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OnMobile FY13 Concall: Music Downloads, Unbilled Revenues, Investor Warns Against Any Large Acquisition

With Net Cash at Rs 151.8 crore, investors are trying to push OnMobile Global to buy back shares, but the company said that it doesn't have any such plans yet. Speaking on the conference call, Tony Haight, the Chairman of OnMobile's board, said that "We've had requests for a buyback and the board has discussed this. Given the investment needs - both organic and inorganic - the company needs capital." Reacting to this statement, one investor spoke up on the concall against again plans for a large inorganic expansion, saying that investors would be vary of a large inorganic move, given that the Telefonica deal is still being amortized. "If at all any inorganic deal is done, the quantum of the inorganic deal should be laid out to the investors. We would be averse to any large layout. It should be cautious and small." The responses from the Onmobile management: Tony Haight: Until we have good clarity on the decisions we make on what kind of growth we fund and when, we are going to reserve the decision on distribution of any cash for purposes of a buyback. We're not opposed to a buyback, but we want to know what decisions are best for the company. Mouli Raman (Onmobile CEO): we will not make any investments as large as Telefonica, but we want to keep our options open. We would like to defer the buyback. * More in our OnMobile FY13 results coverage: - Analysis of OnMobile FY13 results. Lots of charts.…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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