Well, things are heating up.
Yesterday a customer circular was sent out that stated (and I quote):
"I advise that on 12 September 2008, Paul Weston and I were appointed Voluntary Administrators of the above named company pursuant to Section 436A of the Corporations Act 2001.
I have undertaken an urgent assessment of the company to determine its future viability.
As there are insufficient funds available to trade the business, the company has today ceased trading and monitoring services have been suspended." (Signed by Neil Cussen)
Is this an escalation of events since placing its wholly owned subsidiary Multi-Trak into administration? It does sound as though they could not successfully (and conveniently) contain the rot to within Multi-Trak.
I am intrigued as to how this will affect their South African 'opportunity'. Is this the end of S.A. too? Even if not, some posters on this thread seem to think that Mark Pallister will pull a rabbit out of a hat and negotiate some incredible deal with the S.A. investors.
But in all honesty, IF THERE IS A DEAL TO BE MADE (and that is a huge IF) the S.A. investors will be smelling blood - and I fear the negotiation will not be stacked in Mark's favour.
P.S. I note that the customer circular has now been placed as the new homepage on www.quiktrak.com.au
QTK
quiktrak networks limited
