Yearbook NSX Annual 2013nsxa.com.au/documents/Almanac/2013/NSX-Annual-Almanac.pdf · 2014. 6. 6. · Oct, 2013 ‐ 2 ‐ Market overview and review of companies listed on the NSX

VIRIATHUS | RESEARCH

1111 Brickell Avenue, 11th Floor • Miami, Florida • 33131-3122 Phone: +1.212.380.6200 • Fax: +1.212.380.1921

NSX Annual Yearbook 2013

The National Stock Exchange of Australia (“NSX”) dates back to 1937 when it was known as the Stock Exchange of Newcastle. Following a dormant period, the NSX was re‐established in 2000 and has grown to become Australia’s second largest listing stock exchange. The NSX currently has well over a hundred securities listed on its market with a combined market capitalization in the billions. This growth has been fueled by increasing interest by companies seeking a listing exchange that is customer focused, flexible, responsive, innovative, helpful and offers greater value for the money than current offerings.


Oct, 2013 ‐ 2 ‐

Market overview and review of companies listed on the NSX

VIRIATHUS®

Market Data As of 30 June 2013

Number of Listings 123

Market Capitalization (mil) A$1,058

Total Shares Traded 264,075,998

Value of Shares Traded A$65,439,528

Total № of Trades 1,117

Avg. Volume per Trade 176,400

Avg. Value per Trade A$58,585

Avg. Price per Share A$0.25

NSX Market Indices 23 Nov 2007 = 1,000

NSX All Equities Index 1,339.659

NSX All Agriculture Index 1,087.320

NSX All Community Index 784.608

NSX All Finance Index 250.000

NSX All Investment Index 604.084

NSX All Property Index 613.800

NSX All Resources Index 575.173

NSX All Technology Index 663.334

NSX Market Participants

Brokers 28

Advisors 38

2013 YEARBOOK

About the National Stock Exchange of Australia:

The National Stock Exchange of Australia (“NSX”) dates back to 1937 when it was known as the Newcastle Stock Exchange. Following a dormant period, the NSX was re‐established in 2000 and has grown to become Australia’s second largest listing stock exchange. The NSX currently has well over a hundred securities listed on its market with a combined market capitalization in the billions. This growth has been fueled by increasing interest by companies seeking a listing exchange that is customer focused, flexible, responsive, innovative, helpful and offers greater value for the money than current offerings.

Welcome to the inaugural issue of the NSX review. Working in partnership with the NSX, this review enhances the visibility of NSX growth companies and will be published annually.

More information about the NSX and the companies on the exchange can be found on its website, www.nsxa.com.au.

If you have any questions or queries, please contact us at +1.212.380.6200 or via [email protected].

The NSX review forms a cornerstone of our ongoing commitment to raise the visibility and profile of our exchange and listed companies. We are delighted to be working with Viriathus Research on this review dedicated to companies on the NSX.

I would welcome the opportunity to speak to you regarding the NSX and the companies on our market. If you have any questions or you wish to know more about the NSX, please contact me on +61.2.4921‐2450.

Emlyn Scott

Chief Executive Officer NSX Limited.

Facts at a glance


Oct, 2013 ‐ 3 ‐

Contents

Australian Markets Perspectives……………………………………………. …… 4 Markets Information ……………………………………………...................... 5 Benefits of NSX…………………………………………………………………….. 6 Markets Statistics…………………………………………………………………… 7 Market…………………………………………………………………………. 8 Capital Raised………………………………………………………………… 10 Trading………………………………………………………………………… 11 Brokers………………………………………………………………………… 14 Advisors……………………………………………………………………….. 15 Market Performance……………………………………………………………….. 17 Company Profiles………………………………………………………………….. 23


Oct, 2013 ‐ 4 ‐

Australian Markets Perspectives The year in review

Calendar year 2012 (CY12) was a difficult period for investors as global economic uncertainty persisted, reducing risk appetites and activity levels. While the world saw the first rays of light after many years of economic problems in Europe and the US over the past 12 months, the trend to growth has been slow and nervous. China has seen its formidable growth slow while Japan may be finally entering a new phase of growth after more than 20 years of stagnation. Commodities have gone off the boil and with it so has the Australian dollar and the near term future for Australia looks more uncertain.

The Australian listing market continued the tough trend on 2011/12 into the financial year 2012/13. Listings in Australia were down 56% on 2011 and total funds raised were down 75%. The reduction in secondary capital raised follows a period of significant deleveraging during the initial stages of the Global Financial Crisis in 2008 and 2009.

It was also a testing time for many NSX listed companies. The value of NSX‐listed stocks, as measured by the NSX All Share Index, fell 9.66% for the year.

Despite this formidable backdrop, NSX has continued to improve its financial and strategic position over the past 12 months and then next 12 months promise to be the most exciting in the group’s history. Some of the key developments that will drive growth at the NSX include:

The addition of 9 new brokers in 2013, increasing NSX’s number of brokers by 50%. The focus has been on smaller more boutique style brokers as they offer a unique capital raising and liquidity service to NSX’s niche.

The addition of online broking via the launch of OpenMarkets (www.openmarkets.com.au) which was a critically needed development to increase the overall liquidity on the NSX by lowering trading fees, offering investors the ability to place orders directly and instantly onto the market, as well as offering investors the rage of access options to place their orders as they see fit.

Improved branding and market awareness of NSX’s unique services including a new website, message, market segmentation, brochures, value proposition, Partnership services and this Almanac.


Oct, 2013 ‐ 5 ‐

NSX Markets Information The NSX is able to accommodate many different types of equity, equity related, and debt securities on its markets.

Listing

The NSX does not have a one‐size fits all approach to the market trading of listed securities.

They can offer the conventional listing model that is standard across exchanges, but although this model suits the vast majority of listing companies there are some that have differing requirements.

Three common listing models are:

1. Conventional: standard market trading model chosen by the majority of companies with no investor or trading time restrictions. Any investor can invest in any company at any time during business hours in this type of trading model. The vast majority of our listed companies choose this trading model as it represents the standard and best‐known form of stock trading.

2. Closed Market: investors are restricted to a particular group specified by the listed company. This model is popular with companies with a restricted membership type ownership base.

3. Trading Windows: trading occurs only twice a year for six weeks after semi and annual reporting. This restriction in trading times has advantages of focusing liquidity around periods where news occurs and away from quiet periods. Trading windows is currently restricted to property‐based managed investment schemes.

Trading

The NSX operates its own trader workstation terminal as well as an electronic feed for those wishing to use their own terminals to trade or for information vendors. The service is called NETS and is based on one of the most technologically advanced trading platforms in the world. NSX sources its technology from NASDAQ OMX.

The NETS trading engine compares buying and selling orders entered into the system and automatically executes trades in strict time/price priority whenever two orders match. Orders are entered on NETS trader workstations in stockbrokers’ offices which may be located anywhere, and are then routed to network processors in the NSX’s datacenter.

Trading hours are between 10:00am and 4:15pm Australian Eastern Standard Time (“AEST”), Monday to Friday.

Settlement

The NSX can accommodate securities that are either electronically settled or certificated securities. All securities registered for settlement electronically are settled on a T+3 basis via Delivery versus Payment (DvP) settlement in CHESS. Certificated securities are settled on a T+5 basis.


Oct, 2013 ‐ 6 ‐

Why List on NSX? The NSX is a SME (Small & Medium Enterprise) focused listing stock exchange. While it can list companies of any size, it is particularly suited to companies with a market capitalisation of up to $100m. NSX offers a unique set of rules, processes, prices and a network clearly suited to SME and growth companies. NSX advantages include:

Simple Rules – NSX’s Rules are not only simple but are also principle‐based, which dramatically reduces the work required to become and stay listed. Equity Rules on other markets can be three times as long as NSX’s. Shorter and simpler rules and processes mean lower costs, less complexity and more management time spent actually running businesses.

Appropriate listing criteria – NSX listing criteria is designed to suit the SME customer, such as a 50 shareholder minimum, A$500,000 minimum market cap and no minimum listing price.

Low costs – NSX’s fee structure and listing process is designed to offer companies real value for money. Their fees are the lowest in Australia and their simple listing rules and multiple listing options can save companies hundreds of thousands of dollars or more off their cost of listing. Their listing fees are up to 80% cheaper and their annual listing fees average 50% less than the ASX.

Multiple listing options – NSX offers companies the choice of five main listing routes, so companies can choose the most appropriate solution to ensure the fasters, simplest and lowest cost listing.

Extensive adviser community – NSX’s Nominated Advisors cover a broad range of industries and specialties geographically spread throughout Australia and abroad. Advisors play a key role supporting companies throughout the listing process and thereafter.

Customer focused – NSX staff pride themselves on being professional and approachable experts who are keen to help you every step of the way.


