Is the latest announcement the reason for the recent decline? Director still buying so not bad news?
Friday 23rd June 2006
Global Approach Profit Guidance
Jumbo Corporation Limited (ASX:JUM) is a substantial shareholder of Global Approach Limited (ASX:GLO) with 18.0% of the shares. GLO today announced a Profit guidance (attached) ahead of the Extraordinary General Meeting to be held on Tuesday 27th June 2006.
GLO confirmed that it�fs performance for the full year to 30th June 2006 to be an EBITDA loss in the range of $300,000 and $500,000 as a result of gaming volatility combined with its relative small gaming operation.
GLO also confirmed that the acquisition target (Tusk Group) expects its NPAT for the full year to 30th June 2006 will be in line with the A$1.6 million reported in Section 4.6 of the Independent Expert�fs Report prepared on the 23rd May 2006. Tusk management have further confirmed that the EBITDA forecast of $3.07 million and $4.92 million remain unchanged for the full years ending June 2007 and June 2008.
Mr Mike Veverka, CEO of Jumbo and Alan Phillips, Chairman of Jumbo are both non-executive directors of Global Approach Limited. Jumbo Corporation Limited currently holds 11.6 million ordinary shares
(18.0%) of the fully paid ordinary shares in GLO. The full GLO announcement is attached.
JUM
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