Quantum Energy records $14m profit on acquisition12:21, Friday,...

Quantum Energy records $14m profit on acquisition
12:21, Friday, 16 June 2006

Sydney - Friday - June 16: (RWE Australian Business News) -
Quantum Energy Ltd (ASX code: QTM) today announced it would earn a
profit of $14.05 million in respect of the acquisition of Insight
Oceania Pty Ltd.
The $14.05 million reflected the profit on the purchase of
Insight based on its valuation in comparison to the consideration being
paid. These values were verified by an independent expert who prepared a
report that was sent to shareholders on March 29.
The independent expert's report which was lodged with the ASX
announcement today was in connection with a shareholders' meeting
convened to approve the acquisition on May 18. The profit will be
reflected in the results for the year ending June 30.
"With the completion of the Insight Oceania acquisition having
been achieved, it has been necessary for the Quantum board to review and
assess the implications that the acquisition has for the Quantum group's
final results for the year ended 30 June 2006," managing director Mr
Phillip Sidney said today.
"Based on that review, including a consideration of the details
of the independent expert's report and the requirements of AIFRS, the
board has formed the view that Quantum Energy Ltd recognise this
profit," he said.
Shares in Quantum Energy rose 0.4c to 7.9c today.