SPY SmartPay

[Anna Naum]

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!!!

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

[Billy Boy]

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

[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.

[percy]

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

[whatsup]

Up today 4.5% today in a down day !!

[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?

[Anna Naum]

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?

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.

[Doyle]

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.

[Doyle]

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.

[jonu]

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