another ripper of a float

for the owner's of Jacobsen's that is !!

floated 18m shares in Sep, 2002 at $1.00 each, a level they have never seen again.

Prospectus forecast for the year to June 2003 was revenues of $86.5 mio and EBITDA of $6.4 mio.

Half year result just anounced is revenues of just $22.5 and a loss for the period of $6.37 mio.

Best management can do is issue a press realease stating the bl..... obvious, viz, "prospectus forecast for the year will not be met".

Given the stock didn't hit the boards till half way into this reporting period, managment must have known then the forecasts were rubbish.

Porr ole mug punter is hit again

(I do not own JEL)