Sales of Cellnet shares have accelerated significantly in recent days, closely following its reported $1.6 million loss and the departure of Sony, Apple and Kyocera as vendor partners.
Despite having sold only 200,000 units last week, on
Monday this week alone investors in the large Queensland-based IT distribution
business sold off 413,000 units of Cellnet stock.
From a price of $1.20 in February this year, its
shares have fallen to 80 cents recently and have hovered around the 80 and 90
cent mark since June 2007.
Speaking to Australian Reseller News in June, Cellnet
Chief Executive Mark Bloomer attributed the price falls to two main factors.
He estimated Telstra’s appointment of Brightstar as
its sole handset distributor had cost Cellnet around $40 million in revenues,
and that the Mercury Interactive demerger had wiped around 35 cents off
Cellnet’s share price.
been hampered over the last two years by significant stock write-downs and
ridiculous amounts of management change,” he told ARN, while emphasising his
belief that there was no need to panic.
“We need to
get back to basics so the business can climb back within a controlled
environment. Everybody has to step up and perform but I’m confident they’ll do