Home > Latest News > BREAKING NEWS CellNet Calls Trading Halt New Owners Tipped

BREAKING NEWS CellNet Calls Trading Halt New Owners Tipped

Brisbane based distributor Cellnet Group has called a trading halt with speculation mounting as to who has purchased the business.

Currently their shares are trading at $0.18cents up from $0.15 this morning.

The business is capitalized at $4.38M with $1.7 million in cash on the books.

Back in 2020 the business reported revenues of $96.2M. In a recent investor update revenues were reported at $39.1M with the business reporting a first half EBITDA loss of $429,000.

As at FY 2020 the business reported cash reserves of $6.9M.

The speculation now is who is about to buy the business, one name that keeps popping up is Dicker Data who last year acquired New Zealand based Exceed.

Other speculation centers on former investors and owners of the business before it was floated.

ChannelNews understands that the business that recently secured the rights to Casetify, the accessory brand pulling millions of millennials and Gen Z consumers into stores and online for covers for their smartphones, watch bands, as well as covers for computers and tablets, recently lost the distribution rights to a number of brands.

Last year the business lost several key staff to Pacific Com, also quitting the business for a key position at Optus was former GM of products, Quang Nguyen.

He was replaced by Greg Morrison a former senior executive at Belkin.

 

More to come.



You may also like
EXCLUSIVE: Security Camera Brand Swann Dumps Chinese Supplier After US Ban
David Dicker
Which Local CE Distributor Is Floating Round The World In A Private Jet Bigger Than Most?
BREAKING NEWS:Force Sold For $9.5M After Being Dumped By Optus
BREAKING NEWS: Force Technology Tipped To Have Been Sold After Optus Dumping
EXCLUSIVE: Major Distributor Restructures Following Optus US Decision Staff Let Go

Popular Posts

HP Buys Struggling AI Pin Company In Effort To Shore Up Local AI In Notebooks & Tablets
Latest News
/
/
Nanoleaf Permanently Cuts Prices Of Several Products
Latest News
/
/
Apple Mac Malware Can Read Your Files
Latest News
/
/
Samsung Dominated TV Market In 2024, Gained OLED Share From LG
Latest News
/
/
Albo Set To Go On Spending Spree As Retailers Respond To Rate Cut
Latest News
/
/

Digital Magazines

Recent Post

HP Buys Struggling AI Pin Company In Effort To Shore Up Local AI In Notebooks & Tablets
Latest News
/
//
Comments are Off
HP has moved to shore up the AI capability of their notebook’s tablets and communication devices with the acquisition of...
Read More