TGL WHAAAAAAAT! Alerts, thoughts, discussion. Message Board

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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: peter michaelson who wrote (117607)	8/4/2003 8:21:17 AM
From: StockDung	of 150070

DO YOUR HOMEWORK ON SOME OF THOSE 13G FILERS PETER June 24, 2003 PNC Telecom suspends shares By Dan Sabbagh PNC TELECOM, the former mobile phone retailer, yesterday suspended its shares and called in the administrators despite the objections of its founder and deputy chairman, Geremy Thomas. Although PNC Telecom sold its remaining trading businesses for £2 million in April in a last- ditch effort to remain solvent, outstanding property liabilities prompted the board to put the company into administration. In a statment to the Stock Exchange yesterday evening, PNC Telecom said that it hoped to “successfully emerge from administration” and that the shell company would resume trading on the AIM market in due course. The decision to push the company into bankruptcy was taken at a PNC board meeting on Friday at which Mr Thomas — who has repeatedly objected to the company’s strategy — was not present. Mr Thomas said that he would set up an action group to establish how the company had become caught out by liabilities that it thought it had passed on. The shares were suspended at 1.37p, after falling from Friday’s 2.75p, valuing the whole company at just £650,000. The administrators are specialist accountants Numerica.

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