Correction on New Director details & Resignation of employee
Document date: Fri 03 Nov 2000 Released time: Fri 03 Nov 2000 08:57:17
Document No: 187303 Document part: A
Market Flag: N
Classification: Director Appointment/Resignation, Company Administration - Other
MY CASINO LIMITED 2000-11-03 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
My Casino Limited announced on 25 October 2000 that new director
Miran Melansek had been a consultant with My Casino Limited since its
emergence as a public company, his involvement centring around the
promotion of the company and the Casino website into European
markets.
Mr Melansek wishes advise that certain details in this announcement
were incorrect. Mr Melansek's involvement with My Casino Limited
commenced in June 2000 when Mr Melansek began as a representative of
the company for public and investor relations in Germany. These
activities did not include the promotion of the Casino website into
European markets.
My Casino Limited also wishes to inform the market that Mr Mike
Miller has resigned as an employee of the company.
J Asquith
COMPANY SECRETARY
Response to ASX Query re: Appendix 4C
Document date: Fri 03 Nov 2000 Released time: Fri 03 Nov 2000 10:04:19
Document No: 187309 Document part: A
Market Flag: Y
Classification: Response to ASX Query
MY CASINO LIMITED 2000-11-03 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
RESPONSE TO ASX QUERY
We refer to your letter at 1 November 2000 in which the ASX requested
the company respond to a number of questions following the lodgement
of our Appendix 4C report for the quarter ended 30 September 2000.
The questions raised by the ASX and our responses are as follows:
1. It is possible to conclude on the basis of the information
provided that if the Company were to continue to expand cash at the
rate for the last quarter indicated by the Appendix 4C, the Company
may only have sufficient cash to fund its activities until
approximately the end of March 2001. Please comment.
The cash flow for the quarter includes abnormal payments of
approximately $2,228,000 which mainly related to suspect credit card
transactions. The system has now been upgraded to solve this problem.
2. Based on this information, what steps has the Company taken to
ensure that it has sufficient funds in order to continue its
operations at the current cash expenditure rate?
The current expenditure rate is approximately $200,000 per month and
new revenue streams are anticipated. The company will continue to
have sufficient funds to continue its operations at this rate.
3. To what extent have the Company's actual revenues and expenses to
the end of the last quarter matched the Company's anticipated
revenues and expenses?
Due to the closure of the credit card processing facilities for much
of the quarter, revenues in the quarter were lower than amounts
anticipated at the start of the quarter. Expenses of operations
(other than the payments referred to in 1 above) have continued in
line with expectations.
4. If the Company's actual revenues and expenses are not
substantially in accordance with the Company's anticipated revenues
and expenses, when did the Company become aware that its revenues and
expenses would not substantially match the anticipated revenues and
expenses?
The company became aware that the revenues could be materially
affected on 28 July 2000 and informed the ASX of the cessation of
credit card processing facilities in order to install new upgrades
and procedures.
5. What steps has the Company taken, or what steps does it propose to
take, to enable it to continue to meet its business objectives as set
out in its prospectus? Please comment if the business objectives and
strategies have changed since the date of the prospectus.
The company's principal business objective is to develop internet
gaming businesses. During the quarter the company made major changes
to its software and operating procedures to minimise the level of
processing of suspect credit cards and to provide a sound basis for
future growth. Although the temporary cessation of credit card
processing facilities had an immediate revenue impact, the company is
currently anticipating increases in the level of gaming activities
sourced from Asian markets as a result of recent marketing efforts.
6. Please also provide information as to how ASX may be satisfied
that the Company currently complies, and will continue to comply,
with listing rule 12.2.
My Casino currently has immediate cash at call approximately $4.7m
plus additional receivables including bond monies held by Barclays
bank totalling over $600,000. These cash reserves are more than
sufficient to meet the needs of on-going activities and fund planned
future developments.
7. Can the Company confirm that it is in compliance with the listing
rules, and in particular, listing rule 3.1.
The company confirms it is in compliance with the listing rules, and
in particular, listing rule 3.1.
J Asquith
COMPANY SECRETARY
MORE TO FOLLOW
Response to ASX Query re: Appendix 4C
Document date: Fri 03 Nov 2000 Released time: Fri 03 Nov 2000 11:16:25
Document No: 187309 Document part: B
Market Flag: Y
Classification: Response to ASX Query
MY CASINO LIMITED 2000-11-03 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++
We refer to the Appendix 4C quarterly cash flow report for the
quarter ended 30 September 2000 (the "Appendix 4C') for My Casino
Limited (the "Company"), released to the Australian Stock Exchange
Limited ("ASX") on 31 October 2000.
ASX notes that the Company has reported the following.
1. Revenue for the quarter of $0.
2. Net operating cash outflow for the quarter of $3,485,000.
3. Cash at end of quarter of $5,076,000.
In light of the information contained in the Appendix 4C, please
respond to each of the following questions.
1. 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 only have sufficient cash to fund its activities until
approximately the end of March 2001. Please comment.
2. Based on this information, what steps has the Company taken to
ensure that it has sufficient funds in order to continue its
operations at the current cash expenditure rate?
3. To what extent have the Company's actual revenues and expenses to
the end of the last quarter matched the Company's anticipated
revenues and expenses?
4. If the Company's actual revenues and expenses are not
substantially in accordance with the Company's anticipated revenues
and expenses, when did the Company became aware that its revenues and
expenses would not substantially match the anticipated revenues and
expenses?
5. What steps has the Company taken, or what steps does it propose to
take, to enable it to continue to meet its business objectives as set
out in its prospectus? Please comment if the business objectives and
strategies have changed since the date of the prospectus.
6. Please also provide information as to how ASX may be satisfied
that the Company currently complies, and will continue to comply,
with listing rule 12.2.
7. Can the Company confirm that it is in compliance with the listing
rules, and in particular, listing rule 3.1.
LISTING RULE 3.1
Listing rule 3.1 requires an entity to give ASX immediately any
information concerning it that a reasonable person would expect to
have a material effect an the price or value of the entity's
securities. The exceptions to this requirement are set out in the
rule.
In responding to this letter you should consult listing rule 3.1 and
the guidance note titled "Continuous disclosure: listing rule 3.1".
If the information requested by this letter is information required
to be given to ASX under listing rule 3.1 your obligation is to
disclose the information immediately.
Your responsibility under listing rule 3.1 is not confined to, or
necessarily satisfied by, answering the questions set out in this
letter.
LISTING RULE 12.2
Listing rule 12.2 requires that an entity's financial condition
(including operating results) must, in ASX's opinion, be adequate to
warrant the continued quotation of its securities and its continued
listing. Factors that are relevant to an entity's financial condition
include, but are not limited to, composition of the balance sheet,
relative size of liabilities to assets and access to funds, refer
note to rule 12.2.
This letter and your response will be released to the market. If you
have any concerns about your response being released, please contact
me immediately. Your response should be sent to me on facsimile
number (08) 9221 2020. It should not be sent to the Company
Announcements Office.
Unless the information is required immediately under listing rule
3.1, a response is requested as soon as possible and, in any event,
not later than half an hour before the start of trading (ie before
9.30 am EDST, 6.30 am WST) on Friday 3 November 2000.
If you are unable to respond by the time requested you should
consider a request for a trading halt in the Company's securities.
In this regard, please refer to listing rule 18.7 which requires a
Company to give ASX any information, document or explanation that ASX
asks for to enable it to be satisfied that the entity is, and has
been, complying with the listing rules.
if you have any queries regarding any of the above, please let me
know.
A Walsh
ASSISTANT MANAGER COMPANIES
