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  1. i have posted this comment a few years ago about ADA, but it still rings true,...................... all ADA has to do for their end of financial year market ann. is change the date on the letter head. for the past 10 years they have said exactly the same thing, delayed contracts, etc. The thing with ADA is their market is too small, although they are good at what they do, there are not enough customers in the specialised field in which they operate
  2. datum


    http://www.theage.com.au/business/bill-exp...00309-pvvn.html Bill Express arrest bid over missing $250m MARK HAWTHORNE March 10, 2010 THE liquidator of Bill Express will seek an arrest warrant for former director Julian Little if he refuses to leave Dubai to appear at a public hearing into the $250 million collapse of the listed payments company. The Supreme Court in Melbourne yesterday heard that Mr Little ''is showing some reluctance to return to Melbourne'' to provide sworn testimony about the demise of the company, which boasted Lindsay Fox and Gerry Harvey, two of Australia's most prominent businessmen, as major investors. Peter Bick, QC, representing liquidator PPB, told the court that ''it may be that we need to seek an arrest warrant to have [Mr Little] return''. Bill Express operated a network of electronic terminals that provided bill payment services and sold mobile phone credit. When it collapsed in 2008, it owed Optus an estimated $63 million, ANZ $53 million, Vodafone $31.5 million and Telstra $15.5 million. A public examination of its directors and staff began in Melbourne yesterday, as the liquidator tried to discover where an estimated $250 million went. The court heard the company engaged in ''fraudulent'' accounting and an elaborate ''money-go-round'' into which tens of millions of dollars had disappeared. That ''money-go-round'' included the transfer of funds into Bill Express just before the end of a financial year, followed by the reversal of those transactions two days later, to inflate the company's reported balance sheet and profit and loss statement. The court was told this occurred twice and each time between $20 million and $30 million was credited to Bill Express before the transactions were reversed. PPB is also trying to locate $12.5 million transferred out of Bill Express to its sister company, TBS Group, in the six months before it collapsed. While these transactions appear in the books of Bill Express, no corresponding transactions appear in the books or bank accounts of TBS. The liquidator is also chasing tens of millions of dollars of ''loans'' that were issued to companies in Singapore and Dubai, where Mr Little now has business interests. TBS Group was controlled by Sandro DiDonato, a business associate of Bill Express founders Ian and Hal Christiansen, who shared office space and accounts staff and even a bank account with the listed company. The first to be called to provide sworn testimony was former accountant Ajit Nadarajah, who was in charge of bank reconciliations for Bill Express and related parties from 2005 until 2008. He is now a credit controller with Visy Industries. Mr Nadarajah confirmed that, until July 2007, Bill Express did not operate its own bank account, and the transactions of the listed company went through an account controlled by the TBS Group, also in liquidation. The court heard that Mr DiDonato had access to that account and to funds owned by Bill Express, and that Bill Express chief executive Ian Christiansen and his wife Tania Bianchin, an accounts executive within the Bill Express empire, were two signatories to that private TBS account. Asked if the transfer and reversal of up to $30 million into Bill Express before its record date was an example of ''fraudulent accounting'', Mr Nadarajah replied: ''Privileged. In hindsight, I believe so.'' Asked if an accountant of 40 years' experience should have known it was fraudulent, Mr Nadarajah replied: ''Privileged. I believe so.'' Asked if the board and chief financial officer of Bill Express knew about the reversed transactions, he replied: ''Privileged. I believe so. I believe the CFO would have to know.'' The Supreme Court hearing continues this morning. <H4 style="MARGIN: 5px; FONT-SIZE: 12px">Ads by Google</H4>
  3. Saudi Aramco downsizes again. From: The Wall Street Journal In association with BloombergApril 13, 2025 11:58AMA spokesperson for the Saudi Oil Ministry announced today the planned decommissioning of another 134 oil producing wells. Saudi Aramco has now only 287 active oil wells. This is down from a peak of 1548 oil wells achieved in 2011. The decline in demand for oil has followed it own "peak oil" bell curve. From 1548 active wells in 2011, to 972 producing wells in 2018, & then a continued rapid decline until the present day. The replacement of the power source in the mass produced passenger vehicle market was expected, but the pace of that change took everyone by surprise. A Toyota spokesman commented it is rather ironic that this announcement coincided with the 30th anniversary of the first mass produced electrically assisted vehicle, that being the Toyota Prius released in 1995. Recently retired Toyota head of Engineering, Hiroko Mizuno, commented that, around 20 years ago, in 2005, the future of the automobile was transferred from the mechanical engineering department to the science lab. This resulted in the rapid evolution of the electrically powered automobile. Similar to the evolution of the computer. The only reason for the existence of the Internal Combustion Engine (ICE), Hiroko said, is because of the existence of oil. The (ICE) is most inefficient invention mankind has ever produced. The (ICE) absorbs up to 40% of its own energy it produces just for it to operate. It was invented 150 years ago, & our grand children in the future when visiting a museum will marvel at its stupidity & complexity. From 2014 onwards, when lithium Ion/ electrically powered vehicles became common place the (ICE) was doomed. The consumer demand was phenomenal. Toyota & other major manufacturers immediately dropped the (ICE) from 80% of its vehicle lineup. A typical compact size electric vehicle costs $18,000. It costs 3 cents a kilometre to run, has only one moving part & therefore no maintenance costs. This saves the typical owner $3000 per year, their-by the purchaser has a "free" car after 6 years ownership. Oil, once was the most traded commodity in the world. The New York Mercantile Exchange (NYMEX) where oil was traded by a frenzied mob of speculators quickly collapsed. Oil is now quietly traded on monthly set contracts between the supplier & the end customer. Apart from heavy trucks over 30 tonnes & the airline industry there is very little other uses. From a peak of 87.5 million bbls a day in 2011, current production is now at 17.8 million bbls a day. A production figure similar to 1952.The evolution of mankind will no doubt throw up other surprises. The (ICE), an ugly complex lump of tortured metal has finally been sent to its grave. Long may it stay there.
  4. Company Announcements Office Australian Stock Exchange Ltd Perth 30th November 2009 Change of Name and Head Office/Registered Address. 1. Change of Name. At the Annual General Meeting of the Company held in Perth on 26thNovember it was resolved to change the Company name from Chrome Corporation Ltd to Pacific Niugini Ltd. This name change has now been registered by ASIC and ASX will be making the change effective on Wednesday 2ndDecember 2009. The new company ASX code will be PNR. 2. Head Office and Registered Address Change. With effect from 2ndDecember 2009 the head office and registered address of the company has been changed from: 150 Hay Street Subiaco, WA 6008 To: 14/46 Douglas Street, Milton, Qld 4064. New phone number, fax number and postal address as set out below. D J Lovell Company Secretary
  5. its sad m.j. has passed on, but this statement from this article made me laugh http://business.brisbanetimes.com.au/busin...90626-czfi.html "The concert promoters can't sue the estate," said Bob Rasmussen, dean of the Gould Law School at the University of Southern California. "Once he dies, he doesn't have any obligation to perform."
  6. qtrly showing even after full 2nd payment the NTA is 14.7 cents, so thats a bit less than the original 28 cents there certainly will be no capital return now
  7. yes, he has done a sterling job for himself, stretching payment out over 2 years its what i would do if i could get away with it, because 2 years free salary doing nothing is pretty easy living my $2000 investment @ 13cents is looking pretty bad, i wont be retiring on this one
  8. thanx for the info, arty, kennowaylass ,i wiil look them up datum
  9. can anyone recommend a website to get the asx 200 live feed/chart, i am certain i going to have to pay a subscription to a data provider/website, because the ASX charges for data, so the cheapest one anybody knows of , thanx
  10. http://i305.photobucket.com/albums/nn220/fixator/Bernankesigpic.jpg
  11. QUOTE (db76 @ Wednesday 14/01/09 02:15pm) db76, i am still in agreement of your conclusions on this thread, about the banks becoming "service industry" stocks telstra (TLS) had a float price of $3.30 in nov 1997, 11 years later it has managed a 31cent gain. today's closing price $3.61 admittedly you have had good dividends over the years, but so have the banks. i expect over the next 10 years the banks might display similar share price gains
  12. datum


