trading halt re opes prime, page-6

A significant dip today for Beconwood:
1)
lost the case with ANZ today;
2)
the power of attorney arrangements concluded earlier this week with Loucas appear moot - the arrangements gave Beconwood 19+%, including the ANZ component (now, having lost the case, that component drops to about 11%);
3)
directly now holds half the shares of Quad, the shareholder Beconwood effectively displaced in a boardroom coup back in 2003;
4)
Quad have called for an extraordinary general meeting to remove Choiselat as a director;
5)
tonight, Choiselat's services as Managing Director were terminated (effetcive, 28 May 2008) by Jumbuck although he will continue as a non-executive director for the time being (last year, he was paid $266,000 plus an incentive of $156,000);
6)
tonight, Cynthia Chan (of Beconwood) was terminated by Jumbuck as Company Secretary, effective immediately;
7)
tonight, the services agreement between Beconwood and Jumbuck was terminated, with immediate effect (in 2006/7, those fees were worth $417,000, as against $256,000 in the previous year, in addition to placement fees of $171,000 in 2005/6).

Overall, that is a loss of $830,000 in recurrent fees less a non-executive director's salary of $38,000 based on last year's non-executive directors' salaries.

That's a net drop of ~$800,000.

And the position in relation to QXQ is likely several times worse if a similar outcome is repeated on Monday.

With Q, last year's figures were:
1)
services agreement = $1.3M;
2)
placement fees = $432,000;
3)
Managing Director's salary = $56,000
4)
Total = ~$1.8M.