DCL results ‘totally unacceptable’ Chairman tells AGM

3AK and 3MP owner Data & Commerce Limited (DCL) reported a $9 million loss at its annual general meeting in Melbourne last week.

Chairman Peter Quattro said the loss was “totally unacceptable and unsustainable.”

The company is planning another capital raising via a rights issue which it hopes will bring in $5.2 million, if it can satisfy the Stock Exchange that it has got its paperwork back in order and can be allowed to resume trading again.

Quattro’s speech to the AGM outlined the recent difficult history of the company over the past 12 months and the current restructuring, which will see 3AK leased to the Sports Entertainment Network for three years at $1 million per year.

He said the board “believes these arrangements provide a very positive outcome for DCL.”

DCL has already banked a non-refundable sign on fee of $100,000 from S-E-N.

The company’s financial results for the month of November show income of $333,000 (year to date $ 1.73 million), with a loss this month of $629,000 and accumulated losses year to date of $1.9 million.

At the AGM, Ron Hall was re-elected as a director.

Peter Quattro’s full AGM speech is available by clicking below.