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If trouble loves company there's one hell of a party going on at the
headquarters of Perth telecom New Tel.
In the past two weeks New Tel has seen its shares suspended, a proposed
takeover of Digiplus fall through, and now shareholders may be in a race with
creditors to see if they can turf out New Tel's executive team before the
receivers are called in.
New Tel's immediate problem is whether it has the cash to survive this
quarter, while shareholders are set to vote on the management in January after
giving the required two months notice.
Shareholders expect to meet early in the new year to remove chief executive
Peter Malone, chairman Harry Sorensen and US-based director Mark Hake, said Neil
Fearis, a partner with Perth legal firm Fearis Salter Power Shervington, which
is acting for New Tel shareholder Andrew Waller.
In its preliminary annual results released in September, New Tel's cash
reserves were down to $4.4 million for 2001-02, a fall of $18 million from the
previous year.
The company reported a net loss of $42 million on revenues of $145 million.
Industry sources said rescue plans had fallen through and the company was
looking at voluntary administration.
Shares in New Tel last traded at 4.8c before being suspended last month.
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