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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: SEC-ond-chance who wrote (82840)	1/7/2003 9:21:14 AM
From: tool dude	Read Replies (1) \| Respond to of 122087

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To: SEC-ond-chance who wrote (82840)	1/8/2003 12:16:09 PM
From: StockDung	Respond to of 122087

Perth man key to fresh New Tel tilt By Fran Spencer January 09, 2003 HONG KONG-based investment group Broadband & Wireless (BWL) has lodged a proposed deed of company arrangement in a final tilt at failed Perth telecommunications carrier New Tel. The company yesterday presented New Tel's administrators with the DOCA outline, backed by funding from Perth businessman Mario Salvo. The proposed DOCA, lodged in Sydney, promises an immediate upfront payment of $11 million cash for distribution to creditors on acceptance of the offer and pledges to pay all secured creditors and New Tel employees in full within 21 days. It came one day after New Tel administrator Phil Carter, of PricewaterhouseCoopers, announced he would recommend liquidation of the company at a creditors meeting on Monday. A PwC spokesman yesterday confirmed Mr Carter had received the document but had no further comment. Under the terms of the DOCA, New Tel's biggest creditors, carriers Telstra Corp, Optus and AAPT, would receive a preferential offer of at least 65¢ in the dollar. BWL representative Richard Steggall admitted this was aimed at ensuring the maintenance of commercial relationships. "Telstra and Optus do get a slight preference, mainly because we need to ensure we can continue to deal with them for the ongoing benefit of the business, so they effectively get close to a 10¢ premium," Mr Steggall said. Smaller creditors with claims of less than $10,000 are also promised 100¢ in the dollar while creditors with claims in excess of $10,000 would get a $10,000 lump sum. Mr Steggall categorically denied former New Tel chief executive Peter Malone had been involved in a previous offer made to creditors. New Tel administrator Phil Carter said last month Mr Malone had been part of a bid submitted by BWL for the whole of the business, which was subsequently knocked back by a committee of creditors. Mr Steggall confirmed he had spoken to Mr Malone since the collapse of the Hong Kong company's original rescue package for New Tel, but said those discussions were at the suggestion of Mr Carter. "He suggested to us we should speak to Malone and (New Tel director) Gary Koh as they were looking at putting an offer in, and he suggested we might want to combine our strengths," he said. "We did have discussions but at the end of that we decided (Mr Malone and Mr Koh) added no value to our proposal. "I think Peter is a reasonable guy but clearly he probably wasn't the best chief executive of New Tel at the time." Mr Steggall said Mr Malone had no involvement and stood to derive no benefit from the DOCA proposed by BWL. One of the conditions attached to the proposal is that New Tel directors resign, to be replaced by three candidates nominated by the Hong Kong company. "In order to force their removal we'd have to call an extraordinary meeting, and there's no doubt they'd be removed, but we would assume they'd all consent to resign," he said. "The DOCA I would think is one of the best things that would allow these guys to walk away licking their wounds." Mr Steggall said Mr Carter had been handed a letter guaranteeing the funding of the DOCA by Mr Salvo's private company. "Mario has invested $6 million in the company to date, and he'd rather see something rather than nothing out of that," Mr Stegall said. He said BWL had consulted both Mr Carter and creditors, including Optus and AAPT, in drawing up the offer to ensure it was adequate. "We are confident it will get the majority in numbers and value and we have discussed it with creditors before we put it to Mr Carter, because we wanted to make sure this was the one," he said. The DOCA will be put to a committee of creditors today before being presented to creditors at the meeting on Monday. thewest.com.au