Bit hard to understand management's attitude towards SEN's lagging shareprice.
When announcing the Dec half results they made a big deal of the fact they have $6.5 mio cash in the bank and a further $5 mio in debtors. In other words they were/are quite cash rich. Since 31 Dec they have pocketed almost $5 mio from the conversion of about 70 mio options, yet spent only $290k in the buy back of 700.000 shares. Not suggesting the b/b should be used to prop up the share price, but equity is a very expensive form of finance. In other words unless management has a genuine need for the option funds then they should use this cash to buy back shares thereby keeping the number of FPO's to the minimum.
SEN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
