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snx-buyback

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    Company Announcement Article


    SNX - ASX Company Announcement
    THIS IS A PRIORITY ITEM
    18 March 2003
    Part 1/1
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    SECURENET LIMITED
    -----------------
    HOMEX - Melbourne
    -------------------------
    Announcement of Buy-Back
    eSecurity provider SecureNet Limited (ASX:SNX) today reactivated an
    on-market buy-back program put in place 18 months ago. Under the
    program the Company will acquire up to 7,500,000 (10%) of its
    ordinary shares on issue. The directors of the Company believe the
    buy-back, which will be conducted over the next 12 months, will
    enable the Company to, from time to time, acquire shares at market
    prices, which in their opinion, reflect a discount to fair value. The
    directors believe that this buy-back represents an opportunity to
    enhance shareholder value and better manage SecureNet's capital base.
    Directors instigated this capital management program in 2001 with
    on-market share buy-back activity in the second half of 2001 and
    shareholders approved a refresh of the program at the 2001 Annual
    General Meeting.
    SecureNet has appointed brokers ABN AMRO Equities Australia Limited
    to act on the Company's behalf in respect of this on-market share
    buy-back program.
    At an Extraordinary General Meeting held last Friday, 14 March,
    shareholders voted overwhelmingly to reject a proposal for a one-off
    return of nearly all SecureNet's cash reserves. The Chairman will be
    writing to shareholders in the next few days on the issues raised by
    shareholders at that meeting. At that meeting directors expressed
    confidence in the future business prospects for the Company and
    confirmed management was working on a number of projects targeted at
    enhancing shareholder value by growing the business. SecureNet's most
    recent Half Year results - a 92% growth in operating revenues over
    the previous corresponding period and significant improvement in
    trading - provide tangible evidence the existing business is
    experiencing strong organic growth. The market in which the company
    operates is also consolidating and acquisition opportunities now
    exist at attractive valuations. Enhanced shareholder value is
    forecast from both organic growth and selective acquisitions. Further
    announcements will be made to the market at the appropriate times.
    Relevant notices in relation to the share buy-back have today been
    lodged with the Australian Stock Exchange Limited and the Australian
    Securities and Investments Commission. Accordingly, the first day
    when the Company may commence buying back its ordinary shares is 2
    April 2003.
    Contacts:
    Geoffrey Ross, Managing Director, 02 8514 7456
    David Skelton, Chief Financial Officer, 03 8696 9401
    APPENDIX 3C
    ANNOUNCEMENT OF BUY-BACK
    (EXCEPT MINIMUM HOLDING BUY-BACK)
    Name of Entity
    Securenet Limited
    ACN or ARBN
    74 073 665 175
    We (the entity) give ASX the following information.
    INFORMATION ABOUT BUY-BACK
    1. Type of buy-back On-market buy-back
    2. Class of shares which is Ordinary
    subject of the buy back
    (eg, ordinary/preference)
    3. Voting rights One for one
    (eg, one for one)
    4. Fully paid/partly paid (and Fully Paid
    if partly paid, details of
    how much has been paid and
    how much is outstanding)
    5. Number of shares in the 75,617,630
    class on issue
    6. Whether shareholder approval Not required
    is required for buy-back
    7. Reason for buy-back Capital Management
    8. Any other information No
    material to a shareholder's
    decision whether to accept
    the offer (eg, details of
    any proposed take-over offer
    or announcement)
    ON-MARKET BUY-BACK
    9. Name of broker who will act ABN AMRO Equities Australia Ltd
    on the company's behalf
    10. Deleted 30/09/2001
    11.If the company intends to 7,500,000
    buy back a maximum number
    of shares - that number
    Note: This requires a figure
    to be included, not a
    percentage.
    12.If the company intends to Commencement on 02/04/2003 and
    buy back shares within a conclude 12 months hence
    period of time - that period
    of time; if the company
    intends that the buy-back
    be of unlimited duration
    - that intention
    13.If the company intends to N/A
    buy back shares if conditions
    are met - those conditions
    EMPLOYEE SHARE SCHEME BUY-BACK
    Items 14 to 15 are Not Applicable
    SELECTIVE BUY-BACK
    Items 16 to 18 are Not Applicable
    EQUAL ACCESS SCHEME
    Items 19 to 22 are Not Applicable
    COMPLIANCE STATEMENT
    1. The company is in compliance with all Corporations Law requirements
    relevant to this buy-back.
    2. There is no information that the listing rules require to be
    disclosed that has not already been disclosed, or is not contained
    in, or attached to, this form.
    D Skelton
    COMPANY SECRETARY
    28/03/2003
    ends - AAP




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