snx-buyback

Company Announcement Article


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




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