to meet wih rba soon, page-24

I may have been too cynical. I have an alternative theory -the financier has found the perfect opportunity to return to the scene.

09.2006: FCPB finances Customers’ share in the JV for 40 million Customers shares at $0.25 = $10 million (Total JV contribution is $20 million);

11.2006: Investment in Fintronics
- Consisting of 210 million shares at 0.26cps (HK$54.6 million) & the convertible loan of HK$62.4 million @ 0.26cps
- From memory this basically equated to the $20 million that the JV partners ‘contributed’ to CAL
- Rob Broers, MD of CAL, becomes Executive Director of Fintronics, and has the responsibility to accelerate the roll-out of ATMs in China (for Fintronics);
- Ken Gaunt, also of CAL, is responsible for Mergers & Acquisitions and Business Development at Fintronics
- See the Business Update of March 2007 – CAL is basically calling the shots at the management level of Fintronics, and with CAL’s 24% shareholding, have a pretty dominant influence in what Fintronics does.
It certainly doesn't say much about Customers if they are "in competition" with a company that they are effectively in control of.

05.2007: Customers takes 100% ownership of CAL
- FCPB offered 93.3 million Customers shares for their 50% stake in CAL.
- At time of transaction, Customers was trading at $0.21, which equates to around $19.5 million.
- Customers have effectively paid a total of $29.5 million for the 210 million shares in Fintronics.

12.2007: CAL Purchase of Tianjin ATM Company
- Customers is left with 39% of CAL;
- Tianjin ATM Company gets HK$30 million worth of CAL shares, and HK$70 million in cash. I’m assuming FCPB is contributing to the cash component for their stake in CAL;
- This would result in CAL’s shareholding interest to consist of the following:
FCPB = 42.7%
Customers = 39%
Tianjin ATM = 18.3%

In May, FCPB sold their 50% stake in CAL for 93.3 million Customers shares, worth AU$19.5 million.
In December, FCPB repurchases a 42.7% stake in CAL for HK$70 million = AU$10.3 million, and they get an interest in an additional company – Tianjin as well as Fintronics.