Leasing loses appeal for Hire Intelligence

Hire Intelligence International, a business model built around the short-term rental of IT, audiovisual, videoconferencing equipment and facilities, is proposing to use cash on hand to buy what it considers realistically priced assets with long-term upside potential. The assets need not have any relevance to its business niche.

The board is seeking shareholder approval at the November 21 annual general meeting to use cash surplus to the company's trading needs, and authority to borrow funds to invest.

The company had $3.4 million cash at bank, and $3.8 million in a negotiable certificate of deposit, maturing in July 2008, the June 2008 annual report stated.

The potential asset purchases are wide ranging, covering commercial, retail, industrial, development, land or residential real estate, and businesses or private companies that are not industry related to current operations.

Hire Intelligence reported a 20 per cent drop in net profit to $1.7 million in financial year 2008, with revenue up a fifth to $11.5 million.