Deakin: Turnaround gelungen!! - 500 Beiträge pro Seite

[Crocodile_Dundee]

DEAKIN FINANCIAL SERVICES GROUP LIMITED 2001-11-23 ASX-SIGNAL-G

HOMEX - Melbourne

+++++++++++++++++++++++++
Mr Rob Hunwick, Executive Chairman, Deakin Financial Services Group
Limited delivered the following address to the Company`s Annual
General Meeting earlier today.

"Before proceeding to the business of the meeting, I would like to
take the opportunity of acquainting shareholders with Deakin`s
position and activities since the close of the financial year.

You will have received our Annual Reports which gives an outline of
events during the past year. I do not propose to repeat the
information contained in the report, but suffice to say that it was a
very tough year. Deakin has exited from the various non-core
activities it once engaged in and now stands as a company focussed on
a single business - that of financial services distribution. In the
process of achieving this outcome,significant losses were made in
those non-core activities, but I can state that Deakin now has cash
in hand, no debt and it broke even in the first quarter of the new
financial year. This is a dramatic change from the past.

The industry in which we operate is being reformed through the
influence of the new Financial Services Reform Act. To explain this,
Deakin at present deals with advisers in three different ways:

* we grant proper authority to selected advisers under ourdealers
license

* we appoint selected advisers as authorised representatives under
our life insurance brokerage license

* we act as a master agent for selected multi agents in the life
insurance industry under the Agents and Brokers Act.

Under the new Act these three networks will ultimately be merged into
one. All distribution networks are similarly affected and there is a
highly competitive environment at present as the players in the
market attempt to secure market position.

Deakin has launched its offer to the advisers and I am pleased to
report that the response has been very favourable and we expect to be
net winners in this race but we will not know the actual outcome
until June next year.

As I mentioned, Deakin is a distributor and does not produce any
products of its own. This enables us to form alliances with other
businesses that can provide access to a wide array of financial
services and products without being limited to or being pressured by
a single brand. We have signed or are within days of signing

* an agreement with a finance broker to give us access to mortgage
and other lending products,

* a general insurance broker to give us access to all general
insurance products

* a property group to give us access to direct property investments

* a sharebroker to give us access to direct equity investment
support.

These are of course in addition to the mainstream of investment,
superannuation and life insurance products already available to us.

With all the changes occurring in the market place, Deakin will
emerge with a rare combination of being a pure distribution group,
independent of product suppliers and listed on the Australian Stock
Exchange. While not national in scope at present, it is our intention
to grow into NSW and Qld in the near future.

With financial services distribution critical to the success of some
very large institutions, we believe we are well positioned to take
advantage of the changing environment and to attract some favourable
relationships with companies who have limited outlets for their
products."

At the completion of the Annual General Meeting the Chairman made the
following additional comments:

"I am pleased to announce that all resolutions put to this meeting
have been passed and I thank all shareholders for their participation
and support.

As a result of these resolutions, we have

* removed a liability of $600,000 from the balance sheet in exchange
for shares

* fulfilled the terms of issue of shares and options that enabled
Deakin to raise approximately $500,000 and rebuild the business

* provided adequate remuneration and incentives to the directors to
continue to develop Deakin in the interest of shareholders

* provided incentive for employees through an Employee Option Plan

These are significant milestones for Deakin and enhance both the
balance sheet and the future prospects of the company.

This marks the end of the restructuring of Deakin and we can now look
forward to building a business which is uniquely placed, being a
listed independent financial services distributor operating in one of
the fastest growing sectors of the economy."


R Hunwick
EXECUTIVE CHAIRMAN

Wichtig ist der Abschnitt "..that Deakin now has cash
in hand, no debt and it broke even in the first quarter of the new financial year.."

Der Break-Even wurde also erreicht!

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Will heißen:

- Deakin hat einen positiven Bargeldbestand
- Deakin ist schuldenfrei
- Deakin schreibt seit einem Quartal schwarze Zahlen

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Sehe gerade die Nachfrage in Australien: über 500.000 Stück zu umgerechnet 9 Eurocents. Runter geht es nicht mehr!

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FFM 0,11 Geld. Und keiner verkauft!

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