Definitions

Engin

Engin

engin Limited (also known as engin) is an Australian VoIP phone provider with over 58,000 customers Australia-wide (last market update February 2007). Engin's revenue totalled $8.3m up from $3.0m over the same period in 2005.

History

In May 2007 BBY research recommended investors buy Engin shares (listed on the ASX) with a valuation of A$0.25 per share. The recommendation said "ENG is a well managed, emerging small cap business. It has an established presence in the potentially high growth VOIP market, and clear market leadership in this new sector".

The 'well managed, emerging small business' is now under the helm of a new CEO after the depature of Illka Tales in the top job, as well as a number of other redundancies.

The company is 33% owned by the Seven Network.

In 2007 the company launched new pricing and product initiatives, including offering free internet phones and "voice boxes" for customers who sign up to a contract. Engin also launched plans offering free local and national calls on a $14.95 per month National plan, and free calls to six overseas destinations on a $19.95 Home Plus plan

In June 2007 Engin announced a move to a "triple-play" offering, selling naked DSL services that would be used to deliver voice, internet and, from next year, IP-TV content. Engin also have the exclusive retail distribution and marketing rights for TiVo.

Engin have now caved in and decided to sell off the exclusive rights of TiVo (February 2008) to lower the financial responsibility placed on it under that exclusivity. They have also decided to shelve plans to sell broadband internet service, again to try to lower costs, and focus more on broadband telephony and using the existing skills of the remaining staff. Resellers of selected Engin products include Harvey Norman and Dick Smith Electronics and Tandy.

Engin has announced that Max Alexander (previously the CEO of TalkTalk, the communications division of Carphone Warehouse in the UK) will be the new CEO from Nov 2007 taking the reins of Engin in a questionable market position. This however was not the case, and Illka Tales was forced to remain in the top job, while another replacement was sought.

A new CEO Mr Mark Zworestine was found, and has now started the daunting task of steering Engin out of the current market position.

Engin has announced to share holders that it is offering a new share deal with $8.4m to be sought thru offering 3 million shares, If the existing share holders do not take up this offer the underwriter shall buy a large chunk of shares taking their holding to 84% of the company.

References

External links

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