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.