    the large retailers in the states are making some very pessimistic statements at the moment, about trading conditions they have never seen before. Although this an extremely pessimistic view on my part, have a walk around a centro or westfield mall & take a guess of how many shops you could do without. i estimate at least 1/3rd of the shops , in a serious downturn would not be there. high end clothes retailers, fashion shops, toys, beauty, food outlets, sports stores,etc. consumers might end up only buying what they need, rather than what they want. This will effect everything , of course , not just centro.
  13. Maybe a thought from Cicero in 55 B.C. may help; "The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance."
  14. datum


    i sold out of CFU @32 cents a few weeks ago after an 80cent purchase price. selling out at a loss is a hard thing to do. CFU is now a $60 million company. over the past 20 years i would guess $400 million has been poured into this company. i am still expecting CFU to be a success, but it could be two years away, i was also expecting 2 more large commercial orders (in addition to the nuon order) , these have yet to eventuate. From a buyers perspective(the european utilites) they can take all the time in the world to make their decision. They know CFU can increase their output quite substainally at the (soon to be completed)german manufacturing plant , so their is no need for them to rush into things. I will buy back into CFU , hopefully without paying 80cents per share again
  15. my regular email flyers appeared in my inbox. Fat prophets have a two year offer for the price of one. "The Intelligent Investor" has there regular free sample newsletters. They have had a buy on HVN harvey norman @ $3.00 from a mth ago. HVN now around $2.50. needless to say you cant eat a new plasma TV or new computer if you get a bit hungry, i think these newsletters are in serious denial,thinking that things are going to return to normal next week or next month. I dont believe this will be the case. All these tip sheets wiil have disappeared come next year
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