Asite was a product of the change in sentiment at the end of the dotcom boom era .. the original business was more to do with e-business, the then business was renamed Asite ..its purpose to provide a range of construction related services, including on-line procurement of materials. And to underline this change of emphasis, a comprehensive board reorganisation took place.

Heres a report a friend has emailed to me re ASITE

the story ASITE story is picked up from 2001...

A March 2001 announcement that a drum-roll of major players had become shareholders in Asite, did strengthen the shares. But they remained pretty well unmoved by the next announcement, the disposal of most of the original business. A maximum of 500,000 was garnered up front, with a complicated six-year earn-out formula which could chuck in a maximum of 2.2 million over the period; or nothing at all, depending on the level of profit attained post-disposal.

A tripartite announcement on the 7th June recorded a 3.5 million loss, a 4.5 million open offer at 10p per share, and the news that five more of the largest property owners in the United Kingdom, headed by Land Securities, had decided to take shareholdings in Asite. The shares dropped like a stone.

The sale of the penultimate remains of the old guard (to management) was completed in June 2001, and going with it, the Chief Executive of the group resigned, financing his part in the consideration by the sale of 3.8 million shares at 20p.

The June 2001 interim figures showed a 4.6 million loss, 2.6 million from trading and disposal losses, and the balance lavished on Asite. November brought the news that Asite had generated about 3 million of contracted revenues since its June launch ; and its toolkit was in use by over 200 organisations.

In December 2001, Prime Estates, the last brick in the old wall has been heaved away for 800,000 in cash, with the final step in the Brave New World planned now to be executed too - the change of name to Asite. But the leopard had not changed its spots, as an 8 million loss was recorded in the same month.

The company issued a further 4 million shares in July 2002, or 4.1% of the enlarged equity, to Warrencity Investment Corporation at 10p per share in cash, quite a premium on the then price. And in September, a bit of real sex appeal was added at last by way of an announcement of an agreement with BAA whereby the latter would route all of its future construction projects through Asite.

For the record, the interim results to June 2002 showed an operating loss of 2.1 million on turnover of 597,000. The company believed that it has adequate funding in place - there was still 150,000 in the bank at the end of the period - to be operationally cash flow positive by the end of 2002. That did not stop it, the same day issuing 4.9 million more new shares to Warrencity Investment at an issue price of 10p per share. Warrencity now holds 8.7% of the company. On publication of the full-year figures, where income of 1.1 million faced costs of 6.5 million, only 2.3 million of which came from depreciation and amortisation, the jerry-built balance sheet owed its continued habitability to Robert Tchenguiz, whose forthcoming 750,000 loan - and his promise not to call for repayment of existing loans - was meant to allow the company, on a shrunken cost base, to become cash-flow positive in 2003.

But an 800,000 interim loss to June 2003 from sales of the same amount, highlight just how much hostile territory still has to be traversed - a crumb of comfort being that new product launches had not impacted first-half trading.
The shares have been at a all time low recently and the company is undervalued at the current price. The next set of results on balance should show a move to profitability, it is worth a punt


CHAIRMANS STATEMENT FROM 6 MONTHS ENDING 30 JUNE 2003.

Asite's latest results show a significant reduction in the Group's operating loss, from a loss of 2.1m in the 6 months ended 30 June 2002 to 0.8m for the 6 months ending 30 June 2003.
"A series of product releases, including Asite Tender and Asite Negotiate, are a strong indicator of our growing expertise in product development, increasing our ability to respond to market demand. Important new customers have been acquired including leading UK contractors and property developers. I remain firmly of the belief that the technology community that we are building at Asite is taking the right steps to achieve truly integrated business relationships and that the construction industry will find ever greater opportunities to improve business performance through our suite of products and solutions..."

Sir John Egan, Chairman of Asite plc

... after digesting the above .. i am looking to buy some in the near future. I believe the results for end of 2003 are due out in the near future (1/2 months), but would welcome other views as well .I have checked the company website ..alot of useful info on it http://www.asite.com

news just out....

LONDON (AFX) - Asite PLC said it has appointed Gordon Ashworth as finance
director.
He has previously worked as finance director in the new media, IT
contracting, consultancy and financial services sectors.
newsdesk@afxnews.com

has been making steady progress since the news of the FD appointment .. closed today at 3.50 - 3.75 ..few days ago was 2.75 - 3.25

big mark up on the bid today now 3.50 - 4.25 ..couple of mm buys at 3.75 ..two mm's on 4.5 bid ..interesting stuff

moneyam news..

Asite put on 6.4% to 4.125p after announcing two board appointments. Brian Doughty joins the board as business development director. He previously served as a chief executive officer of an Aim-listed company in the white goods sector. Nathan Doughty, head of research and development at Asite since 2002, also steps up to the board.