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| Saturday, April 25, 04:31:34pm | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, [2], 3, 4, 5, 6, 7, 8, 9, 10 ] |
| Subject: ERG owns the technology that is licenced to Creative Star for use exclusively and only in Hong KongCreative Star is now known as Octopus Brussels, 9 November 1998 Proton state that Creative Star and ERG are joint venture partners, in Toronto both ERG and Creative Star are working together on the MTE's phase1. | |
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Author: OctopusCards formed consortium Accenture, Thales & MTRC who are bidding with Cubic for the Netherlands whole of country contract.Proton has been adopted by Dutch banks universal Smartcard platform. |
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Date Posted: Saturday, April 05, 01:21:06pm In reply to: Cards Asia 200323-25 April Cindy Cheng, Director of Sales and Marketing, Octopus Cards Ltd, Hong Kong 's message, "  " on Thursday, February 13, 03:45:06amERG owns the technology that is licenced to Creative Star for use exclusively and only in Hong Kong---Creative Star is now known as Octopus Brussels, 9 November 1998 Proton state that Creative Star and ERG are joint venture partners, in Toronto both ERG and Creative Star are working together on the MTE's phase1. Octopus Cards has formed a consortium with Accenture, Thales and MTRC who are bidding with Cubic for the Netherlands whole of country contract.Proton has been adopted by Dutch banks universal Smartcard platform.an agreement with micro-chip manufacturer STMicroelectronics (ST) for the sale of ERG's 100% interest in Belgian-based Proton World (PW).Pursuant to the transaction, ST will grant ERG global rights to use the Proton technologies in ERG's transit smart card systems for 20 years through a licence agreement. In addition, ERG will retain exclusive access to a short-list of nominated transit customers for a five-year term. Under the terms of the agreement, ERG will sell all its shares in PWI to ST for a consideration of approximately A$110 million (e60million). After settlement of all inter-company accounts and payments for the global rights to the Proton technology, ERG will receive cash proceeds of approximately approximately63m to ERG Group after repayment of intercompany loans (e37 million) at settlement. A milestone fee of approximately A$40.9 million (e22.5 million) is payable to ERG on deferred terms tied to milestones over the next ten years. The milestones relate to the sale to ERG or its customers of smart cards that incorporate an ST chip.Settlement of the transaction is expected during April.The agreement is expected to be conditional on the revision and, in some cases,termination of certain licence agreements between PWI and certain ERG subsidiaries, the transfer of ERG'S 50% shareholding in Triumphant Launch to PWl and there being no change in the key employees of PWl before completion. A provision ahead of the sale announced on the 26/3/2003 was made for 52.4 million dollars for account period 30/6/2002 to the 31/12/02 as reported the 6/3/03 the 100% of Proton originally acquiried on March 15th (previously 10%)m "In March 2002, ERG acquired the remaining 00%~ of Proton for a consideration satisfied by the issue of 75.5 miltion ERG shares and $58.8 million in cash. Of-the cash comnponent, $29.4 initially was payable at settlement, with $14.7 miltion being payable 12 months after completion and the final $14.7 million being payable 24 months after completion. Resistance at 41.85430 42c rounded.ERG advises it has successfully completed its $104 million rights issue. 207,974,122 new shares have been allotted to shareholders and Shareholding Statements despatched on 4 January 2002.Amount paid additional to the issue of 75.5 million shares was 58.8 million ERG raised 104 million 104 minus 58.8 equals 45.2 million.Divided by the 75.5 million shares issued to American Express, Banksys, Interpay Nederland and Visa International equals 5986754 60c rounded---5986754 minus 3894039 equals 2092715 twice 2092715 equals 41.8543041.5c 21c rounded.---twice 21 equals 42c 0.3894039 39c rounded.http://www.protonworld.com/press/exhibitions.htm75.5 million divided by 58.8 million equals 7788079 dividing the figure by 2 equals 0.3894039 39c rounded. (ERG's net asset backing before J.B. Weres figure.)The ERG Group announced the full acquisition of Belgian-based Proton World International (Proton World), the leading, global, high-security payment and identity smart card technology company. In consideration, ERG will issue the former shareholders of Proton World - American Express, Banksys, Interpay Nederland and Visa International - with approximately 75.5 million shares (representing 8.4 per cent of ERG's capital). In addition, ERG has agreed to pay cash consideration of approximately A$58.8 million.ERG has since negotiated an additional deferral of- the repayment terms." falling during account period 30/6/2001 to the 30/6/2002 as reported the 12/9 audited the 1/10/2002. ERG state that approximately 15 million in amortisation and some R&D (no figure is given on the R&D) will be removed. NTA has risen to 10.3 as at 31/12/02--with the sale as it has removed an intangible from the balance sheet.ERG state in 233 page report downloadable from the ASXthat with the proceeds of the Proton sale or the rights issue whichever comes first In October 1997, as part ofthe ERG Motorola Alliance, the Company issued to Motorola 18,178,989 unlisted redeemable convertible notes at $1.65 each to Motorola, raising approximately $30 million ("the unlisted Notes"). ‘The Unlisted Notes were convertible at Motorola’s option, at the rate of- three ordinary shares Tor every note, at any time from the issue date until October 2002. Unlisted Notes not converted at October 2002 were to be redeemed.‘The Ingot Entities acquired 8 million Unlisted Notes in November 2001. Motorola converted a further 4.35 million unlisted Notes into ordinary shares during the 2002 financial year. ‘The Ingot Entities converted 3 million of the Unlisted Notes, with the shares received on conversion being subsequently sold on market. In December 2002, approximately $10.1 million drawn down from the Loan Commitment facilily was used to redeem the remaining 5,828,980 Unlisted Notes held by Motorola (,"the $10.1 Million Loan"). ‘The 5 million unIisted Notes held by the Ingot Entities were eftectively redeemed via the Ingot Loans.under the Babcock &L Brown Facilities, Babcock & Brown agreed that a total principal amount of 9; 16.3 million would be advanced under the Loan Comittment Facility to assist the Company in the Proposed Capibl Restructure. In addition to the $ 1 0 Million loan, a further amount of approximately $0.2 million has been drawn down under the Loan Commitment Facility for working capital purposes ("the $6.2 Million Loan"). Any further drawdowns are at B&B's discretion.‘The Contingent instument facility o f $9.38 million is to be used to secure payment of fees to B&B pursuant to a mandate letter entered into between ERG and B&B in September 2002.‘The amount has been fully drawn down. If the Babcock & Brown Facilities are repaid early, then the Contingent Instrument Facility will be reduced as follows: if repayment of the B&B--loan Facilities occurs by l May 2003: reduced to $6.38 million; that it will repay the BB loan facility--the amount is total 16.38 mill |
| Subject | Author | Date |
 | Monday, 15 April, 2002, 07:26 GMT 08:26 UK Smart cards head for Hong KongFinlandMalaysia | Friday, May 02, 07:03:57am |