Oct, 2013 ‐ 7 ‐

Market Statistics The value of NSX‐listed stocks, as measured by the NSX All Equities Index, rose 7.037% for FY13. This performance closely follows that of the S&P/ASX 200 Index appreciation of 8.72%.

No.

Trades Trade Value $ Trades Volume No

Shares Average Price per Share $

Value per Trade $

2013 1,117 $65,439,528 264,075,998 $0.25 $58,585

2012 3,370 $291,365,660 262,546,508 $1.11 $86,459

2011 2,533 $106,863,645 209,390,727 $0.51 $42,189

2010 1,821 $77,080,817 138,050,632 $0.56 $42,329

2009 876 $6,672,883 25,219,188 $0.26 $7,617

2008 1,005 $11,681,419 27,909,591 $0.42 $11,623

2007 2,394 $51,929,307 96,354,362 $0.54 $21,691

2006 1,601 $18,007,197 58,520,233 $0.31 $11,247

2005 1,706 $14,867,533 37,001,960 $0.40 $8,715

2004 1,278 $15,861,305 43,349,999 $0.37 $12,411

2003 181 $2,828,592 3,012,395 $0.94 $15,628

2002 61 $331,224 567,692 $0.58 $5,430

2001 32 $36,738 67,250 $0.55 $1,148

2000 6 $5,230 46,000 $0.11 $872


Oct, 2013 ‐ 8 ‐

Market Capitalization: Values for 2013 are as at June 2013. Black Line indicates 2 period moving average trendline.

Number of Securities Listed: Values for 2013 are as of December.

-

500

1,000

1,500

2,000

2,500

3,000

3,500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Market Capitalisation ($m)

2 1 3

17 15

2118

9 106

3 2

38

4

0

10

20

30

40

50

60

70

80

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

NSX Issuers Listed (#)

New Issuers Total Issuers


Oct, 2013 ‐ 9 ‐

Issuers by Industry: The industry groups used follow the GICS classification of industry by Issuer.

Alternative Carriers1%

Asset Management17%

Biotechnology1%

Commercial Printing2%

Diversified Capital Markets

2%

Diversified REIT9%

Food3%

Marine Ports & Services

2%Personal Products3%

Regional Banks47%

Resources9%

Specialized Finance2%

Technology2%

NSX Issuers by Industry


Oct, 2013 ‐ 10 ‐

Capital Raised

Primary and Secondary Capital Raised: Values for 2013 have been annualized based on eleven months results.

Securities Issued: Values for 2013 have been annualized based on eleven months results.

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

700,000,000

800,000,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Primary and Secondary Capital Raised ($)

0

500,000,000

1,000,000,000

1,500,000,000

2,000,000,000

2,500,000,000

3,000,000,000

3,500,000,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Securities Issued (#)


Oct, 2013 ‐ 11 ‐

Trading

Total Shares Traded: Values for 2013 have been annualized based on eleven months results.

Value of Shares Traded: Values for 2013 have been annualized based on eleven months results.

Value of Shares Traded Per Trade: 2013 values based on eleven‐month average.

-

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Total Shares Traded (Shares)

$-

$50,000,000

$100,000,000

$150,000,000

$200,000,000

$250,000,000

$300,000,000

$350,000,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Value of Shares Traded ($)


Oct, 2013 ‐ 12 ‐

Average Number of Trades Per Day: 2013 values based on eleven‐month average.

Average Value of Trades per Day: 2013 values based on eleven‐month average.

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Value of Shares Traded Per Trade ($)

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Average Number of Trades Per Day (#)


Oct, 2013 ‐ 13 ‐

Average Volume of Shares Traded per Day: 2013 values based on eleven‐month average.

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Average Value of Shares Traded Per Day ($)

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

Average Volume of Shares Traded Per Day (Shares)


Oct, 2013 ‐ 14 ‐

Brokers

The NSX permits licensed organizations to apply to become Participants. Once a member of a licensed market these organizations can call themselves stockbrokers according to the Corporations Act. Participants offer services such as raising capital, trade execution, underwriting, research, investment advice, settlement and corporate advisory services. Participant services for each new listing includes assisting the listing applicant to obtain sufficient spread of shareholders and working capital requirements. Membership of a licensed stock exchange imposes a higher standard of compliance on Participants.

Number of Brokers by Year: 2013 values based on registered brokers as of November 2013

Participants

Affinity Wealth Services Dayton Way Financial Pty Ltd Phillip Capital

Alpha Broking DJ Carmichael Stockbrokers Pritchard & Partners Pty Limited

Aureus Capital Pty Ltd Dolphin Partners Morgans Financial Limited

Baillieu Holst Leyland Private Asset Management Shaw Stockbroking

Bell Potter Securities Limited Macquarie Equities Limited Strategem Investment Services Pty Ltd

Burrell Stockbroking Limited New York Securities Taylor Collison Limited

Canaccord Genuity (Australia) Pty Ltd OpenMarkets Australia Limited Triple C Consulting Pty Ltd

CPS Capital Ord Minnett Limited Veritas Securities

Patersons Securities Limited Vertical Capital Markets

6

3

01

3

0

4

1 12 2

5

2

8

0

5

10

15

20

25

30

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

NSX Brokers

New Brokers Total Brokers


Oct, 2013 ‐ 15 ‐

Nominated Advisers

NSX permits organizations to apply to become Nominated Advisers to NSXA. By becoming a Nominated Adviser, these organizations facilitate the listing process onto NSXA by ensuring and confirming to NSXA:

1. That in relation to any application for admission to the official list of the NSXA market by an issuer:

a. the directors of the issuer have received advice the guidance (from the nominated adviser or other appropriate professional adviser) as to the nature of their responsibilities and obligations to ensure compliance with NSXA rules;

b. to the best of the knowledge and belief of the nominated adviser, all relevant requirements of NSXA rules have been complied with; and

2. That it will be available at all times to advise and guide the directors of the issuer as to their responsibilities and obligations to ensure compliance by the issuer on an ongoing basis with NSXA’s rules.

Number of Advisers by Year: 2013 values based on registered advisers as of November 2013

31

7 68

6

1

11

8

3 4 5 5 6

0

5

10

15

20

25

30

35

40

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Year

NSX Advisers (#)

New Advisers Total Advisers


Oct, 2013 ‐ 16 ‐

List of Nominated Advisers on NSX

Nominated Advisers

Addisons Lawyers Baker & McKenzie

Allens Arthur Robinson Pointon Partners

Australian Securities Company (International) Pty Ltd The MBA Partnership

Burrell Stockbroking McCullough Robertson Lawyers

BGS Capital Markets Minter Ellison – Gold Coast

Clayton Utz Nexia Australia

Collins Street Group Pty Ltd Non Executive Management Pty Ltd

Connell Lawyers Norton Rose Fullbright Lawyers

Crowe Horwath Corporate Finance Oakhill Hamilton Pty Ltd

Curwoods Lawyers Pritchard & Partners Corporate Finance

DLA Piper Herbert Geer

Glenrock Capital Southasia Advisory

Hopgood Ganim Lawyers Steinepreis Paganin

IQ3 Corp Limited Taylor Collison Limited

Fox Tucker Lawyers Walker Wayland Services Pty Limited

Lawler Hacketts Corporate Advisory Wellington Capital Limited

Sekel Oshray Lawyers Whittens Lawyers & Consultants

Sparke Helmore Lawyers Madgwicks Lawyers


Oct, 2013 ‐ 17 ‐

Market Performance The value of NSX‐listed stocks, as measured by the NSX All Equities Index, fell 9.66% for FY13. This performance contrasts with that of the S&P/ASX 200 Index appreciation of 18.62.

