MY CASINO LIMITED - Response to ASX Query re: Appendix 4C

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franzl:

MY CASINO LIMITED - Response to ASX Query re: Appendix 4C

 
07.08.00 07:33
MY CASINO LIMITED                             2000-08-07  ASX-SIGNAL-G

HOMEX - Perth                                                        

+++++++++++++++++++++++++
ASX QUERY

We refer to the Appendix 4C quarterly cash flow report for the
quarter ended 30 June 2000 (the "Appendix 4C") for My Casino Limited
(the "Company") lodged recently with Australian Stock Exchange
Limited ("ASX").

ASX notes that the Company has reported the following.

1. Receipts for the quarter of $2,678,000.

2. Net negative operating cashflow for the quarter of $3,405,000.

3. Cash at end of quarter of $6,650,000.

It is possible to conclude on the basis of the information provided
that if the Company were to continue to expend cash at the rate for
the last quarter indicated by the Appendix 4C, the Company may not
have sufficient cash to fund its activities for the quarter ending 31
December 2000.

The Company's prospectus dated 23 March 2000 set out the following
expenditure program for commitments consistent with the Company's
business objectives (excluding payments to be made immediately, for
example, costs of fundraising, repayment of loans, etc).

* Ongoing development of the My Casino website and
  associated marketing initiatives, including capital
  items, software purchase                                 3,000,000

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boomtrader:

Bitte um eine Interpretation ! Ist das so beunruhigend, wie es klin.

 
07.08.00 08:24
It is possible to conclude on the basis of the information provided
that if the Company were to continue to expend cash at the rate for
the last quarter indicated by the Appendix 4C, the Company may not
have sufficient cash to fund its activities for the quarter ending 31
December 2000.

Klingt nicht besonders ermutigend auf den ersten Blick,oder liegt das an überprportionalen Startaufwendungen im Q1 ? Der Kurs hat ja mit + 15 % gut reagiert in AUS, aber bei den dünnen Umsätzen war das wohl auch nur eine Preisanpassung an das Niveau (na ja, ein bisschen drüber) oder ?

Meinungen ?

Gruss, boom
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franzl:

Re: MY CASINO LIMITED - Response to ASX Query re: Appendix 4C

 
07.08.00 08:52

MY CASINO LIMITED                             2000-08-07  ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
RESPONSE TO ASX QUERY

We refer to the ASX's letter dated 2 August 2000 in which ASX
requested the company to respond to a number of questions dealing
with the matters contained in our Appendix 4C report for the quarter
ended 30 June 2000 which was filed with ASX on 31 July 2000.

By way of overall comment, the level of activity of gaming operations
undertaken by My Casino since acquiring the internet casino business
on 5 April 2000 have exceeded the expectations of directors. While
this has led to levels of turnover being greater than expected, the
general level of operating costs, capital development and investment
in working capital have followed closely the estimates included in
the company's prospectus. The only area of exception lies in the
value of funds tied up in the uncleared credit card system, largely
created by the much higher than anticipated levels of turnover.

The questions raised by ASX and our responses are:

1. To what extent has the Company carried out its expenditure
program, as described in the prospectus, in accordance with the
timetable for the expenditure envisaged by the prospectus?

The uses of funds by My Casino to date have generally followed the
estimates of expenditure over twelve months as included in the
prospectus.

Initial working capital requirements were higher than estimated due
to the very rapid growth and the timing of receipts from credit card
transactions. However at this stage the requirement for security

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MelliAusHH:

Nein, es ist genau das Gegenteil, es ist suuuuper

 
07.08.00 10:29
In den nächsten Tagen dürfte zusätzlich die Nachricht zum fixierten Japan-Geschäft einrollen. Das Kreditkarten-System wurde durch ein Upgrade erweitert, so daß das hohe Spielaufkommen bewältigt werden kann. Was wollen wir mehr ?
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