Show your support by donating any amount. (Note: We are still technically a for-profit company, so your
contribution is not tax-deductible.)
PayPal Acct: 
Feedback: 
Donate to VoyForums (PayPal):
| Monday, May 18, 12:31:21pm | [ 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: How Swede it is if you don't own it | |
|
Author: Mark Westfield--The Australian--Wed 2 Apr 2003 |
[
Next Thread |
Previous Thread |
Next Message |
Previous Message
]
Date Posted: Tuesday, April 01, 11:53:28pm In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am Searching World News Network for: No previous results ~ Next 20 results erg Total matches:143 ----------------------------------------------------------- Wed 2 Apr 2003 How Swede it is if you don't own it (English) WHEN smart card maker ERG made yet another announcement yesterday of a big fare-collection contract – this time in Sweden – weary investors found it in themselves to bid the stock up just 0.... The Australian Tue 1 Apr 2003 ERG has smarts for Stockholm project (English) | ERG's shares may be taking a drubbing, with questions being raised about its financial viability, but the smartcard vendor is still winning big ticket contracts, announcing a $58 million project in ... The Age ERG plays its cards right in Sweden (English) ERG's shares may be taking a drubbing, with questions being raised about its financial viability, but the smartcard vendor is still winning the big ticket contracts, with a $58 million project in Stoc... Sydney Morning Herald Selected for Stockholm Transit Fare Collection Project (English) 4/1/03 | ERG LIMITED 2003-04-01 ASX-SIGNAL-G | HOMEX - Perth | Attached please find a media release relating to the award to | ERG of a new smart card project for Stockholm, Sweden valued at | approxi... Stockhouse Mon 31 Mar 2003 ST snaps up smart card software supplier (English) STMicroelectronics is to acquire Proton World International (PWI) for $37 million plus a business-related consideration for up to 10 years. | Based in Belgium, PWI has approximately 90 employees and d... Engineering Times Appendix 3B - New Issue (English) 3/31/03 | ERG LIMITED 2003-03-28 ASX-SIGNAL-G | HOMEX - Perth | APPENDIX 3B | NEW ISSUE ANNOUNCEMENT | APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT | Information or documents not a... Stockhouse Sun 30 Mar 2003 Sydney investor buys ticket to ERG's boardroom (English) ERG chief executive Peter Fogarty has praised the Sydney businessman set to emerge with a controlling stake in the debt-laden ticketing group. | Mr Fogarty said investment manager Duncan Saville had t... The Age Saville set to emerge with controlling interest in ERG (English) ERG chief executive Peter Fogarty has heaped praise on the Sydney businessman set to emerge with a controlling stake in the debt-ladened smartcard operator. | Mr Fogarty said investment manager Duncan... Sydney Morning Herald Fri 28 Mar 2003 NWE/Med/WAF crude trades-adds Osebergs p+c (English) | Fri Mar 28 - Oseberg 10-12 Statoil/p+c Oseberg 20-22 Statoil/p+c addon - Brent April 15-17 May BFO +95 cts TFE/Vitol Thu Mar 27 - Forties April 20-22 BP/P+C Alba April 25-30 P+C/BP Brent April 16-18... Yahoo Energy $250m conversion begins ERG shake-up (English) The first stage of the recapitalisation plan for smartcard operator ERG has been approved at a meeting in Perth. | At the meeting yesterday, convertible noteholders agreed to convert their $250 millio... Sydney Morning Herald NWE/Med/WAF crude trades-adds Brent Apr 15-17 +95 (English) | Fri Mar 28 - addon - Brent April 15-17 May BFO +95 cts TFE/Vitol Thu Mar 27 - Forties April 20-22 BP/P+C Alba April 25-30 P+C/BP Brent April 16-18 May BFO +95 cts BP/Shell Forties April 19-21 Shell/... Yahoo Energy Daily Fund Update (English) 3/28/03 | STREETTRACKS S&P/ASX 200 FUND 2003-03-28 ASX-SIGNAL-G | HOMEX - Sydney | StreetTRACKS S&P / ASX200 Fund: | Trade Date: 28-Mar-2003 | NAV per Unit $ 29.53 | NAV per Creation Unit $ 2,953,437.... Stockhouse Listed Noteholders Approve $250m Debt to Equity Conversion (English) 3/28/03 | ERG LIMITED 2003-03-28 ASX-SIGNAL-G | HOMEX - Perth | ERG LISTED NOTEHOLDERS APPROVE $250 MILLION DEBT TO EQUITY CONVERSION | Holders of ERG Limited listed convertible notes today agreed to ... Stockhouse Chairman`s Address - Meeting of Convertible Noteholders (English) 3/28/03 | ERG LIMITED 2003-03-28 ASX-SIGNAL-G | HOMEX - Perth | Ladies and gentlemen, in my capacity as Chairman, I welcome you all | to this meeting of Listed Convertible Noteholders. As there is a |... Stockhouse Thu 27 Mar 2003 Belgium - Proton World acquired by STMicroelectronics (English) 1:05pm | Proton World (Belgium) has been fully acquired for ADlr110 mil by STMicroelectronics, semiconductor maker, from ERG (Perth, Australia), smartcard company. ERT will receive about ADlr60 mil ca... Hoovers Med oil products rise on futures, gas oil demand (English) LONDON, March 27 (Reuters) - Mediterranean oil products rose on Thursday following hefty futures gains, while gas oil was