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Uecomm Requests Trading Halt to Undertake Institutional Roadshow
Uecomm Limited ('Uecomm') has requested a trading halt from the Australian Stock Exchange. The purpose of this request is to allow Uecomm and its majority shareholder, Alinta Limited ('Alinta'), to undertake a roadshow for an on-market sell down by Alinta of its shareholding in Uecomm.
Alinta currently holds approximately 66% of the issued capital of Uecomm. Alinta intends to sell down all of its shares in Uecomm to institutional and sophisticated retail investors through a bookbuild process conducted by Macquarie Equity Capital Markets Limited. N M Rothschild & Sons (Australia) Limited is acting as adviser to the Board of Directors of Uecomm. A copy of the presentation being made to potential investors by Alinta and Uecomm is attached to this statement.
In addition, Uecomm wishes to provide a further update of information presented to the market at the time it released its full year results on 11 February 2004. At that time, Uecomm provided the following guidance relating to the 2004 financial year:
- Operating revenue in the range of $70 million to $80 million.
- EBITDA of approximately $30 million.
- Capital expenditure of approximately $20 million in 2004. This amount is based on the capital expenditure requirements of the past few years and is subject to change dependent upon the level of sales contracts won.
- Targeting to be free cash flow positive in 2004 after capital expenditure.
- Targeting to sign new sales contracts in 2004 with a value of approximately $60 million.
Uecomm now confirms that:
the value of new sales contracts signed during January and February 2004, and the trading results for this period, were within the Company’s expectations; and
it is not aware of any information, other than the information disclosed in this release, which has not previously been disclosed and which, if it was not subject to an exception from disclosure under Listing Rule 3.1A of the ASX Listing Rules, Uecomm would be required to disclose under Listing Rule 3.1 of the ASX Listing Rules.