1,050

1,100

1,150

1,200

1,250

1,300

1,350

1,400

1,450

NSX All Equities Index


Oct, 2013 ‐ 18 ‐

400

500

600

700

800

900

1,000

1,100

1,200

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Agriculture Index

740

760

780

800

820

840

860

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Community Index


Oct, 2013 ‐ 19 ‐

-

100

200

300

400

500

600

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Finance Index

500

550

600

650

700

750

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Investment Index


Oct, 2013 ‐ 20 ‐

540

560

580

600

620

640

660

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Property Index

200

300

400

500

600

700

800

900

06/3

0/10

07/3

1/10

08/3

1/10

09/3

0/10

10/3

1/10

11/3

0/10

12/3

1/10

01/3

1/11

02/2

8/11

03/3

1/11

04/3

0/11

05/3

1/11

06/3

0/11

07/3

1/11

08/3

1/11

09/3

0/11

10/3

1/11

11/3

0/11

12/3

1/11

01/3

1/12

02/2

9/12

03/3

1/12

04/3

0/12

05/3

1/12

06/3

0/12

07/3

1/12

08/3

1/12

09/3

0/12

10/3

1/12

11/3

0/12

12/3

1/12

01/3

1/13

02/2

8/13

03/3

1/13

04/3

0/13

05/3

1/13

NSX All Resources Index


Oct, 2013 ‐ 21 ‐

-

500

1,000

1,500

2,000

2,500

NSX All Technology Index


Oct, 2013 ‐ 22 ‐

Disclaimer

This report has been prepared by Viriathus Holdings LLC, Viriathus Research, LLC Series (“Viriathus Research”) based upon information provided by the Company. Viriathus Research has not independently verified such information and cannot guarantee the total accuracy of the information in this report. This is not a research report under NASD Rule 2711 and has not been prepared by Viriathus Capital LLC Series. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Viriathus Research, its subsidiaries, or its affiliates (“Viriathus”) to any registration or licensing requirement within such jurisdiction. Some of the information in this report relates to future events or future business and financial performance. Such statements constitute forward‐looking information within the meaning of the Private Securities Litigation Act of 1995. This report is published solely for information purposes and is intended to provide investors and interested parties with a fundamental understanding of the companies covered herein. It is not intended as an offer or a solicitation with respect to the purchase or sale of a security, and it should not be interpreted as such. Past performance does not guarantee future performance. Viriathus will not treat recipients as its customers by virtue of their receiving this report. Affiliates of Viriathus Research do and seek to do business with companies covered in its informational reports. Viriathus Research and its clients, affiliates and employees, may, from time to time, have long or short positions in, buy or sell, and provide investment advice with respect to, the securities and derivatives (including options) thereof, of companies mentioned in this report and may increase or decrease those positions or change such investment advice at any time. Viriathus Research is not registered as a securities broker‐dealer or an investment adviser either with the U.S. Securities and Exchange Commission or with any state securities regulatory authority.

© Viriathus Research LLC Series, 2013. All rights reserved. Any unauthorized use, duplication or disclosure is prohibited by law and will result in prosecution.

Financial data provided by:

Historical Equity Pricing Data supplied by:


Oct, 2013 ‐ 23 ‐

Australian United Retailers Limited (NSX: AFOA)

Consumer Staples – Food Retail

Equity | Australia

VIRIATHUS®

Market and Trading Data

Closing Price (as of 06/30/13) A$1.00

Market Capitalization (mm) A$11.56

Shares On Issue (mm) 11.56

Float % 100%

Average Volume (3 mo., mm) Nil

52 Week High A$1.00

52 Week Low A$1.00

Bloomberg Symbol AFOA.AU

Balance Sheet Data Dec. 2012

Cash (mm) A$0.654

Cash per Share A$0.056

Book Value (mm) (A$14.494)

Book Value per Share (A$0.001)

Price / Book Value ‐797.6x

Working Capital (mm) (A$7.650)

Current Ratio 0.64x

Total Debt (mm) A$0.20

Total Debt/ Equity (14.00)

P&L Data Dec. 2012

Revenues (mil) A$56.198

EBITDA (mil) A$3.522

EBIT (mil) A$3.223

Net Income (mil) A$2.485

Diluted EPS A$21.50

Return on Assets 11.5%

Return on Equity NM

Corporate Profile

Business Overview and Strategy Australian United Retailers Limited is an independent retail supermarket group trading under the “FoodWorks” brand. FoodWorks came about following the merger of the FoodWorks Supermarket Group Ltd and Australian United Retailers (AUR) in November 2004 in response to rapid industry consolidation and increased competition. Foundation members of FoodWorks were originally AUR, Foodstore, FoodWorks, Buy Rite, Cut Price, 727, Rite‐Way, Food‐Rite, Tuckerbag and Food‐Way proprietors. Today the Company has close to 650 supermarkets, food and convenience stores spanning seven states and territories nationally with over 400 of these operating under the FoodWorks brand. Their stores are clearly visible by the fresh orange and green logo design and storage. The past two years has seen the brand go from strength to strength, becoming Australia’s largest truly independent supermarket group supporting AU$2 billion in annual sales. FoodWorks prides itself on its fresh, contemporary approach to retail while still retaining a friendly, community‐focused relationship with its customers. Unlike any other supermarket brand in Australia, every store in FoodWorks is different and each have a strong sense of independence, which gives them full flexibility to tailor their store to their local community’s needs.

Company Contact Information Rick Wright +61 3 9809 8600 [email protected]


Oct, 2013 ‐ 24 ‐

Australian Premier Finance Holdings (NSX: AHP)

Financial ‐ Specialized Finance

Equity | Australia

VIRIATHUS®





Float % ‐%


52 Week High A$0.05

52 Week Low A$0.05

Bloomberg Symbol AHP.AU


Cash (mm) A$0.718



Book Value per Share NM



Current Ratio 0.82x



P&L Data Dec. 2012



EBIT (mil) A$1.421


Diluted EPS A$0.07


Return on Equity (231%)

Fiscal Year End 30‐June

Corporate Profile

Business Overview and Strategy Australian Premier Finance Holdings Limited offers consumer loans. The Company offers automobile and motorbike financing, and insurance and warranty options to consumers who purchase cars from accredited automobile dealers. Australian Premier Finance serves customers throughout Australia. The Company was formerly known as Brewtopia Limited which divested its custom branded beverage business and acquired Australian Premier Finance Company Pty Ltd in a reverse takeover transaction in 2010.

Company Contact Information Wayne Adsett +61 2 4984‐5890 [email protected]


Oct, 2013 ‐ 25 ‐

Australia & International Holdings (NSX: AID)

Financial – Asset Management

Equity | Australia

VIRIATHUS®


Closing Price (as of June 30) A$0.05



Float % ‐%


52 Week High A$0.05

52 Week Low A$0.05

Bloomberg Symbol AID.AU


Cash (mm) A$0.718



Book Value per Share NM



Current Ratio 0.82x



P&L Data Dec. 2012



EBIT (mil) A$1.421


Diluted EPS A$0.07


Return on Equity (231%)


Corporate Profile

Business Overview and Strategy Australia & International Holdings Limited provides investors with a medium to long‐term investment vehicle with exposure to Australian and overseas listed equity investments and managed funds. The primary objective is to provide returns from dividends and capital growth. The Company makes its investments via holdings in the Burrell Australian Equities Trust (BAET) and the Burrell World Equities Trust (BWET). BAET further holds units in the Burrell Small‐caps, Mid‐caps and Resources Trust (BSMaRT), which holds some holds short‐term trading and sector overweight positions in the Australian equities market. BAET, BWET, and BSMaRT are all unregistered managed investment schemes. BWET invests in listed international equities and managed funds, and

Company Contact Information Ian Davey +61 7 3006 7200 [email protected]


Oct, 2013 ‐ 26 ‐

Australian Small Scale Offerings Board Ltd(NSX: AOB)

Financial – Diversified Capital Markets

Equity | Australia

VIRIATHUS®





Float % 100%

Average Volume (3 mo., mm) 0.002

52 Week High A$0.03

52 Week Low A$0.02

Bloomberg Symbol AOB.AU

Balance Sheet Data June 2013

Cash (mm) A$0.026

Cash per Share NM





Current Ratio 0.252x



P&L Data June 2013


EBITDA (mil) (A$0.117)

EBIT (mil) (A$0.097)

Net Income (mil) (A$0.113)

Diluted EPS (A$0.08)


Return on Equity 23.77%


Corporate Profile

Business Overview and Strategy The Australian Small Scale Offerings Board is Australia’s largest and most successful business introduction and matching platform for showcasing investment opportunities in high growth, unlisted Australian companies. It differs from the ASX and NSX in three key ways:

1. Most capital raisings on AOB occur under the provisions of Section 708 of the Corporations Act;

2. While AOB has a secondary market, it is not an exchange with active market‐makers constantly buying and selling shares, and;

3. Listing costs and compliance costs are substantially reduced.

Capital raisings in Australia is strictly regulated under the federal Corporations Act. The intention is to protect investors, and for this reason, most approaches to investors require expensive and comprehensive prospectuses registered with ASIC. Section 708 of the Corporations Act allows small fund raising without the need to register a prospectus. Funds raised are limited to A$2 million and the offer cannot be marketed and only a small number of investors can participate. AOB operates in this area of the law, but has permission to raise up to A$5 million, and to allow registered brokers to assume some legal responsibilities associated with the offer, and the Section 708 restrictions on advertising a small‐scale offer are relaxed via ASIC Class Order 02/273. In the spectrum of financing opportunities available to small business, AOB offers a marketing channel to inform investors of the offer, and a secondary market.

