watso has previously posted on corporate governance issues. the...

watso has previously posted on corporate governance issues. the following is probably worth thinking about. despite there being changes in director interests,watso cannot see any relevant notification to the exchange. also keep in mind, that a company called bellatrix, is a substantial shareholder, also has not lodged any notification. it seems that the sole director of bellatrix is mr beckwith.

it is a bit hard to work out exactly what the directors are doing, because of the failure to lodge the required notification, but page 37 of the annual report provides a net change during the year, after allowing for purchases and disposals, and the following is the balance at dec 31

beckwith 44m shares
goodsall 2m shares
pynt 1m shares (approx)

now move forward to the date (which would have been dated in march sometime) of the annual report and the following is revealed , from page 17

beckwith 44m shares
goodsall 0 shares
pynt 675,000 sharees

so from the dec31, to the date of the report, it seems that goodsall sold all of his shares, and options and pynt sold part of his holdings - yet there is no notification to the asx.

watso has previously questioned as to whether or not the directors took up their entitlement in the most recent issue. the reason for this,is that the shares were not alloted till after balance date. page 16 of the annual report states that 193m shares were alloted after the balance date (ie after dec 31, at which time beckwith had 44m shares). this opens up the possibiltiy that beckwith may not have taken up the issue. the actual allotment date was january 3, which of course is after dec 31, the date at which beckwith held the 44m shares

shareholders who may not have read the annual report, may have missed out on the following

1. during the year, gda reimbursed approx $320,000 to wetralian group, for office facilities, personnel costs and admin services.

2. gda advanced to globalnet a total of $156,000 so that gloval net could meet expenses. global net is a company that has beckwith and pynt as directors

3. gda increased its investment in globalnet, by $150,000.

4. with respect to points 2 , gda has raised an "impairment provision" for the amount, and for point 3, the amount has been written of

5. from page 16 of the annual report, beckwith and pynt recived a total of about $243,000 from the company

simply add up the totals ($)

320 + 156 +150 + 243 = $869,000