In April this year SubZero Group Limited effectively launched on the Australian Stock Exchange and in the relatively short time since we have substantially delivered on the strategy presented to investors. Together with the Company’s inaugural Chairman Glenn Molloy, I would like to thank shareholders for their support and I am pleased to report that the Company is well positioned to face the challenges of the current economic climate.
Whilst in some respects we are not a traditional mining services company we have not been immune from the downturn in the mining and resources sector. Having resolved some teething problems during the final stages of the development of our new purpose built facilities in Muswellbrook, the Company has now emerged from the ASX listing process. And whilst the underlying results have been unsatisfactory to date, they are broadly in line with expectations.
The Company’s focus since listing has been to consolidate its financial position and to secure an ongoing pipeline of work to support its growth strategies as a provider of maintenance services to the mining and resource sector. We have also been pursuing refinancing initiatives to provide the necessary working capital to properly fund the Company’s ongoing activities and its proposed growth. The recently completed placement and the “in progress” fully underwritten rights issue are part of these initiatives. As you will have read all your Non-Executive Directors are taking up their entitlements but our CEO & Managing Director, Scott Farrell will not do so which allows the entry of more institutional shareholders to the Company’s register.
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