Company Contact Information Paul Niederer +61 13 0072‐2954 [email protected]


Oct, 2013 ‐ 27 ‐

African Petroleum Corporation Ltd (NSX: AOQ)

Oil & Gas Exploration & Production

Equity | Australia

VIRIATHUS®




Shares On Issue (mm) 1,695.433

Float % 100%


52 Week High A$1.38

52 Week Low A$0.10

Bloomberg Symbol AOQ.AU


Cash (mm) A$13.478


Book Value (mm) A$493.214

Book Value per Share A$0.291

Price / Book Value 0.515x



Total Debt (mm) Nil

Total Debt/ Equity NA

P&L Data June 2013



EBIT (mil) (A$43.830)




Return on Equity (12.74%)

Fiscal Year End 31‐Dec

Corporate Profile

Business Overview and Strategy African Petroleum Corporation Limited engages in the exploration and development of oil and gas properties in West Africa. The company holds a diversified portfolio of acreage positions across the prospective West African Transform Margin spanning five countries and five basins over an area of 31,878 square kilometers. Specifically, it holds interests in the LB‐08 and LB‐09 blocks covering an area of approximately 5,100 square kilometers located in Liberia; A‐01 and A‐04 blocks covering an area of approximately 2,668 square kilometers situated in Gambia; and SL‐03 block consisting of an area of 3,135 square kilometers located in Sierra Leone. The company also holds interests in 2 blocks covering approximately 3,600 square kilometers in Sierra Leone, and a block of approximately 1,440 square kilometers in Cote d’Ivoire. The company’s asset are extensively covered with 2D and 3D seismic data and has acquired approximately 19,500 square kilometers of 3D seismic data across its acreage which has enabled it to map several prospects and leads. African Petroleum was incorporate in Australia on May 16, 2007 and is based in Leederville, Australia.

Company Contact Information Karl Thompson +61 8 9388‐0744 [email protected]


Oct, 2013 ‐ 28 ‐

Bendigo Community Telco Limited (NSX: BCT)

Integrated Telecommunication Services

Equity | Australia

VIRIATHUS®





Float % 98%


52 Week High A$1.60

52 Week Low A$0.80

Bloomberg Symbol BCT.AU


Cash (mm) A$2.372





Working Capital (mm) A$1.746



Total Debt/ Equity 0.024

P&L Data June 2013



EBIT (mil) A$1.814


Diluted EPS A$0.20




Corporate Profile

Business Overview and Strategy Bendigo Community Telco Limited provides telecommunications services to individuals and businesses in Australia. It offers telco services, line rental and local call services, broadband and dial‐up internet access, mobile phones and smart phones, PDAs, GSM or 3G services, and international roaming services, data services, video conferencing and teleconferencing services, business continuity services, and e‐solutions, including domain registration and hosting, business web site hosting, business email services, online credit card transactions, online web site security and inventory management, website reports, and online shopping carts. The company also supplies PABX and phone systems, and UHF radios, as well as provides technical installation and servicing, including cabling. In addition, it offers network management and monitoring services. The company is based in Bendigo, Australia.

Company Contact Information Ken Belfrage +61 3 5454‐5000 [email protected]


Oct, 2013 ‐ 29 ‐

Bellarine Peninsula Community Branch Ltd(NSX: BPB)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.00

52 Week Low A$0.75

Bloomberg Symbol BPB.AU


Cash (mm) A$0.591







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.182


Diluted EPS A$0.11




Corporate Profile

Business Overview and Strategy Bellarine Peninsula Community Branch Limited offers banking services, including banking deposits, checking, loans, financial planning, and other related financial services. Operating branches in Portarlington and Drysdale, the company functions as a franchise of Bendigo and Adelaide Bank under the Community Bank® initiative, whereby the Bank and the Company are each entitled to agreed portions of the revenue of the local Community Bank branch and the Company is responsible for paying branch running costs. When the Company begins to make a regular operating surplus, after the payment of branch running costs, and the Bank’s share of the revenue is received, the remaining funds are available to be reinvested back into the community through dividends to shareholders and grants to community groups and projects. The Company is based in Portarlington, Australia.

Company Contact Information Sandra Baldwin +61 3 5259‐3266


Oct, 2013 ‐ 30 ‐

Clifroy Limited (NSX: CFY)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.75

52 Week Low A$0.66

Bloomberg Symbol CFY.AU


Cash (mm) A$0.498








Total Debt/ Equity 0.006

P&L Data June 2013

Revenues (mil) A$1.1.131


EBIT (mil) A$0.161


Diluted EPS A$0.13




Corporate Profile

Business Overview and Strategy Clifroy Limited, trading as Clifton Hill/North Fitzroy Community Bank, is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. Since 2006, Clifroy has provided over A$750,000 to support and strength some 140‐community organizations including schools, sports clubs, and a wide range of community support organizations. Clifroy is almost half way through its second 5‐year franchise term, and has the option to extend the agreement for a further two full terms until February 2026. The branch premises are leased on parallel terms to the franchise agreement providing security of tenure for the business. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for Clifroy on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Clifton Hill, Australia.

Company Contact Information Adrian Nelson +61 3 9482‐9040


Oct, 2013 ‐ 31 ‐

Canterbury Surrey Hills Community Finance(NSX: CSH)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%

Average Volume (3 mo., mm) NM

52 Week High A$0.75

52 Week Low A$0.66

Bloomberg Symbol CSH.AU


Cash (mm) A$0.682







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.783


Diluted EPS A$0.07




Corporate Profile

Business Overview and Strategy Canterbury Surry Hills Community Finance Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. Since 2002, the Company has contributed over A$2.2 million back to the local community they operate in, which doesn’t include the dividends and return of capital made to shareholders, or the employment provided to staff. Over 50% of the community investments has been to local sporting clubs, 26.7% for community welfare, 14.2% for community groups and events, and 7.2% for schools and early childhood. The Company operates branches in Balwyn, Canterbury, Ashburton, and Surrey Hills. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for Clifroy on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Canterbury, Australia.

Company Contact Information Geoff Rowles +61 3 9836‐9466


Oct, 2013 ‐ 32 ‐

Manningham Community Enterprises Ltd(NSX: DCE)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.90

52 Week Low A$0.80

Bloomberg Symbol DCE.AU


Cash (mm) A$0.675







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.182


Diluted EPS A$0.08




Corporate Profile

Business Overview and Strategy Manningham Community Enterprises Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. Since 2005, the Company has contributed over A$2 million back to the local community they operate in, which doesn’t include the dividends and return of capital made to shareholders, or the employment provided to staff. The Company operates branches in Doncaster East and Templestowe Village. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Doncaster East, Australia.

Company Contact Information Ray Lord +61 3 9840‐2028


Oct, 2013 ‐ 33 ‐

Ettalong Beach Financial Services Limited(NSX: EBF)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.75

52 Week Low A$0.75

Bloomberg Symbol EBF.AU


Cash (mm) A$0.156







Total Debt (mm) 0.300

Total Debt/ Equity 1.923x

P&L Data June 2013



EBIT (mil) A$0.082


Diluted EPS A$0.08




Corporate Profile

Business Overview and Strategy Ettalong Beach Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Ettalong Beach. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Ettalong Beach, Australia.

Company Contact Information Bruce croft +61 2 4344‐4206


Oct, 2013 ‐ 34 ‐

East Gosford & Districts Financial Services(NSX: EGF)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.55

52 Week Low A$0.45

Bloomberg Symbol EGF.AU


Cash (mm) A$0.481







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.085


Diluted EPS A$0.03




Corporate Profile

Business Overview and Strategy East Gosford & Districts Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company has provided back in excess of A$400,000 to more than 70 sporting clubs, welfare organizations, community groups and schools within its community. The Company operates branches in East Gosford, Lisarow, and Kincumber. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in East Gosford, Australia.

Company Contact Information Michael Bell +61 2 4323‐4559


Oct, 2013 ‐ 35 ‐

Heidelberg District Community Enterprises(NSX: EIC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.80

52 Week Low A$0.80

Bloomberg Symbol EIC.AU


Cash (mm) A$0.567








Total Debt/ Equity NM

P&L Data June 2013



EBIT (mil) A$0.382


Diluted EPS A$0.128




Corporate Profile

Business Overview and Strategy Heidelberg District Community Enterprises Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in East Ivanhoe and Heidelberg. During the past 12 months, the branches have supported the community they serve with A$331,833: A$171,077 towards scholarships and A$160,756 towards grants to different local not‐for‐profit organizations. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Heidelberg, Australia.

