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SCEE founder Frank Tomasi.

SCEE directors walk out on restructure

Half of the board of Southern Cross Electrical Engineering, including its chairman John Cooper, has quit citing a difference in opinion over strategic direction as the company announced a number of redundancies and cost-saving initiatives in response to the tough climate for local contractors.

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Comments

Congratulations Mr Tomasi. Since the float something has happened to what was a very lean and competent professional,organisation. This restructure, with luck, will see SCEE return to some of its historical success in the offshore areas. It was amazing to see a board move from such a market place where, had SCEE maintained their presence,mother would have been perfectly placed to continue to success, based on the good will built up over the years. Once again, we have see those who don't understand the electrical construction sector fail in that industry. The fish rots from the head, and perhaps this move will stop the rot.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
136thLycopodium100%-2%
197thGlobal Construction Services59%4%
209thImdex54%-10%
235thSouthern Cross Electrical Engineering42%-5%
286thCoventry Group29%-11%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

07/11/17
$0 Issued
01/11/17
$3.5m Issued
08/09/17
$53k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

29th↑Lycopodium$215.0m
30th-Global Construction Services$207.6m
31st↓Southern Cross Electrical Engineering$200.2m
32nd↑Imdex$176.4m
33rd↓Coventry Group$173.7m
234 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Southern Cross Electrical Engineering

153rdChris Douglass$639k
234thAndy Ozolins$510k
503rdGraeme Dunn$275k
Ranked by total remuneration from all listed WA companies

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