Forum Archive Index - February 2000

["David Thompson" <dvd_tpn@hotmail.com>]

Thought readers (especially AQL investors) will be extremely interested in 
this article which appeared on Page 3 of today's National Business Review. 
(Ben Dutton, You might like to "lift" it from the NBR and paste it on the 
front page of Sharechat)

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WATSON CHARTS COMMSOFT FOR LISTING
By Nicholas Bryant

Sharemarket trendsetter Eric Watson looks set to give telephone software 
company Commsoft a back-door listing to the Australian Stock Exchange 
through dried-up aquarium Aquaria 21.

The listing would be as part of the Strathmore Group but would use funds 
from the cashed-up shell of the ex-aquarium owner.

Minority shareholders anxious for information on Aquaria 21’s future believe 
Mr Watson has poised the shell’s future for e-commerce.

He may not need to consult minority shareholders.

Mr Watson holds 10% of Aquaria 21 with an option to buy 17.5% more while his 
business associates John Sorenson and Ken Wikeley own 25% between them.

The trio’s possible collective shareholding of 52.5% would give them the 
ability to dictate future direction without minority shareholder approval 
especially if other major shareholders Craig Heatley and Peter Masfen vote 
with them.

Meanwhile independent broker Sandy Ellis, formerly of DF Mainland, has 
bought three parcels of three million, five million and 10 million Aquaria 
21 shares over January and February.

One broker said as Aquaria 21 was flush with cash for a Commsoft listing, 
the placings looked to be all about getting “friends on side” for surety of 
direction.

Minority shareholders have been left with no news of Aquaria’s future since 
they were told three weeks ago it was divesting all its assets to 
Australia’s Bliss Corporation.

With that deal went the rights to the name Aquaria 21, to be relinquished at 
a special meeting on March 10.

Since the announcement, there has been heavy trading of Aquaria shares 
suggesting the share price will soar with the company’s new direction.

Commsoft, considered by many as a future high-flier, is 21.6% owned by 
Strathmore Group of which Mr Watson holds 10.6%.

It has been compared to success story Telemedia, a local company which 
listed on the Australian Stock Exchange last October.  Commsoft announced 
two weeks ago it intends listing on the Australian Stock Exchange within six 
months and in preparation, it has been advertising for key positions.

But six months is considered an optimistic goal especially on the Australian 
exchange unless a back-door listing was achieved.

Commsoft has been valued at $20 million, putting it well with the Aquaria 
shell’s budget.



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