Forum Archive Index - April 2000

[Sam Arrell and Russell Garland <thames@somsmith.co.nz>]

Mike,  the ESAT is not the Irish telecom company (whose shares are
around USD100) but e-SAT, ticker code ASAT-BB,  a somewhat obscure and
less worthy investment by all accounts.  I too have seen approaches from
overseas brokers (on this occasion in the Philippines) flogging these
shares.  This was in February when they were around USD4.00,  current
price USD2.78.

Hope this helps.

Regards

Russell

Mike Hudson wrote:
> 
> Back again (do I hear groans ?) now that the pest seems to have gone away.
> 
> Out of curiosity about six months ago I filled out a coupon for info from
> Atlantic and Pacific Securities. I had a call from a chap in Melbourne who
> said he would fax me some info on a company they were keen on, which he did.
> The covering letter he sent me suggested that they were brokers who dealt
> with institutional investors but who had decided to extend their services to
> private clients.
> 
> The only word I can use for the info and research he sent me was
> "amateurish" It consisted of a photocopy of a brochure for the products of a
> company called SKYNET ticker symbol  SKYI.OB (USA) together with a letter
> saying that I could buy them for $3.60 versus a market price of just over
> $4. The catch was that they were "insider" shares which could not be traded
> for a year. This is standard practice for IPOs in the US whereby the
> promoters are restricted on selling their shares for a period.
> 
> When he called me back I told him that this was the biggest load of crap I
> had ever seen and not to bother me again which was the end of it as far as I
> was concerned. The shares dropped to $1 ½ within a month and are now trading
> at $2 ½. It was the sheer unprofessionalism of the outfit that bothered me
> more than anything.
> 
> ESAT, Esat Telecom  Group Plc are a large Irish telecom company that also
> are quoted on the Nasdaq. They have a share price of $100 and a market cap
> of $2 billion. The question your friend has to ask is were the shares
> actually purchased and if so whose name are they registered in?
> 
> There are lots of "scam" brokers our there and I am not saying that Atlantic
> and Pacific are one of these but I think your friend has a reason to be
> concerned. I can only suggest that if he can't get any satisfaction from the
> company he contacts the Australian equivalent of the Commerce Commission who
> may be able to help.
> 
> Good luck
> Mike H
> 
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