TLZ has been under administration for some time now, and that is different to going into receivership or liquidation. In other words it means that after the creditors of the original Telezon are paid out the administrators are free to sell the remaining structure to the highest bidder.
That highest bidder appears to have gone cold on the deal, has done nothing to plan the re-listing, and obviously some of the large shareholders are a bit displeased.
One of those shareholders, Frank Carr of a company named Noble Pacific, has a great plan for the company and he plans to take the bull by the horns, inject a large amount of capital back into the new Telezon, do a capital raising on the market, and end up with a brand new company with plenty of funds.
He has enough shareholders , over 5%, who are legally calling an EGM in Pert later in February and they plan to install some credible management and directors into the new company, and at the same time remove the current directors who have done nothing for a number of years.
A lot of people who have a lot of shares in the company are right behind Carr, and I do not imagine there will be any shareholder who will not vote to get the company going again at last, flush with funds, and importantly with no debt.
I believe Carr will get the company flying at last.
I do own some shares in TLZ as well as some options.
TLZ Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
