Anything released to the ASX as an ASX Statement must comply with the Listing Rules. No exceptions. Granted, People Telecom is not yet a listed entity, but the duty and responsibility remains the same when its information is quoted in an ASX Statement.
The onus is on both the issuing /complying company, and its Directors to ensure the accuracy of the information quoted, and to ensure that nothing of a misleading nature is presented.
The onus was on People to ensure that its position was not mis-interpreted /mis-represented in any way.
When MUL and PTL joined forces back in August, this was announced to the ASX in a ASX Release, dated 25th August 2003.
The precise language used was "16,000 customers".
When SWT and PTL joined forces back in July, this was announced to the ASX in a ASX Release, dated 29th July 2003.
The precise language used was "the company has over 12,000 customers".
Several paragraphs late, in the same ASX Release, this assertion was repeated using the following language: .... "In effect, all 12,000 of People Telecom’s customers are potential Swiftel customers".
Then, in the SWT ASX release of 12th March 2004, the language was changed to read: .... "The new people telecom will have more than 30,000 business and consumer customers across Australia".
In the colour commentary added to the base of the ASX release, People was credited with: .... "deliver(ing) voice products and voice services to more than 10,000 business accounts throughout Australia, including many of Australia's largest corporate businesses", .... whilst Swiftel was credited with: .... "Established originally in Western Australia, Swiftel is now Sydney-based with over 18,000 customers nationally".
However, in the more detailed ASX announcement of 12th March 2004, it was stated that: .... "Swiftel now has more than 15,000 customers across its eastern Australia and West Australian markets, including more than 9,000 in Sydney".
In the same announcement, People was credited with: .... "manag(ing) over 10,000 business customers nationally".
Now, in the Forum, Marland is saying that they have: 1) In excess of 10,000 customers (all business); 2) In excess of 16,000 accounts; and 3) in excess of 43,000 Tolling Services (Fixed wire, mobile (GSM and CDMA)).
Even the respected Paul Budde (who keeps being referenced in the forum) referred to "12,000 business customers (as at September 2002)".
Budde's reference can be found in his 2003-2004 Telco Company Profiles (Australia), available for $695 (and repeated in a number of his other industry reports).
So which is it?
Does SWT have 15,000 or 18,000 customers as at 12 March 2004?
Does PTL have 12,000 (Budde 2003), 12,000 (SWT 2003), 16,000 (MUL 2003), over 10,000 (SWT 2004), or some other figure?
Does the combined entity have 30,000+ customers (120304), 28,000 (adding 10,000 and 18,000 together) or 25,000 (adding 10,000 and 15,000 together)? All of these answers are possible based on exactly the same information from the 12 March releases.
The language being used is sloppy, to say the least, and the PR is being careless.
Of course, we should wait for the Information Memorandum, however, if that were to be the case, then SWT should still be suspended, as the market has not yet been fully, or accurately informed.
As for having done it all before, that is correct, but what Marland's profile doesn't reference was his association with, investment in, and directorship of, Telemedia Networks (TMN).
