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My ATM back in business

04 September 2013 4:45PM
My ATM Holdings has released its first financial report since coming out of administration in June, but, as the report shows, it still has some work to do to re-establish a viable business.My ATM, an ATM fleet operator, went into administration in December 2011. Throughout 2012 the administrators worked to execute a deed of company arrangement and a recapitalisation of the company, which resulted in a A$400,000 issue of notes and a $2.5 million issue of shares.Final fees were paid to the administrator on June 17 and the deed of company arrangement was "wholly effectuated" on that date. On June 21, the company was reinstated to official quotation status on the Australian Securities Exchange.The financial report shows a loss of $1.2 million for the year to June. The company has net assets of just over $1 million. The statement of cash-flow shows that the company received no income from customers during the year.In June, the company issued a business plan to coincide with its reinstatement on the ASX. It plans to recommence its old business, which is renting ATMs from ATM owners and installing and maintaining these ATMs in business premises across Australia. Revenues will come from card-holder transaction fees.It has 20 sites, which were retained through the company's administration.The company said it had made some improvements to its business model. These include access to upgraded ATM hardware capable of providing additional revenue streams, real-time monitoring of sites, and improved commercial contract terms.

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