Company Contact Information Russell Hutchins +61 3 9457 2055


Oct, 2013 ‐ 36 ‐

Enprise Group Limited (NSX: ENS)

Business Software Services

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.30

52 Week Low A$0.30

Bloomberg Symbol ENS.AU

Balance Sheet Data March 2013

Cash (mm) A$0.569









P&L Data March 2013








Fiscal Year End 31‐March

Corporate Profile

Business Overview and Strategy Enprise Group Limited, a SAP Business One software development partner, engages in the development of various software solutions. The Company operates through two divisions: Enprise Solutions and Enprise Software. The Enprise Solutions division provides solutions in Australia and New Zealand based on the MYOB EXO software platform. The division supports approximately 700 MYOB EXO customers, as well as offers specialist support services to a range of MYOB resellers. The Enprise Software division develops, sells, and supports a suite of add‐on modules for the SAP Business One business software platform through a reseller channel worldwide. This division’s add‐on modules include Enprise Job, Enprise Rent, Enprise Service, and Enprise ImportGL. Enprise Group is leveraging it sposition as the only MYOB EXO reseller with offices in both New Zealand and Australia, to target trans‐Tasman businesses. It is expanding its software operations into other global regions – Enprise now has a point of presence in South Africa. The Company is based in Auckland, New Zealand.

Company Contact Information Mark Loveys +61 2 8355 7055


Oct, 2013 ‐ 37 ‐

Fremantle Community Financial Services(NSX: FCF)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.70

52 Week Low A$0.40

Bloomberg Symbol FCF.AU


Cash (mm) A$0.095







Total Debt (mm) NIL


P&L Data June 2013



EBIT (mil) A$0.171


Diluted EPS A$0.23




Corporate Profile

Business Overview and Strategy Fremantle Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Fremantle, and has given back over A$70,000 in support of the local community. The branch experienced growth of A$6 million with the following year end totals:

A$42.8 million of deposit funds

A$67.9 million of loan funds

A$111.3 million in total funds under management As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Fremantle, Australia.

Company Contact Information Bruce Moriarty +61 8 9433 4969


Oct, 2013 ‐ 38 ‐

Florin Mining Investment Company Limited(NSX: FMI)

Asset Management

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.18

52 Week Low A$0.12

Bloomberg Symbol FMI.AU


Cash (mm) A$0.193









P&L Data June 2013

Revenues (mil) (A$0.943)





Return on Assets (41.13%)

Return on Equity 934.61%)


Corporate Profile

Business Overview and Strategy Florin Mining Investment Company Limited is a listed investment company whose investment objective is to achieve a high real rate of return, being comprised of both income and capital growth, by investing in a portfolio of securities of natural resource companies. As of June 30, 2013 the Company had net assets of A$2,198,701. The Company will generally limit its investments to those companies which:

Derive a significant proportion of their revenues from the mining of base and precious metals, industrial minerals, and bulk commodities, the production of oil and gas or geothermal energy, or

Have a significant proportion of their assets invested, or they propose to invest a significant proportion of their assets, in activities involved in the exploration for base and precious metals, industrial minerals, bulk commodities, oil, gas and geothermal energy.

The Company predominantly invests in listed Australian securities. It may also invest n unlisted and overseas and managed funds. In making its investment decisions, the Company generally takes a medium to long term view with respect to its investments. It focuses on active capital management which may involved the issue of securities through bonus issues, rights issues and option issues, with a view of enhancing the value of the securities held by the investor. The Company is based in Newcastle, Australia.

Company Contact Information Brett Hall +61 2 4920 2877


Oct, 2013 ‐ 39 ‐

Gosnells Financial Services Limited(NSX: GOS)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.85

52 Week Low A$0.80

Bloomberg Symbol GOS.AU


Cash (mm) A$0.784







Total Debt (mm) Nil


P&L Data June 2013









Corporate Profile

Business Overview and Strategy Gosnells Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Gosnells and has grown its total business portfolio from A$92.2 million to A$107.9 million as of June 30, 2013. This consists of a lending portfolio of A$40.1 million and a deposit portfolio of A$67.8 million. The branch has also distributed over A$59,000 to various community groups. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Gosnells, Australia.

Company Contact Information Raymond Smith +61 8 9490 4233


Oct, 2013 ‐ 40 ‐

Heritage Brands Limited (NSX: HBA)

Personal Products

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.02

52 Week Low A$0.02

Bloomberg Symbol HBA.AU


Cash (mm) A$0.244




Price / Book Value (23.577x)




Total Debt/ Equity (11.103x)

P&L Data June 2013



EBIT (mil) A$0.949


Diluted EPS A$0.17




Corporate Profile

Business Overview and Strategy Heritage Brands Limited engages in the manufacture and distribution of hair care products in Australia. It also distributes cosmetic products. The Company supplies its products principally to the salons and other outlets. The Company’s brands include:

Australis

Innoxa

Nailene

In Essence

Oil Garden

Fing’rs

Revlon

Imedeen

Mode

Hello Kitty

LeTan

Cedel

Bexters

Lectric The Company was formerly known as Soda Brands Limited and changed its name to Heritage Brands Limited in August, 2010. The Company was incorporated in 1997 and is based in Brookvale, Australia.

Company Contact Information Stephen Goodey +61 3 9574 2100


Oct, 2013 ‐ 41 ‐

Harbord Financial Services Limited(NSX: HBD)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.80

52 Week Low A$0.80

Bloomberg Symbol HBD.AU


Cash (mm) A$0.412







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.055


Diluted EPS A$0.07




Corporate Profile

Business Overview and Strategy Harbord Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Freshwater and has returned A$258,027 to the local community through sponsorships, community grants and donations. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Freshwater, Australia.

Company Contact Information Ian Greentree +61 2 9939 6744


Oct, 2013 ‐ 42 ‐

Inverloch & District Financial Enterprises(NSX: IAD)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.95

52 Week Low A$0.90

Bloomberg Symbol IAD.AU


Cash (mm) A$0.553







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.075


Diluted EPS A$0.07




Corporate Profile

Business Overview and Strategy Inverlock & District Financial Enterprises Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Inverloch and has returned A$54,896 to the local community by way of charitable donations, grants and sponsorships for the calendar year 2012. Since 2005, the Company has returned A$280,514 to the local community. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Inverloch, Australia.

Company Contact Information Alan Keith Gostelow +61 3 5674 2800


Oct, 2013 ‐ 43 ‐

Illuminator Investment Company Limited(NSX: IIC)

Asset Management

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.30

52 Week Low A$0.30

Bloomberg Symbol IIC.AU


Cash (mm) A$0.013









P&L Data June 2013









Corporate Profile

Business Overview and Strategy Florin Mining Investment Company Limited is a listed investment company, which invests in a diversified portfolio of companies and seeks to create shareholder value through the growth of its investment assets and paying dividends to shareholders. As of June 30, 2013 the Company had net assets of A$998,338 and a total shareholder return of 8.82%. The Company is managed by Pritchard & Partners Pty Limited, which was established in 1996 and is a participant of the National Stock Exchange of Australia Limited and is licensed by the Australian Securities & Investments Commission. The key investment objectives of the Company are to:

Preserve the capital of the Company;

Achieve a high real rate of return, comprising both income and capital growth; and

Deliver investors a secure income stream in the form of fully franked dividends.

The investment philosophy of the Manager is to invest for the medium to long‐term in companies and construct an investment portfolio for the Company that will:

Focus on the investment merits of individual stocks rather than the market and economic trends;

Invest in shares which it expects to yield dividends;

Invest in securities which it assesses to be undervalued relative to their long term potential; and

Have the securities of between 20 and 60 issues in the portfolio.

Company Contact Information Daniel Di Stefano +61 2 4920 2877


Oct, 2013 ‐ 44 ‐

Inglewood & Districts Community Enterprises(NSX: INW)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.15

52 Week Low A$1.10

Bloomberg Symbol INW.AU


Cash (mm) A$0.220






Current Ratio 44x

Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.054


Diluted EPS A$0.08




Corporate Profile

Business Overview and Strategy Inglewood & Districts Community Enterprises Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Inglewood and has returned over A$500,000 in profits generated back to their local community. The Company launched a scholarship program in 2012 and has committed to investing a total of A$20,000 each year in the tertiary education of young adults. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Inglewood, Australia.

Company Contact Information George Arthur Wyatt +61 3 5438 3500


Oct, 2013 ‐ 45 ‐

iQnovate Limited (NSX: IQN)

Healthcare – Biopharmaceutical

Equity | Australia

VIRIATHUS®





Float % 65.44%


52 Week High A$1.25

52 Week Low A$0.70

Bloomberg Symbol IQN.AU


Cash (mm) A$1.356






Current Ratio 9.50x

Total Debt (mm) Nil


P&L Data Dec. 2012

Revenues (mil) Nil





Return on Assets (35.0%)


Corporate Profile

Business Overview and Strategy iQnovate Limited is the world’s first biopharmaceutical IP asset management organization. As such, the Company is uniquely positioned to provide integrated scientific advisory services and contract drug development services to the global biopharmaceutical industry. The iQnovate team brings decades of drug development experience to this new public company and proven expertise in advising biotechs and other stakeholders on life science projects.

iQnovate provides contract drug development services to the biopharmaceutical industry through a cost‐driven capacity model that redefines the late‐stage clinical development process and allows clients:

improved operational efficiency and outcomes;

maximized pipeline value and ROI;

optimized regulatory compliance;

hedged risk and reduced infrastructure costs; and

increased life cycle drug development efficiencies and accelerated time to market.

iQnovate’s experienced management team is led by Dr. George Syrmalis, who formerly served as CEO of two European healthcare companies and as a senior executive in the global medical affairs units of UCB Biopharma, Sanofi Aventis, Solvay and Innogenetics. The Company is based in Sydney, Australia

Company Contact Information Con Tsigounis +61 2 8239 5400 [email protected]


Oct, 2013 ‐ 46 ‐

Kew East Financial Services Limited(NSX: KEW)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.17

52 Week Low A$1.10

Bloomberg Symbol KEW.AU


Cash (mm) A$1.150







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.246


Diluted EPS A$0.096




Corporate Profile

Business Overview and Strategy Kew East Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates a branch in Kew East and one in Jew Junction. In total, the Company has returned more than A$877,056 to their local community with a further A$506,626 in dividends returned to local shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Kew East, Australia.

