SIV 0.00% 16.0¢ siv capital limited

Nov 17 (Reuters) - Silver Chef Ltd (SIV) : Has been victim of...

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    Nov 17 (Reuters) - Silver Chef Ltd (SIV) :

    • Has been victim of material fraud attack involving fraudulent customers working in conjunction with fraudulent gogetta equipment vendors
    • Has only just quantified financial impact of matter and investigation into fraud event with assistance of third parties is ongoing
    • Company expects a strong skew to earnings in second half due to inertia in rental asset base
    • Written down value of rental equipment subject to fraud is $3.3 million
    • Company expects once-off after tax impairment charge of $2.2 million
    • At 31 december 2016, underlying earnings in range of $6.3 to $7.3 million after tax
    • Statutory earnings for 30 june 2017 is expected to be in range of $21.0 to $23.0 million after tax
    • Business continues to perform in line with expectations during quarter 1 of fy17
    • Sees underlying earnings for 30 june 2017 in range of $23.0 to $25.0 million after tax
    • Company has notified authorities to assist in pursuing fraudulent customers and vendors
    • Company is exploring all options of financial recovery through its investigation process
    • At 31 december 2016, statutory earnings is expected to be in range of $4.0 to $5.0 million after tax
 
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