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Motorola sponsorship
- Thread starter Rosy
- Start date
DC8 said:
Here's the latest from today's Age:
Concept Sports trips: worse to come
By Rebecca Urban
November 8, 2004
A Melbourne merchandise company facing a class action for overstating profit forecasts in its listing prospectus might have further fuelled shareholder anger after it acknowledged that its shaky financial position was likely to get worse.
Prompted by the Australian Stock Exchange, Concept Sports has revealed that it is anticipating another quarter of negative operating cash flows, placing further strain on its already dwindling bank balance.
At the end of September, the company had just $2.79 million in the bank and a negative operating cash flow of $1.7 million, leading the Australian Stock Exchange to question its capacity to continue operating.
The ASX in a letter to the company noted that its financial position would have been much worse had bank deposits of $2.3 million not been released.
Responding last Friday, Concept Sports managing director Gary March said the nature of its event business - the company provides merchandise for sports events such as the recent Athens Olympics - meant that short-term fluctuations in cash flow could be expected.
Concept Sports is winding up its Portuguese subsidiary and has admitted that the final loss from the operation will not be known until the end of the month.
The latest development could add further impetus to attempts by IMF Australia and Maurice Blackburn Cashman to lodge a class action against the company and its directors on behalf of shareholders who bought into the $12 million float earlier this year. The company's shares last traded at 12 ¢.
http://www.theage.com.au/news/Business/Concept-Sports-trips-worse-to-come/2004/11/07/1099781246344.html
DeufHart said:It would be good if you could divulge how you know this tf because it's a dodgy situation if true.tigerforever said:
Would also dispel any thought that it is just an uninformed and slanderous accusation by you about Gary March.
Thanks.
Not sure what you mean Deuf. Gary March is on the board and is also Managing Director of Concept Sports. No secret there.
duefort go to the rfc website click on link about us youll see directors..one of them is gary march managing director concept sports....i do not and never have made unsubstanciated allegations about anyone...its common knowledge..
Yes, it's common knowledge.
What you said was that we deal with Concept Sports because Gary March is the MD and on our board.
To me that is insinuating a conflict of interest, using his position on the board for business gain. I'm struggling to see how it meant anything different.
It may or may not be the case, but you can't go making an off-handed comment like that on a public forum which could harm his reputation. Quite possibly unfairly.
What you said was that we deal with Concept Sports because Gary March is the MD and on our board.
To me that is insinuating a conflict of interest, using his position on the board for business gain. I'm struggling to see how it meant anything different.
It may or may not be the case, but you can't go making an off-handed comment like that on a public forum which could harm his reputation. Quite possibly unfairly.
DeufHart said:
You work it out. How many AFL clubs uniform sponsorships does Concept Sports have? How many AFL club boards is the Managing Director of Concept Sports on?
Personally I don't give a stuff as long as we entertain the best deal for the RFC.
duefort i just said that gary march was md of that company...read the post again i never insinuated anything...
Excellent question mb.mb64 said:
It would be good if someone with some facts could answer it to clarify whether or not anything sinister should be read into it.
I would also be interested to know whether the club ditched Nike or Nike ditched the club because I think it's an important point.
tf - no matter how many times I read your post I still come to the same conclusion. You may not have meant the insinuation but it is there.
rosy23 said:
The club ditched Nike because they were very inflexible on offering range, margin and service. There is more to a supply contract than just an emblem on a jumper. Weigh up all retail opportunities, uniforms, footwear, replica wear etc. The club needs to get the possible deal and supply on offer. Simply, a better deal was on offer from another company.
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