Company Contact Information Ross McDermott +61 3 9859 7699


Oct, 2013 ‐ 47 ‐

Logan Community Financial Services Limited(NSX: LCB)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.00

52 Week Low A$0.55

Bloomberg Symbol LCB.AU


Cash (mm) A$0.444









P&L Data June 2013



EBIT (mil) A$0.428


Diluted EPS A$0.130




Corporate Profile

Business Overview and Strategy Logan Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Browns Plains, Loganholme, Marsden, Springwood, and Beenleigh. In total, the Company has returned more than A$280,000 in fiscal year 2013, and nearly A$1.25 million over the past decade. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Springwood, Australia.

Company Contact Information Sharon Pullen +61 7 3808 1011


Oct, 2013 ‐ 48 ‐

Community Financial Services Victoria Ltd(NSX: LLP)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.80

52 Week Low A$1.80

Bloomberg Symbol LLP.AU


Cash (mm) A$0.543







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.179


Diluted EPS A$0.165




Corporate Profile

Business Overview and Strategy Logan Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Lang Lang, Pearcedale, Koo Wee Rup, Narre Warren South and Tooradin & Coastal Villages. In fiscal year 2013, the Company distributed A$212,000 to 85 community organizations. In addition, the Company paid shareholders a 24 cent fully franked share dividend. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Springwood, Australia.

Company Contact Information Tania Lyn Hansen +61 3 5997 5019


Oct, 2013 ‐ 49 ‐

Lakeside Pakenham Community Enterprises(NSX: LPC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.00

52 Week Low A$0.80

Bloomberg Symbol LPC.AU


Cash (mm) A$0.133







Total Debt (mm) Nil


P&L Data June 2013









Corporate Profile

Business Overview and Strategy Lakeside Pekenham Community Enterprises Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Lakeside Boulevard Pakenham, which was opened on August 4, 2010. As of June 30, 2013, the branch has sponsored more than A$60,000 of profits in the district. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Lakeside Pakenham, Australia.

Company Contact Information Alex Sy +61 3 5940 8794


Oct, 2013 ‐ 50 ‐

Mooroolbark & District Financial Services Ltd(NSX: MBK)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.68

52 Week Low A$0.60

Bloomberg Symbol MBK.AU


Cash (mm) A$1.367







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.318


Diluted EPS A$0.354




Corporate Profile

Business Overview and Strategy Mooroolbark & District Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Mooroolbark. For the 30 June 2013 financial year, its deposit base grew by A$3.895 million and its lending base grew by A$1.012 million, increasing its overall deposit and lending book to A$152.531 million. Additionally, the branch has provided 11 community grant payments totaling over A$48,000 as well as over 60 sponsorship payments exceeding A$133,000, giving a total return to its community of A$181,000. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Mooroolbark, Australia.

Company Contact Information Joan Lesley Drew +61 3 9726 5388


Oct, 2013 ‐ 51 ‐

Mandurah Community Financial Services Ltd(NSX: MDH)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.81

52 Week Low A$0.75

Bloomberg Symbol MDH.AU


Cash (mm) A$1.309







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.207


Diluted EPS A$0.261




Corporate Profile

Business Overview and Strategy Mandurah Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Halls Head. For the 30 June 2013 financial year, paid a dividend of A$68,366 for the year. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Halls Head, Australia.

Company Contact Information Ian Ilsley +61 8 9535 5900


Oct, 2013 ‐ 52 ‐

Mt Evelyn & Districts Financial Services Ltd(NSX: MEV)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.40

52 Week Low A$0.30

Bloomberg Symbol MEV.AU


Cash (mm) A$1.309







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.207


Diluted EPS A$0.261




Corporate Profile

Business Overview and Strategy Mt Evelyn & Districts Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Mt Evelyn and Montrose. For the 30 June 2013 financial year, the Company sponsored and provided grants to local organizations, clubs, groups and the youth with just over A$262,000. Since inception, the Company has contributed in excess of A$1.5 million to the communities of Mt Evelyn, Montrose and surrounds. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Mt Evelyn, Australia.

Company Contact Information Margaret Calder Sank +61 3 9737 1833


Oct, 2013 ‐ 53 ‐

Mount Rommel Mining Limited (NSX: MMT)

Gold Mining & Exploration

Equity | Australia

VIRIATHUS®





Float % 98%


52 Week High A$0.10

52 Week Low A$0.06

Bloomberg Symbol MMT.AU


Cash (mm) A$0.003









P&L Data June 2013









Corporate Profile

Business Overview and Strategy Mount Rommel Mining Limited engages in gold exploration in Central Victoria, which has dominated gold production in Eastern Australia. Its main interests are the central part of the goldfield of Clunes and on two exploration tenements at Allendate and Tourello The Company was incorporated in 1979 and is based in Melbourne Australia.

Company Contact Information Melanie Leydin +61 3 9692 7222


Oct, 2013 ‐ 54 ‐

North Ryde Community Finance Limited(NSX: NRC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.06

52 Week Low A$0.96

Bloomberg Symbol NRC.AU


Cash (mm) A$1.303







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.430


Diluted EPS A$0.287




Corporate Profile

Business Overview and Strategy North Ryde Community Finance Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in North Ryde and has street frontage at Cox’s Road Mall. For the 30 June 2013 financial year, the Company paid dividends of A$84,700 or 8 cents per share. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in North Ryde, Australia.

Company Contact Information Helen Patricia Perrin +61 2 9878 5559


Oct, 2013 ‐ 55 ‐

Premium Income Fund (NSX: PIN)

Diversified REIT

Equity | Australia

VIRIATHUS®





Float % 88%


52 Week High A$0.070

52 Week Low A$0.008

Bloomberg Symbol PIN.AU


Cash (mm) A$2.265







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) (A$18.235)






Corporate Profile

Business Overview and Strategy Premium Income Fund is a fixed‐income mutual fund launched and managed by Wellington Capital Limited. The fund invests in the fixed income markets of Australia. It seeks to invest in mortgage loans and asset backed securities to create its portfolio. The fund was formerly known as Octaviar Permium Income Fund. For the year ended 30 June 2013 the asset allocation of the Fund was as follows:

Mortgage Loans 17.0%

Managed Investment Schemes 5.3%

Alternative Investments 0.0%

Cash Investments 76.9%

Fixed Interest Investments 0.8% The Fund was formed in December 1999 and is domiciled in Australia.

Company Contact Information Mary‐Anne Greaves +61 1300 854 885


Oct, 2013 ‐ 56 ‐

Pinjarra Community Financial Services Ltd(NSX: PJA)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.85

52 Week Low A$0.70

Bloomberg Symbol PJA.AU


Cash (mm) A$0.215






Current Ratio 4.88x



P&L Data June 2013



EBIT (mil) A$0.039


Diluted EPS A$0.100




Corporate Profile

Business Overview and Strategy Pinjarra Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Pinjarra and Waroona. For the 30 June 2013 financial year, the Company has returned A$62,307 to the local community via charitable donations and sponsorships, and has also paid dividends of A$19,708 or 5 cents per share. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Pinjarra, Australia.

