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| Monday, May 18, 10:59:14am | [ 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 is now owed about $23 million by the joint-venture company UK transport Stagecoach Holdings, First Group and National Express | |
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Author: diluted in a equity-for-debt swap.joint venture company.47 to 55% |
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Date Posted: Wednesday, October 08, 11:43:04am In reply to: Lamb chops all the way. 's message, "Yes I'm lamb chopping my way through this whole ERG experience" on Saturday, July 26, 08:32:09pm http://www.thewest.com.au/20031007/business/tw-business-home-sto113933.html Yorkshire gets onboard with ERG By Neale Prior THERE was a semblance yesterday of the boom times when shares in ERG would routinely bolt after the company announced wins in cities such as Hong Kong, Rome, Singapore and San Francisco. Exotic is not a word readily attached to Leeds, Bradford and Sheffield - the industrial city that was the backdrop for the Full Monty - but these industrial cities were almost able to rouse the Australian traders like their renowned counterparts. ERG shares surged 5¢ to $1.14 yesterday when the Balcatta-based company revealed that its UK offshoot had been selected for an upgrade of the bus, train and tram ticket systems for the Yorkshire cities. The rise took ERG stock to its highest level in seventh months, but the shares are still less than one-thirtieth of their value at the peak three years ago before ERG was beset by myriad delays and faced collapse under a mountain of convertible note debt. ERG bedded down a restructure this year that gave companies linked to Sydney-based investment manager Duncan Saville about 30 per cent of the expanded share base. ERG also unveiled yesterday a planned restructure of the UK offshoot, Prepayment Cards, that would see its UK transport partners, Stagecoach Holdings, First Group and National Express, diluted in a equity-for-debt swap. ERG is now owed about $23 million by the joint-venture company and is likely to convert part of that debt to shares and increase its holding from 47 per cent to 55 per cent, giving it clear boardroom control of the joint venture company. Yorkshire transport groups said they had chosen Prepayment Cards for its so-called Yorcard scheme linking 40 bus and five train operators and Sheffield's Supertram light rail system. ERG estimated the contract would generate about $60 million in revenue from the supply of the system and a seven-year operating contract. The population of the area covered by the contract totalled about 3.4 million. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| ERG estimated the contract would generate about $60 millionin revenue from the supply of the system and a seven-year | operating contract.--Oct 6th | Wednesday, October 08, 11:44:51am |