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CORE ENERGY MINERALS LTD Capital/Financing Update 2006
64702_rns_2006-06-22_8536d42d-6b28-48d2-941b-bf8b5bf89867.pdf
Capital/Financing Update
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ASX RELEASE - Friday 23rd June 2006
Global Approach Profit Guidance
Jumbo Corporation Limited (ASX:JUM) is a substantial shareholder of Global Approach Limited (ASX:GLO) with 18.0% of the shares. GLO today announced a Profit guidance (attached) ahead of the Extraordinary General Meeting to be held on Tuesday 27th June 2006.
| ASX Code: | JUM |
|---|---|
| Shares on Issue: | 370 million |
| Options on Issue: | 5 million |
| Share price (22 June 2006) | 3.8c |
| Market Cap: | \$14 million |
| Top 20 hold: | 47% |
| Annual Share Volume | 451 million |
| Last Month Share Volume | 17 million |
GLO confirmed that it's performance for the full year to 30th
June 2006 to be an EBITDA loss in the range of \$300,000 and \$500,000 as a result of gaming volatility combined with its relative small gaming operation.
GLO also confirmed that the acquisition target (Tusk Group) expects its NPAT for the full year to 30th June 2006 will be in line with the A\$1.6 million reported in Section 4.6 of the Independent Expert's Report prepared on the 23rd May 2006. Tusk management have further confirmed that the EBITDA forecast of \$3.07 million and \$4.92 million remain unchanged for the full years ending June 2007 and June 2008.
Mr Mike Veverka, CEO of Jumbo and Alan Phillips, Chairman of Jumbo are both non-executive directors of Global Approach Limited. Jumbo Corporation Limited currently holds 11.6 million ordinary shares (18.0%) of the fully paid ordinary shares in GLO. The full GLO announcement is attached.
For further enquiries, please contact:
Mike Veverka, CEO Email: [email protected] Web: www.jumbocorporation.com
ASX RELEASE
23 June 2006
PROFIT GUIDANCE AHEAD OF EXTRAORDINARY GENERAL MEETING
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Directors of Global Approach Limited (ASX code:GLO) provide the following profit guidance ahead of the extraordinary general meeting to be held on Tuesday 27th June 2006 to ensure shareholders are fully informed on the status of the company prior to voting on the acquisition of Tusk Investment Corporation Limited (the Tusk Group).
2006 Financial Year Performance without Acquisition
The anticipated outcome for Global Approach Limited for the full vear to 30th June 2006 is a EBITDA loss in the range of \$300,000 to \$500,000. This is primarily as a result of the relative small size of the gaming operation being sensitive to the volatility in the gaming industry. In addition to this, the focus for management has been to acquire the Tusk Group to give the company the critical size required to withstand this volatility. Casino operations in particular are subject to volatility resulting from large player wins and losses that affect overall profitability.
Poker is not subject to the same volatility as casinos due to the percentage of play revenue model. The Tusk Group have a more balanced mix of Poker and Casinos than the current GLO mix.
Tusk Group Performance
As part of the final Due Diligence carried out by the Board of GLO, directors today have been advised by the Tusk Group that the expected NPAT (Net profit after tax) for the full year to $30th$ June 2006 will be in line with the A\$1.61 million reported in Section 4.6 of the Independent Expert's Report prepared on the 23rd May 2006. Tusk management have further confirmed that the EBITDA forecast of \$3.07 million and \$4.92 million remain unchanged for the full years ending June 2007 and June 2008.
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"Operation size is paramount to running a profitable gaming enterprise", said Mr David Barwick, Chairman of GLO.
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"This demonstrates the importance of acquiring the Tusk Group to increase our size, provide a balanced mix between Poker and Casinos and have complete control of the management of our gaming properties".
The board has made this announcement today having reviewed results for May and June to date which have been subject to gaming volatility as previously explained. Furthermore directors felt it prudent to provide this information to shareholders ahead of the closing of proxies today for the acquisition of the Tusk Group.
For further enquiries, please contact:
David Barwick, Executive Chairman Ph: (07) 3221 9850 Fax: (07) 3221 9838 Email: [email protected]