Forum Archive Index - February 2000

[Mike Nelson <bb2345@pop.ihug.co.nz>]

Frank,

A very interesting analysis of the possibilities. How do you see SMR being
affected by this scenario ?

Regards,

MN

At 09:39 PM 15/02/00 +1300, you wrote:
>Mike,
>I enjoyed your irreverent sense of humour and while the AQL shell could
>well be a "home" for Eric Watson's financial interests, it is my view
>that CommSoft could perhaps be a more logical "future direction" for the
>AQL shell.
>
>Here are the reasons why:
>
>· CommSoft, a telephony software company, is considered to have the
>potential to be a high-flyer(It has been compared to Australian
>Telemedia in the past). CommSoft's revenue and market share has been
>growing more rapidly than predicted which has necessitated the need for
>urgent additional working capital.
>
>· CommSoft announced a couple of weeks ago that it intends to list on
>the ASX within six months and in preparation for listing, it has been
>advertising heavily recently for key staff . However, the process of
>stock exchange listing, especially on the ASX, would probably require
>much more time than six months unless entry was, of course, obtained
>through a 'back door'.
>
>· Strathmore currently owns 21.6% of CommSoft but has an option to
>increase its stakeholding to 31%. This leaves a possible 69% (or 78.4%
>if SMR does not take up its option) for a company such as the AQL shell
>to buy over CommSoft.
>
>· CommSoft has been valued at $20 million. Purchase of the remaining
>portion (not owned by Strathmore) is well within the AQL shell's budget.
>
>· The principal shareholders in Strathmore are also the principal
>shareholders in AQL. 
>
>· The CommSoft acquisition would effectively increase the said
>shareholders' equity in CommSoft because of their stakes in SMR and AQL.
>
>Time will reveal all.
>
>Cheers,
>
>Frank Fernandez
>
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