Quantum tips in for Manly club’s losses

September 3, 2012 by  
Filed under Solar Energy Tips

John Stensholt

Listed hot water unit manufacturer Quantum Energy’s latest financial accounts, filed last Friday, revealed the company contributed $527,326 to cover its share of the losses of defending National Rugby League premier Manly-Warringah in the 2012 financial year.

Quantum owns 37 per cent of Manly and its managing director, Phil Sidney, and executive director, John Walstab, are both Manly directors.

The company is the second-biggest shareholder in Manly behind entrepreneur and chairman Scott Penn. Mr Sidney and Mr Penn have been in dispute, with the Manly board split in support between them.

Mr Sidney previously offered for Quantum to buy out Mr Penn’s stake, a strategy which has been questioned by Quantum shareholders. He refused to comment when asked by The Australian Financial Review whether Quantum shareholder funds would be used for any future purchase of Manly shares or when the company paid $2.837 million for its stake in the rugby league team during the 2011 financial year.

The $527,326 that Quantum had to tip into Manly in 2011-12 contributed to the company’s overall $3.7 million net loss for the financial year.

Revenue was down from $43.8 million to $41.6 million, which the directors blamed on the closure of its poorly performing retail solar panel division.

Quantum’s net assets fell to $29.3 million. The company last year wrote down the value of its Manly investment to zero.

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