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OTT, OPEN TELECOMMUNICATIONS LIMITED |
 Posted: Apr 5 2005, 07:09 AM
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Posts: 185 Thanks: 6  |
Mr. Z I agree with you, this whole activity stinks. Macquarie appear to be running the whole show and I believe treat the shareholders as mugs. Fred. |
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Posted: Apr 4 2005, 09:33 PM
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 Posts: 639 Thanks: 1 |
Interesting to see that the Martin's took their shareholding to 10.5% over the last few days. That would partially explain the trading above t/o price Looks like we might have a fight on our hands. Good luck to us poor suckers holding a few of these puppies. Z |
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Posted: Mar 31 2005, 02:46 PM
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Posts: 639 Thanks: 1 |
It definately stinks alright, I posted following email to ASX when I saw the announcemnt and am trying to work out how to file it with ASIC (I think they have formal complaints channels which can be a bit hard to navigate around) "I would like ASX/ASIC to take a look at events surrounding the recently announced takeover offer for Opentel (OTT) by related party OT Holdings. My concerns are specifically: - Suspicion of manipulative activity, both through inadequate information of company activities and potential selling of shares to keep the price down - Inadequate consideration being paid to shareholders. An Independent expert report should be issued but specifically Macquarie bank deemed the company was worth $1.00 per share for a non-controlling stake 12 months ago. Now they believe $0.41 is due consideration for the entire company. - Phoenix company concerns - Shareholders had to dig deep to pay creditors 20c in the dollar under administration, now shareholders who bailed the company out are being hit again. Overall, evidence may support the transaction as fair and reasonable in the circumstances but if ASX and ASIC would please take more than a passing interest in this buy out it would be in the best interests of the shareholders" The way I see it, there are three regulatory bodies who may take an interest - ASX,ASIC and the Takeover's panel. However I don't think the Takeovers panel will want to deal with this one, so I'm focusing on ASX and ASIC. Its also worth writing to the Board - I can't see how they can ethically endorse such a bullshit offer There is also a substantial shareholder with 8.96% who will have a say in how this deal play's out. His name is Martin (Chemco) and it would be worth while getting in touch with him to find out how he intends to act. I'm trying to locate a contact address for him At the end of the day, I don't want to kill the deal, I just want a reasonable payment. Macbank thought it was worth $1 per share 6 months ago. That should be the baseline for any buyout. The more of us that complain the more chance we have of action so please don't hold back in telling all and sundry your thoughts. Good luck Z |
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Posted: Mar 31 2005, 02:44 PM
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Posts: 639 Thanks: 1 |
Be aware that there is one holder out there with 8.92% (Martin/Chemco) I would be very interested to understand how they intend to act. I believe they are an unrelated party. Z |
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Posted: Mar 31 2005, 01:48 PM
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 Posts: 9,428 Thanks: 54 |
Agree looks dodgy to me, don't they need 90% to get it, holders should resist selling
-------------------- I confirm that am not a licensed investment adviser , or have any formal training, to give investment advice. Therefore you must seek professional advice. I may hold this stock. Jesse Livermore is my Hero. Australia is the next Iceland!
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Posted: Mar 31 2005, 01:38 PM
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 Posts: 222 |
Just as an aside, bought into OTT in the dotcom days for $4.65 and sold exactly 4 wks later for $14.65 because I was getting very nervous.
I think OTT made over $19 and then shortly after came the crash I have thanked my lucky stars that I have stayed out since. Good luck to you all |
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Posted: Mar 31 2005, 10:22 AM
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Posts: 639 Thanks: 1 |
Guys Put in a compliant to ASIC and ASX. I already have. Zinc |
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Posted: Mar 31 2005, 09:45 AM
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 Posts: 716 Thanks: 12 |
package it up into "Macquarie Technology Fund", sell it for an equivalent of $1/share. Bingo!!! |
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Posted: Mar 31 2005, 09:19 AM
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 Posts: 100 |
OK, no medals for guessing what may be going to happen here.
Why not wrap OTT up into another tantalising tinsled wrapper after delisting and offer it back again to the gullible investing public at a premium price -with a different name. The mums and dads who buy the IPO wouldn’t know the difference - would they? If you see the name Wayne Passlow attached, that could be the clue. Just my hunch ! This is not to be taken as investment advice and should be taken in its context - tongue in cheek forum banter. |
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Posted: Mar 31 2005, 09:08 AM
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Posts: 100 |
http://afr.com/articles/2005/03/29/1111862357755.html
OT Holdings bids for Open Telecom Mar 29 10:13 AAP OT Holdings today offered to takeover struggling information technology company Open Telecommunications for 41¢ a share, with the intention of privatising the business. The offer compares to Open Telecommunications' last traded share price of 33¢ a share. OT Holdings is a special purpose vehicle incorporated specifically for the proposed takeover. OT Holdings is wholly owned by Wireless Superannuation Fund, a company related to Wayne Passlow, the founder and chief executive of Open Telecommunications. The takeover has already received pre-bid acceptances from Macquarie and Telinvest, another company related to Mr Passlow, representing 19.8 per cent of Open Telecommunications shares. The offer comes as Open Telecommunications continues to improve its earnings year by year, though for 12 months to December 31, 2004, it reported a net loss of $900,000. |
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