/C
"Theres some really good analysis on SMP on here. I read that they were planning on selling the NZ business prior to COVID but this fell through, is this still on the cards for SMP, and do you think its better to focus solely on the AUS business. Aus revenues are now over 50% of the companies revenues this update. And also seeing a bit of institutional investors.
Highlights:
Revenue $33.8m, a 19.7% increase on the prior year $28.3m
Australian acquiring transactional revenue:
$17.1m, an 80.0% increase on the prior year $9.5m
Monthly acquiring revenue grew to $2.2m / month
EBITDA* $7.6m, a 2.7% increase YOY $7.4m. Run-rate EBITDA at March 2021 $9.8m
Australian transacting terminals fleet grew to 6,754 at March 2021
Continued increase in acquiring margin through the year
Net debt, excluding convertible notes, reduced to $4.7m, $19.4m at March 2021
After Tax Loss of ($15.2m)

This results came from continued effort to grind their marketing and sales activities targeting Australian consumers. Smartpay have mentioned that they expect the Australian side of the business to be running at breakeven when EBITDA rises to between $10-12m. Or revenues of around $20 million, which it is fast approaching.
Smartpay ASX Insider Trading
Over the past year we have seen significant increases from institutional and insider investors;

22 May 21: Moelis 6.33% from 5.33%
29 Dec 20: Anacacia Pty Ltd 9.76% [22.66m] from 0.96%
29 Dec 20: Microquities 14.91% [34.61m] from 16.76% [34.32m] dilution
11 Dec 20: Moelis 5.33% initial purchase
26 Nov 20: Milford 11.08% from 9.92%
Last week Moelis increased their holding in SMP to 6.33% from 5.33%.


Extract From: https://prophet-invest.com/smartpay-share-price-2021.
SMP Price at posting: 76.0¢ "

Looks like some old posts have gone missing, not sure what happened to them. Only 2 posts from this year and after that from 2013, hmmm..

Anyway, looking good here after Milford increased their holdings by clearing out weak holder(s). Should tickle up to buck or more soon.

One would struggle to find a profitable NZX listed company growing revenue this quickly
http://nzx-prod-s7fsd7f98s.s3-websit...141/363278.pdf

https://hotcopper.com.au/documentemb...%2BVsO4Xz%2Ft0

All the metrics are up!

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Originally Posted by Fiordland Moose

One would struggle to find a profitable NZX listed company growing revenue this quickly
http://nzx-prod-s7fsd7f98s.s3-websit...141/363278.pdf

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Maybe it's the profitable bit thats holding the share price back recently ... up today though

What's the story with smart pay? Their revenue is growing so quickly, they are profitable, and stealing marketshare off their big australian competitor who keep managing to trip overthemselves.
Isn't this the old cadmus? Wasn't that a bit of a dog? How did smartpay manage to transform itself out of those ashes??

Umm ,start reading from the first chapter,thread.;).The jaws of profit are opening up.