Wonder if this has got anything to do with it. You wouldn't...

Wonder if this has got anything to do with it. You wouldn't touch PWT without insider knowledge surely.

2003-05-16 ASX-SIGNAL-G

HOMEX - Perth

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Amcom Telecommunications Limited (ASX: AMM), has been advised that Board of Directors of IP1 Holdings Pty Ltd (IP1) has resolved to place IP1 in Voluntary Administration. The administrator was appointed after the company received a demand for payment by its banking syndicate.

Amcom was left with a passive 26% interest in IP1 after resolving to sell the business in Calendar Year 2000. The original financing and sale of IP1 was arranged non-recourse to Amcom.

IP1 provides telecommunications services between Australia's capital cities. Amcom provides some metropolitan links in Perth and Adelaide for IP1's own purposes. The sales of around $240,000 from these services represents approximately 2% of Amcom's estimated FY2003 revenue and as such has no material impact on Amcom's business.

The Board of Directors of Amcom is disappointed with this decision and will now be reviewing the carrying value of its residual investment in IP1 which is currently on the Balance Sheet at $12.7m under investments.