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.
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