Author: Bryan Frith Source: The Australian --- Page: 18 There...

Author: Bryan Frith
Source: The Australian --- Page: 18
There was a failure of disclosure in the bid by the Roslyndale syndicate for Australian company, PowerTel. Roslyndale should have provided a shareholding notice as soon as it made an agreement with shareholder, WilTel. There is no case for confidentiality, as shown by a former case involving Wesfarmers and Futuris Corporation in their takeover of Iama. Roslyndale's full disclosure was made too late to affect voting. It is questionable whether the advice that PowerTel's shareholders received was independent. Only one board member at the telco could be regarded as independent.


Author: Michael Sainsbury
Source: The Australian --- Page: 19
Downtown Utilities is reported to be open to further offers for its 35% stake in Australian telco, PowerTel. Downtown, which is controlled by the New South Wales Government through energy company, Energy Australia, is currently considering a $A3.85 per share offer from a Hong Kong company, Telecom Venture Group (TVG). This offer was delivered at the last minute before a PowerTel shareholders' meeting on 2 July 2003, which could have seen a previous offer from the local Roslyndale Syndicate accepted. Instead, Downtown blocked Roslyndale's move on PowerTel, but is said to be open to a new bid to rival TVG's last offer.


$3.85???? Wow!!! See - I told you PWT was the one.