Hi trader_10Yesterdays close was dissapointing, but the vwap was...

Hi trader_10

Yesterdays close was dissapointing, but the vwap was 5c and we have a few (hopefully patient) new holders.
Providing the market holds up, I'm taking a long position this time round.

SKG receive a $2.5 million payment from Zelcrest today, (which may be paid to Walton to finalise their contract) and a further $3.5 million is paid to SKG in September to settle the singapore sale.

Ascendas pte ltd (a large real estate company that sold CDV to skynetglobal) are still holding 4.5% of SKG stock according to the Ageis blue book report, but there is no record on my AOT report.
http://www.ascendas.com/

I'm wondering if Zelcrest have sold the recent issue of shares (13,167,057) or if they intened to be a major shareholder of skynetglobal ?
There are 25.8 million shares (approx) yet to be issued to Zelcrest which would make them the No.1 holder of Skynetglobal.
It would make sense for Zelcrest to have a holding in SKG, because they are rolling out w-Homes systems in Singapore and Malaysia, to which SKG receive 5% of gross revenues for the next 20 years.

I was very critical of Mr Soons recent sale of the Singapore network, but after reading the last few updates I think they are heading in the right direction, even if it has caused some short term pain for previous holders.
It's hard to say what the price will be in December, but I'm confident it will be far higher than 4.7c.
SKG (come September) will have a cash position of around $5 million and at least $7 million in assets (conservatively), giving it a backing of around 6c per share.(last half year report Dec 2003 was 2c per share).

Wireless and Home Automation is in its infant stages, but should be taking big steps over the next 2 years.
SKG's revenue for 2004 should be around $4 million, given the ongoing expansion into city highrises around Australia it should be double that this time next year ;-)