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mxis rises from the ashes.

  1. texas5qld

    2,922 Posts.

    The Tex report: MAXIS CORPORATION.

    Relisted on ASX: August 2001 with issue of ordinary shares of 100,000,000 at 2c. currently there are 360 million shares in the company.

    employees: 77 (tripled since 2002)
    Revenues:$20.2 million ($9.5 million 2002)
    Cash in bank: $3 million (up from $1.3 million)
    Profit:2003 $890,227 (2002-loss $2.9 million. 2003-loss $78 Million)

    Sale of Loss making business: "ARBT" sold for $50k (book gain $600k), arbt lost $1.2 million in last 9 months alone.

    New business purchase: "Senteq" $1.06 million

    Economic dependency (similar to LOK and microsoft): A new 3 year has been secured with CSC on 17th of January 2003.
    The purchase of "Senteq" is designed to deversify Maxis's revenue base and dependency.

    Share details: a new issue will be proposed of 15 million shares to fund the "Senteq" purchase, also a 1:5 consolidation will take place meaning the 360 million shares will be converted to 72 million shares + 3 million (15 million consolidated) = 75 million shares total.

    Top twenty holders: 241 million shares 70% of the company.

    Outstanding options: NIL

    Controlled companys 100% owned:
    (1) Capital Gas fields
    (2) Hancock holdings
    (3) Pulsar Graphite
    (4) Rescan NL 80%
    (5) ABT supplyline
    (6) NDT
    (7) Senteq information systems


    Name Change: Maxis will change it's name to Sonnet Corporation when the share consolidation takes place.

    ----------------------------------------
    A SLICE OF HISTORY:

    Maxis puts on a brave face as ASX again starts asking questions
    Author: Mandy Bryan
    Date: 20 Jan 2001
    Section: Computers
    Publication: Australian Financial Review

    Maxis Corp, the company that until recently counted Mr Tim Fischer and his National Party predecessor, Mr Charles Blunt, among its directors, put on a brave face on Friday in response to more queries from the Australian Stock Exchange.

    Responding to its second ASX ``please explain" notice, the company, which during the week placed two of its three subsidiaries into administration, said the remaining Managed Networks business was profitable and not dependent upon the other businesses.

    Maxis said the exact impact of the voluntary administration on the company's business, however, could not be determined at this time.

    This business solely comprises a single subcontract with a US firm, CSC, for the delivery of services to the NSW Department of Community Services, and accounts for just 7 per cent of the goodwill.

    The independent expert's report prepared by Deloitte Touche Tohmatsu last March said $9.1 million of the $63 million revenue it projected for the 2001 financial year ending in June was sourced from Managed Networks.

    Cross-sales, however, look to have been factored into its longer-term forecasts, with Managed Networks expected to manage communication and IT systems deployed by clients of its other subsidiaries.

    The surprise administration of its flagship regional wireless broadband services subsidiary, Heartland Communication, and its hardware resale operation, Supply Line, comes just four months after the company relisted and two months after a bullish annual general meeting chaired by Mr Blunt.

    According to Maxis's company secretary, Mr Chris Chapman, the voluntary administrations came from the realisation that the $14 million Maxis invested in delivering mobile broadband services to remote Australia was nowhere near enough.

    Less than two months after listing, three of the company's founders and major shareholders, Mr Sepp Stepanian and Mr Ilario Faenza, sold 3.75 million shares valued at more than $1 million to repay a short-term inter-company loan made by Maxis.

    Four directors have left over the past two months, starting with Mr Vaz Hovanessian in November and followed by Mr Blunt, Mr Fischer and Mr Colin Henson late last month. Maxis Group's managing director, Mr Stepanian, stepped down into a business development role in September, less than two weeks after the company began trading.
    The company, formerly Capital Energy, relisted in September after acquiring the ABT Holdings information technology business for $70 million in scrip.

    In an investment brief in August, broker William Noall issued a ``buy" recommendation on the stock but said most of its success relied on its marketing strategy and the lobbying power of its board.

    ----------------------------------------

    This stock will hit 9c over the next 12 months IMHO.

    Cheers Tex.

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