also boosted by healthy demand, traders said. | Gas oil outright prices were d... Yahoo Energy NWE/Med/WAF crude trades-Forties, Alba P+C (English) | Thu Mar 27 - Forties April 20-22 BP/P+C Alba April 20-25 P+C/BP Brent April 16-18 May BFO +95 cts BP/Shell Forties April 19-21 Shell/Glencore Dtd +63 cts Urals 100kt ex-Gdansk April 10-20 J+S/p+c Dr... Yahoo Energy NWE Urals crude talked higher, progs still awaited (English) LONDON, March 27 (Reuters) - The mood on the Urals crude market was starting to perk up somewhat on Thursday as new buying interest emerged but players said it would take a while to completely overcom... Yahoo Energy NWE/Med/WAF crude trades-Brent Apr 16-18 May +95 (English) | Thu Mar 27 - Brent April 16-18 May BFO +95 cts BP/Shell Forties April 19-21 Shell/Glencore Dtd +63 cts Urals 100kt ex-Gdansk April 10-20 J+S/p+c Draugen April 14, 18, 23 Statoil/P+C Troll April 13-1... Yahoo Energy NWE/Med/WAF crude trades-Forties Apr 19-21 Dtd +63 (English) | Thu Mar 27 - Forties April 19-21 Shell/Glencore Dtd +63 cts Urals 100kt ex-Gdansk April 10-20 J+S/p+c Draugen April 14, 18, 23 Statoil/P+C Troll April 13-15 Statoil/P+C Oseberg April 6-8 Norsk Hydro... Yahoo Energy MARK WESTFIELD -------------------------------------------------------------------------------- back PRINT-FRIENDLY VERSION EMAIL THIS STORY How Swede it is if you don't own it April 02, 2003 WHEN smart card maker ERG made yet another announcement yesterday of a big fare-collection contract – this time in Sweden – weary investors found it in themselves to bid the stock up just 0.5c to 11c. This should put it in the table of big movers by percentage, because ERG stock has fallen to such pitiful lows from its highs of more than $4 three years ago. For a company that promises so much, it's developed a deserved reputation for poor corporate governance. With unhappy shareholders due to meet in four weeks to approve a capital reconstruction from which they'll be diluted from 100 per cent of the voting stock to just 33 per cent, it's not surprising the stock failed to ignite yesterday. The big beneficiaries of the restructure – ERG convertible note holders, who'll emerge with 65 per cent of the company – voted overwhelmingly last week in favour of the deal. For each note they hold, they'll get 93 shares at a strike price of 15c. They'll be issued with a total of 1.7 billion shares. After the recapitalisation, the total number of shares on issue will be 3.9 billion – more than four times the number at the moment. The notes have a face value of $13.50, but were trading at a third of this until the restructure was announced last November. Investors climbed in, pushing the price from $4.50 to $6.20. Not surprisingly, the shares went the other way – from 16c to 11c. ERG chief executive Peter Fogarty was fortunate enough to sell 125,000 ordinary shares at 17c (for a total of $21,875) four weeks before the announcement. He also bought 4763 convertible notes at $4.54 apiece, paying about what he got for his shares. His notes are due to convert to 442,959 shares. For no extra cost, he'll gain 318,000 shares. The recapitalisation didn't come out of the blue. Next comes a rights issue of preference shares designed to raise $50 million. The prefs would be issued at 15c each. The recapitalisation is being sold to shareholders as a way to remove ERG's mostly convertible note debt and eliminate $18 million in annual interest payments. ERG has admitted it's unlikely to be able to redeem the $250 million worth of notes when they expire in October 2005. ERG lost $244 million in the 2002 financial year, and $125 million in the 2003 first half. It faced a note interest payment of $9 million, due yesterday, repayment of a $25 million loan to a major note holder in June, and a $10 million loan to investment bank Babcock & Brown next month. The sickness of the company, despite winning apparently lucrative contracts, partly explains the poor regard in which it's held. After the restructure, funds under the banner of Special Utilities Investment Trust (SUITS), controlled by Duncan Saville's Ingot Capital Management (which was the largest note holder), will have 27 per cent of voting stock. SUITS could end up with as much as 41 per cent as a result of its role as one of the underwriters to the rights issue. Saville, a South African accountant now based in Sydney, made about £40 million ($111 million) on floats of water companies in the UK in the 1980s, but lost a large part of it investing in NewCap Re when reinsurers were all the rage in the mid-1990s. He's said his intention is to remain a "generally passive" investor. But he'll seek a board seat, a smaller board, and improved returns for shareholders. Fogarty's position is uncertain. This is a high-risk throw of the dice for Saville and his SUITS funds. westfieldm@theaustralian.com.au [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| EFIC to provide A$25.6 M in Proj Performance Bonds to ERG | 4/3/03 | Wednesday, April 02, 11:00:01pm |