Ahhh, what a sad end to yet another dot-bomb with aspirations of becoming the 'dominant supplier of telecomunications in Regional Australia" (or something similar.)
From memory things had already been looking a little dodgy re the business plan and finances when on August 15th 2001 CVI (Cityview Corporation Ltd) lobbed a takeover offer on th table for 60% of the issued shares placing a value of 6c on the ordinaries and 1.6c on the options.
The Board although clearly surprised by this made some minor objections but were clearly not that fussed by what amounted to a flood in the bathroom because by that stage the kitchen was well and truly alight in the form of money (or lack thereof.)
Just 12 days later on 27th August a Trading Halt was called from which MTC was never to return.
At the General Meeting early the following month shareholders resolved to change the name of the company to Telezon Ltd (TLZ - that's probably why you can't find it listed aywhere in historical records). Very useful.
Then on the !st October 2001 joint administrators were appointed.
I never held this stock but did deal with them in the dotcom days. The only surprise to me was just how long they survived.....
