SEN (Company) (formerly Crocmedia)

According to documents lodged with ASX this morning as part of the company’s half year results, SEG has negotiated an extension to its loan with Commonwealth Bank for three more years, but the bank has reduced its $28.7 million loan offer to $20 million, plus $2.4 million of working capital. The company will pay back $7 million by April 30 this year.

SEG also announced that Chris Tan had resigned as CFO.

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02779278-3A637784

EDIT:

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Failure of CFO? Rats deserting sinking ship?

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Or trimming the cost base to survive what is sure to be a tight year for the business. Question is whether they’ll have enough cash flow to make it through to the other side.

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Appears to be somewhat orderly:

“We also wish to advise of the resignation of Chief Financial Officer – Chris Tan – to pursue an opportunity to advance his career with a leading global live entertainment company,” an SEG statement said.

“Chris will finalise the renewal of the Group’s banking facilities and support an effective transition of key responsibilities … to Trent Bond … will assume the role of Chief Financial Officer.”

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Following Chris Tan’s departure, commercial manager Braith Cox also quit SEN in March, and is now working at Performance 54 as commercial manager.

https://www.heraldsun.com.au/entertainment/page-13/sen-boss-craig-hutchison-commercial-manager-braith-cox-leaves-network/news-story/a93646e13ebcc94b22b9772d73858e08

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If this deal goes through it could keep Craig’s little tinpot organisation running for a while.

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Hutchy has found his Alan Bond.

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For those who are not able to read the paywall article, SEG confirmed to the Australian Stock Exchange today that it had received a preliminary offer from MT Arena Capital Investment for a 90% stake in the Wildcats with a put and call on the remaining 10%.

The original SEG statement to ASX
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02812279-3A643418

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$21m up front with the remainder in 2026

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Huge deal if it happens! Secures the future of SEN.

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crocmedia need the cash. I have heard whispers from reliable sources that some suppliers have put crocmedia on cash upfront terms.

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Wouldn’t anyone with any brains!

Craig may be better suited to flipping sports franchises than media assets where he remains an embarrassing flop. I’d stick to the sporting team strategy.

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The sale of Perth Wildcats was confirmed this morning.

SEG statement to ASX
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02826901-3A645766

Notice on Perth Wildcats website

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Credit where credit is due. 1170SEN had a pretty impressive survey. They hit the 4 mark in some parts. Best result since the launch.

It’ll be interesting to see how they perform during the Olympics - considering Sydney (and Melbourne & Brisbane’s) only full-time sports network doesn’t have the broadcasting rights.

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Their Sydney shows are genuinely excellent to listen to on a regular basis particularly if you like rugby league. Bryan Fletcher has to be one of the best people I’ve heard on radio in years; a naturally funny person and not just putting on an act.

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Feels like they need to rein in the markets that don’t do well. Seemingly they must make money from SENTRACK due to betting?

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Does 1170SEN truly talk sport all the time? Or are they somewhat a lifestyle station like 2GB’s Continuous Call Team? Just to add some variety?

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That’s the only reason that’s on the air (despite Hutchy’s reasoning that it’s meant to be a fun station with no stakes).

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