Company Contact Information Amanda Jane Kaufman +61 8 9531 4470


Oct, 2013 ‐ 57 ‐

Pegmont Mines Limited (NSX: PMI)

Precious Metals & Minerals

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.10

52 Week Low A$0.06

Bloomberg Symbol PMI.AU


Cash (mm) A$0.283



Book Value per Share A$0.0.064




Total Debt (mm) Nil


P&L Data LTM June 2013








Fiscal Year End 31‐Dec

Corporate Profile

Business Overview and Strategy Pegmont Mines Limited engages in the investment and exploration of mineral properties in Australia. It owns interests in three principal properties, including the Pegmont lead‐zinc deposit that covers 12 mining leases; the New Hope gold‐cobalt prospect; and the Reefway Royalty Tenements, which are located in Mt. Isa‐Cloncurry mineral province, north‐west Queensland. At Pegnmont, approximately 160km south of Cloncurry, near to rich Cannington silver‐lead‐zinc mine, mining leases cover a lead‐zinc deposit with an indicated and inferred resource of 8.6 million tonnes assaying 7.7% Pb and 3.5% Zn. There is very good potential for extra contiguous mineralization. Pegmont is a Broken Hill‐type lead‐zinc deposit. Applications for exploration tenements cover regional areas adjacent and dear to this deposit at Pegmont (Easter Succession). At New Hope, approximately 10km south of Selwyn the gold‐cobalt prospect‐mining lease under option to Pegmont Mines Ltd has yielded promising high‐grade drill results. The Company was founded in 1987 and is based in Crows Nest, Australia.

Company Contact Information Malcolm A. Mayger +61 2 8437 3591 [email protected]


Oct, 2013 ‐ 58 ‐

Precious Metals Investments Limited(NSX: PMZ)

Precious Metals & Minerals

Equity | Australia

VIRIATHUS®





Float % 65.39%


52 Week High A$0.85

52 Week Low A$0.85

Bloomberg Symbol PMZ.AU


Cash (mm) A$0.001

Cash per Share NM






Total Debt (mm) Nil


P&L Data June 2013









Corporate Profile

Business Overview and Strategy Precious Metals Investments Limited focuses on investment opportunities within the mining and exploration sector in Australia and internationally. It intends to identify and invest in listed and unlisted entities, which are in various stages of their exploration project life cycle. The company plans to identify and engage with the holders of exploration and mining tenements with a view to determine the potential viability of those projects, as well as provide seed capital and development capital to assist in determining the potential for further development and commercial exploitation. It also focuses to provide reverse circulation drilling services by establishing a new drilling company. The Company’s current list of portfolio companies is as follows:

Ming Gold Pty Limited

Artha Resources Corporation

Metalstorm Resources Corporation

Davcha Resources International Limited

New Competitive Drilling Pty Limited

Global Strategic Metals

AAT Corporation Limited

Tamar Gold Limited The company was incorporated in 2010 and is based in Sydney, Australia.

Company Contact Information Charles Straw +61 2 9253 0902 [email protected]


Oct, 2013 ‐ 59 ‐

Print Mail Logistics Limited (NSX: PNT)

Commercial Printing

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.36

52 Week Low A$0.36

Bloomberg Symbol PNT.AU


Cash (mm) A$0.148









P&L Data June 2013




Net Income (mil) (A$0.0.24)




Fiscal Year End 31‐Jun

Corporate Profile

Business Overview and Strategy Print Mail Logistics Limited provides printing and mailing services primarily in Tasmania. It offers programming and data management services, such as database management, optical mark recognition, delivery point identifier, and database rental services; digital printing; offset printing and finishing; and mail insertion and distribution services. The Company raised A$521,897 (A$470,870 net of transaction costs) by way of allotting 3,479,313 shares to existing shareholders at A$0.15 per share pursuant to the Rights Issue that closed on 22 June 2012. Print Mail Logistics (International) Pty Ltd raised A$500,000 (A$478,000 net of transaction costs) by way of allotting 2,000,000 ordinary shares partly‐paid to A$0.25 each pursuant to an Information Memorandum dated 10 May 2013. The Company employs approximately 40 staff across its head office, printing and mailing divisions, and is based in Hobart, Australia.

Company Contact Information Adrian Pereira +61 3 6220 8444 [email protected]


Oct, 2013 ‐ 60 ‐

Ricegrowers Limited (NSX: RGWB)

Agricultural Products

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$3.50

52 Week Low A$2.50

Bloomberg Symbol RGWB.AU


Cash (mm) A$146.300


Book Value (mm) A$291,900







P&L Data June 2013

Revenues (mil) A$1,066.300


EBIT (mil) A$57.300


Diluted EPS A$0.580



Fiscal Year End 31‐Jun

Corporate Profile

Business Overview and Strategy Ricegrowers Limited, together with its subsidiaries, engages in the processing, manufacture, and sale of rice and rice‐based food products in Australia and internationally. Employing more than 2,100 people across Australia, the Pacific, America, the Middle East and Papua New Guinea, the Company supplies approximately 60 countries with diverse and nutritious food products. Its activities include the receiving and storage of paddy rice and non‐rice grains; milling of rice; manufacture of rice based products; marketing or rice and grocery products; research and development for growing of rice; and processing or rice and related products. The Company offers regular rice, microwave rice, flavored microwave rice, microwave meals, quick cup rice, plain rice cakes, savory flavored rice cakes, sweet flavored rice cakes, and food ingredients under various brand names. It is also involved in the import, manufacture, distribution, and sale of consumer food products to intermediaries; and manufacture, distribution, and sales of pet food and stock feed products, as well as provision of insurance products. Ricegrowers Limited was founded in 1950 and is based in Leeton, Australia.

Company Contact Information Mandy Del Gigante +61 2 6953 0411 [email protected]


Oct, 2013 ‐ 61 ‐

Rockingham Community Financial Services(NSX: RKC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.70

52 Week Low A$0.70

Bloomberg Symbol RKC.AU


Cash (mm) A$0.039






Current Ratio 0.55x



P&L Data June 2013









Corporate Profile

Business Overview and Strategy Rockingham Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Rockingham and Port Kennedy. For the 30 June 2013 financial year, the Company has returned A$85,413 to the local community via charitable donations and sponsorships. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Rockingham, Australia.

Company Contact Information Alison Frances Gibson +61 8 9528 6377


Oct, 2013 ‐ 62 ‐

Rye & District Community Financial Services(NSX: RYE)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.10

52 Week Low A$1.00

Bloomberg Symbol RYE.AU


Cash (mm) A$0.761









P&L Data June 2013



EBIT (mil) A$0.872


Diluted EPS A$0.208




Corporate Profile

Business Overview and Strategy Rye & District Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates branches in Rye and Dromana. For the 30 June 2013 financial year, the Company has returned A$595,725 to the local community via charitable donations and sponsorships and paid a fully‐franked dividend of 7.75 cents per share to shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Rye, Australia.

Company Contact Information Eileen Naylor +61 3 5985 9755


Oct, 2013 ‐ 63 ‐

Sarina & District Community Financial Svcs(NSX: SDC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.71

52 Week Low A$0.71

Bloomberg Symbol SDC.AU


Cash (mm) A$0.451







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.249


Diluted EPS A$0.240




Corporate Profile

Business Overview and Strategy Sarina & District Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Sarina. For the 30 June 2013 financial year, the Company has returned A$265,336 to the local community via charitable donations and sponsorships and paid a dividend of 8.5 cents per share to shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Sarina, Australia.

Company Contact Information Lesley Christine Ward +61 7 4943 2634


Oct, 2013 ‐ 64 ‐

Sandringham Community Financial Services(NSX: SDH)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.00

52 Week Low A$0.90

Bloomberg Symbol SDH.AU


Cash (mm) A$0.554







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.152


Diluted EPS A$0.091




Corporate Profile

Business Overview and Strategy Sandringham Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Sandringham. For the 30 June 2013 financial year, the Company has returned A$77,938 to the local community via charitable donations and sponsorships and paid a dividend of 6 cents per share to shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Sandringham, Australia.

Company Contact Information Kate Robb +61 3 9521 6488


Oct, 2013 ‐ 65 ‐

Stacpoole Investments Limited (NSX: SON)

Real Estate Development

Equity | Australia

VIRIATHUS®





Float % 88%


52 Week High A$0.20

52 Week Low A$0.20

Bloomberg Symbol SON.AU


Cash (mm) A$0.319




Price / Book Value (5.279x)




Total Debt/ Equity (2.275x)

P&L Data June 2013









Corporate Profile

Business Overview and Strategy Stacpoole Investments Limited develops and sells real estate properties. It intends to purchase, renovate, refurbish, and resell residential properties in the State of California in the United States. The Company will specifically attempt to acquire, with a combination of equity and debt, REO Property being residential property in the bank repossession stage of the property foreclosure cycle where property reverts back to the bank and becomes listed as a real estate owned bank property on the bank’s balance sheet. Following renovation works, the Company intends to resell the property for a profit. The Company was incorporated in 2011 and is based in Melbourne, Australia.

Company Contact Information Adam Smith +61 3 8676 0707


Oct, 2013 ‐ 66 ‐

San Remo District Financial Services Limited(NSX: SRD)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.80

52 Week Low A$0.70

Bloomberg Symbol SRD.AU


Cash (mm) A$1.086







Total Debt (mm) Nil


P&L Data June 2013



EBIT (mil) A$0.139


Diluted EPS A$0.060




Corporate Profile

Business Overview and Strategy San Remo Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates three branches in San Remo, Cowes and Grantville. For the 30 June 2013 financial year, the Company has returned A$416,496 to the local community via charitable donations and sponsorships and paid a dividend of 3 cents per share to shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in San Remo, Australia.

