Forum Archive Index - May 2001

["Ian Andrews" <iandrews@ihug.co.nz>]

Update: The parties to whom the 10 million shares (mentioned on 2 April) were issued in March have now been identified. They were companies controlled by Colin Herbert & Paul Hyslop & were a commission on conclusion of the IT Media deal. In addition, Russell Kerr received 7 million shares as commission on the WEcu transaction.. Neither of these commissions have previously been disclosed to shareholders.They form a familiar pattern.

 

Colin Herbert  was allotted another 4 million shares by  Wilson Neill in repayment of a loan. 

 

50 million options have also been issued recently to an undisclosed party.

 

The documents referring to the above may be viewed on the Companies Office website at www.companies.govt.nz

 

I understand the Avonhead Tavern in Christchurch has been sold recently after a period of concern by suppliers.

 

I find the new management issues prompter acknowledgements to queries (such as those arising from the foregoing comments)  than the old management, but still does not answer them. Tim Connell may have moved the Head Office & the Company file to Auckland (from 27 April) , but it has been 2 months & shareholders await frank & sincere disclosures about the condition of the Company. It must be an embarrassment running a business newspaper with quality staff & contributors & trying to sort out WNC governance & operational problems in the background . An early release of audited accounts for 31 March could be most helpful. 

 

The ballooning number of shares on issue will, I believe, provide an overhang in the market for the foreseeable future..