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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: SEC-ond-chance who wrote (82947)1/13/2003 5:41:05 PM
From: StockDung  Read Replies (1) of 122087
 
Creditors Vote To Liquidate Australia's New Tel

SYDNEY (Dow Jones)--Creditors voted late Monday to liquidate Australian telecommunications company New Tel Ltd. (A.NWT).
The company, which was delisted from the Nasdaq market in the U.S. last month, had been suspended from trading on the Australian Stock Exchange for failing to lodge its 2001-02 financial statements and annual report.

New Tel shares last traded on the ASX on Oct. 26 at 4.8 Australian cents, valuing the company at A$12.1 million. The shares had traded as high as A$4.35 before the technology bubble burst in early 2000.

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PricewaterhouseCoopers was appointed administrator of New Tel in December and has spent the last month assessing the company's financial position to determine whether it should be allowed to keep operating or be wound up. On Jan. 6, PricewaterhouseCoopers indicated it would recommend liquidation.

A spokesman for PricewaterhouseCoopers said Tuesday that the administrator had used his casting vote at the meeting Monday to put the company into liquidation after creditors were split on the matter.

-By Brett Miller, Dow Jones Newswires;

61-2-8235-2956; brett.miller@dowjones.com
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