Company Contact Information Leonie Gardiner +61 3 5678 5833


Oct, 2013 ‐ 67 ‐

Sunshine Coast Community Financial Services(NSX: SSC)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 98%


52 Week High A$0.90

52 Week Low A$0.80

Bloomberg Symbol SSC.AU


Cash (mm) A$0.673









P&L Data June 2013



EBIT (mil) A$0.486


Diluted EPS A$0.117




Corporate Profile

Business Overview and Strategy Sunshine Coast Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates three branches in Cooroy, Marcoola and Tewantin. For the 30 June 2013 financial year, the Company has returned A$197,889 to the local community via charitable donations and sponsorships and paid a fully franked dividend of 8.25 cents per share to shareholders. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Cooroy, Australia.

Company Contact Information Peter William Billinghurst +61 7 5447 7131


Oct, 2013 ‐ 68 ‐

Sugar Terminals Limited (NSX: SUG)

Marine Ports & Services

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.63

52 Week Low A$0.63

Bloomberg Symbol SUG.AU


Cash (mm) A$19.948







Total Debt (mm) NA

Total Debt/ Equity Nil

P&L Data June 2013



EBIT (mil) A$29.880


Diluted EPS A$0.060




Corporate Profile

Business Overview and Strategy Sugar Terminals Limited operates as the owner of bulk sugar terminal assets in Australia. It develops, manages, protects, finances, leases and sub‐leases bulk sugar terminals. The Company owns six bulk sugar terminals located in Cairns, Mourilyan, Lucinda, Townsville, Mackay, and Bundaberg in Queensland ports. These terminals were constructed and financed by the Australian sugar industry and are able to store two and a half million tones of bulk raw sugar. Although funded by growers and milling companies, ownership of the terminals was originally vested in the Queensland Government through respective Port Authorities and were managed by the Queensland Sugar Corporation. Under the Sugar Industry Act 1999, ownership of the terminals was transferred in August 2000 to growers and millers through share allocation. Sugar Terminals Limited is the company formed to represent the new owners. The terminals are managed by Queensland Sugar Limited under a leasing arrangement with the Company. There are 229,348,203 “G” class shares issued to Queensland cane growers and 130,651,797 “M” class shares issued to Queensland mill owners. Trading in shares is restricted to industry participants. The Company commenced commercial operations in August 2000 and is based in Brisbane, Australia.

Company Contact Information Richard Farquhar +61 7 3221 7017


Oct, 2013 ‐ 69 ‐

Tongala and District Financial Services Ltd(NSX: TCB)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.70

52 Week Low A$0.70

Bloomberg Symbol TCB.AU


Cash (mm) A$0.133









P&L Data June 2013



EBIT (mil) A$0.027






Corporate Profile

Business Overview and Strategy Tongala and District Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates one branch in Tongala. For the 30 June 2013 financial year, the Company has returned A$29,129 to the local community via charitable donations and sponsorships. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Tongala, Australia.

Company Contact Information David James Newman +61 3 5859 1401


Oct, 2013 ‐ 70 ‐

Timah Resources Limited (NSX: TMH)

Metals & Mining

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.12

52 Week Low A$0.05

Bloomberg Symbol TMH.AU


Cash (mm) A$0.505









P&L Data June 2013



EBIT (mil) A$0.330


Diluted EPS A$0.390




Corporate Profile

Business Overview and Strategy Timah Resources Limited engages in the exploration and production of iron ore minerals. The Company holds two prospective iron ore projects in Western Australia. The Company’s flagship project – the 100% owned Bathurst Island Iron Project in NE Western Australian and recently entered into a Call Option Agreement with Urban Minerals Pty Ltd to acquire its second iron project, the 100% owned Western Southdown Iron Project. A priority of the Company is to gain access to the Bathurst Island for exploration, thus requiring the approval and co‐operative agreement with the Mayala native people although a Mineral Exploration Agreement has already been signed with the Kimberley Land Council on behalf of the Mayala. Timah Resources aims to be an Australian iron ore producer, by executing an exploration and development program at the Bathurst Island with the co‐operation with the Mayala native people and to explore and valuate the opportunity in the Western Southdown Iron Project. Formerly known as Vietnam Emerging Capital Limited, the Company was incorporated in 2007 and is based in Sydney, Australia.

Company Contact Information Jack Tan +61 2 9267 4633


Oct, 2013 ‐ 71 ‐

Vertua Limited (NSX: VERA)

Real Estate Development

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.28

52 Week Low A$0.01

Bloomberg Symbol VERA.AU


Cash (mm) A$0.525






Current Ratio 88x



P&L Data June 2013









Corporate Profile

Business Overview and Strategy Vertua Limited operates as a property investment company in Australia. It acquires and develops various residential properties in South East Queenland. Formerly known as Property Fox No 2 Limited, the Company is based in Double Bay, Australia.

Company Contact Information Howard Woolcott +61 2 8705 5486


Oct, 2013 ‐ 72 ‐

Valley Community Financial Services Limited(NSX: VLY)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.70

52 Week Low A$0.55

Bloomberg Symbol VLY.AU


Cash (mm) A$0.678









P&L Data June 2013



EBIT (mil) A$0.303


Diluted EPS A$0.050




Corporate Profile

Business Overview and Strategy Valley Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates five branches in Hurstbridge, Diamond Creek, Eltham, Doreen and Kinglake. For the 30 June 2013 financial year, the Company has returned A$294,000 to the local community via charitable donations and sponsorships and paid a dividend of 3 cents per share. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Diamond Creek, Australia.

Company Contact Information Melissa Vickrage +61 3 9438 3194


Oct, 2013 ‐ 73 ‐

Winpar Holdings Limited (NSX: WPH)

Asset Management

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$1.15

52 Week Low A$0.90

Bloomberg Symbol WPH.AU


Cash (mm) A$0.113









P&L Data June 2013



EBIT (mil) A$0.048


Diluted EPS A$0.010




Corporate Profile

Business Overview and Strategy Winpar Holdings Limited was established in 1985 as an unlisted public company by Mr. Robert Cameron and the late Mr. Wallace Hoare. It commenced formal business in July 1986 as an investor and sub‐underwriter. In December 2001 the Company joined the official list of the Stock Exchange of Newcastle Limited, the predecessor of the NSX, and was the first company to do so. Since its incorporation the Company has always operated primarily as a value investor, and over a long period has accumulated a diverse portfolio of listed and unlisted securities which it has perceived as having long term value – primarily Australian securities, although more recently a proportion of them have been overseas securities. The Company has also developed a trading portfolio, although share trading has always been regarded as a supplement to the Company’s overall investment strategy. The Company has continued to maintain a margin account for special purposes, but the outstanding balance on the account is nominal, and the Company remains largely debt free. The net asset backing of the shares at year‐end was A$1.05, and the Company retains a high level of franking credits. The Company is based in Sydney, Australia.

Company Contact Information Gordon Elkington +61 2 8705 5486


Oct, 2013 ‐ 74 ‐

South Burnett Community Financial Services (NSX: YAR)

Regional Banks

Equity | Australia

VIRIATHUS®





Float % 100%


52 Week High A$0.70

52 Week Low A$0.70

Bloomberg Symbol YAR.AU


Cash (mm) A$0.428







Total Debt (mm) Nil


P&L Data June 2013









Corporate Profile

Business Overview and Strategy South Burnett Community Financial Services Limited is one of almost 300 locally owned Community Bank® businesses operated as franchises of the Bendigo & Adelaide Bank Group. The Community Bank model delivers market‐competitive personal and business banking services supported by outstanding customer service. Uniquely, the profits retained by the locally owned franchisee company are returned in the form of sponsorships to local community organizations. The Company operates two branches in Yarraman and Blackbutt. For the 30 June 2013 financial year, the Company has returned A$102,000 to the local community via charitable donations and sponsorships and paid a dividend of 45 cents per share. As a franchisee, all aspects of banking products, systems, and services are under the control of the Bank, which provided a scheduled planogram of product marketing information for display in the branch. The Board comprises volunteers with a range of skills who work closely with the Branch Manager and staff to provide governance for the Company on behalf of its shareholders act as promoters and advocates for the business amongst their personal networks, and manage the processes for the distribution of profits to community partners. The Company is based in Yarraman, Australia.

Company Contact Information David Francis Robison +61 3 9438 3194

Documents

Yearbook NSX Annual 2013nsxa.com.au/documents/Almanac/2013/NSX-Annual-Almanac.pdf · 2014. 6. 6. · Oct, 2013 ‐ 2 ‐ Market overview and review of companies listed on the NSX