Hi PP,This time last year I would agree, but Seven is frustrated...

Hi PP,

This time last year I would agree, but Seven is frustrated with their investmentment in ENG...

http://www.itwire.com/index2.php?option=com_content&do_pdf=1&id=16284

VoIP provider Engin misfires badly

Faced with poor subscriber growth, despite blowing millions on its sales and marketing efforts, the company is slashing costs, postponing its plans for ADLS2+ services and relinquishing its exclusive right to offer the TiVo personal video recorder in Australia.

In September 2007, comparing it with rival VoIP provider, MyNetFone, iTWire observed : " One interesting comparison
between the two companies is that MyNetFone managed to add 22,500 net new subscribers with a marketing spend of
just $455,000. For engin to add around 30,000 cost $5.7 million in marketing expenses. Absent any means of extracting significantly more revenue from them than MyNetFone - their respective offerings are fairly similar- it would clearly take Engin a very long time to recoup this investment in customer acquisition.

Seven Network profit down 91%; 40m share buyback

http://www.businessspectator.com.au/bs.nsf/Article/Seven-Network-profit-down-91-40m-share-buyback-H89R2?OpenDocument&src=srch

The net significant loss of $41 million reflects a $41.6 million loss related to the 12.2% holding in GRD, $18.3 million on the investment in Engin and a loss of $5.7 million against other investments with a deferred gain arising from the change of ownership in a joint venture of $19.2 million and gain on the sale of investments of $5.4 million.

Good luck with your holdings PP??

JB