Didn't sell, because I had my fingerscrossed things will get better......No joke, every share I buy it goes down like anything. I remember I had the opportunity to sell at 12cents and didn't a while ago. Just plain stupid!
Anyway, here's the announcement.
Suspension from Official Quotation
Document date: Wed 14 May 2003 Published: Wed 14 May 2003 09:59:18
Document No: 152829 Document part: A
Market Flag: Y
Classification: Suspension from Official Quotation
QUADTEL LIMITED 2003-05-14 ASX-SIGNAL-G
HOMEX - Brisbane
+++++++++++++++++++++++++
ASX MARKET RELEASE
The securities of Quadtel Limited (the "Company") will be suspended
from quotation immediately, at the request of the Company, following
the appointment of a voluntary administrator to the two operating
subsidiaries of the Company. The securities of the Company will
remain suspended pending the Company demonstrating that it has
sufficient level of operations to warrant the reinstatement of its
securities.
Security code: QTL
M Grundy
SENIOR COMPANIES ADVISOR
QUADTEL TO RESTRUCTURE
Quadtel Limited (ASX Code: QTL) wish to advise shareholders that
after receiving independent advice, the Board of Quadtel Limited has
resolved to provide no further funding to any of its subsidiary
companies as at Monday 12th May 2003. As a result of this action the
subsidiary companies Marketing Results Pty Limited and Quadtel
International Pty Limited have been placed into Voluntary
Administration (VA). Mr Giles Woodgate of Woodgate & Co has been
appointed the Administrator of both companies.
Quadtel Limited through its subsidiary companies had been primarily
involved in the distribution and marketing of IT&T products to the
retail channel in Australia. Aside from these activities Quadtel
Limited hold a 7.5% equity investment in a telecommunications company
in Mainland China and the supply contract for that project, it is
important to note that this investment and supply contract are not
part of the subsidiary companies activities, and are now the sole
activity of Quadtel Limited. It is also important to advise
shareholders that the subsidiary companies now in VA were the major
contributor to Quadtel revenues over the previous and current
financial years and that the Investment and Supply Contract held by
Quadtel Limited has contributed less than 5% of revenues over the
same time frame.
The Board of Quadtel Limited are committed to ensuring that the
company remains viable and believe that by taking the action outlined
will be able to preserve and add value to current shareholders.
Quadtel is currently evaluating several opportunities as evidenced by
the recent agreement announced with TEAP International Inc and is in
continuing negotiations with an interested party for the sale of the
7.5% equity interest in HKDI Limited. The company will ensure that
shareholders are fully advised of developments regarding this sale
and potential opportunities either in the sales/distribution industry
or other industries. Any action taken regarding this will be subject
to shareholder ratification.
Quadtel is currently in discussions with a number of potential
financiers regarding future and current funding requirements for
Quadtel Limited. Given the current conditions the Board of Quadtel
requests that the company's shares be suspended from further trade
until future notice, and the Board can see no reason why this request
should not be granted.
Denis Orrock
COMPANY SECRETARY
For further information please contact Denis Orrock or David Ramsay
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