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| Subject: Hi Sabre ERG Melbourne increase in NTA--10,466,266. | |
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Author: Melbourne Settlement. |
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Date Posted: 06:30:03 01/28/03 Tue Thank you for using the forum, Wonder Woman Your entry has now been added to the forum as follows... Name: Wonder Woman Location: Sydney, NSW Australia Date: Wednesday, January 29, 2003 at 1:28:57 AM Subject: Hi Sabre ERG Melbourne increase in NTA--10,466,266. Comments: Hi Sabre, the significance of the operational improvements made re The Melbourne Settlement is that on the 30/5/2002 ERG received directly 25 million dollars which is additional to existing contractual arrangements, all up the settlement was for 65 million dollars. Subject to improved service levels being met ERG in staggered fashion would receive a further sum of money (so there was always's a chance that ERG would not get the next payment, unless it improved the system.) On the 25/10/2002 ERG announced that within ten days of that date a further sum would be paid of 20 million--12.4 flowing directly to ERG and the remainder to OneLink (there are two OneLinks as you know--OneLink Holdings partners to ERG--Mayne Nickless Fujitsu--34%--and OneLink Transit Systems Pty Ltd 100%--100%) (OneLink Holdings Pty Ltd 34% owns OneLink Transit Systems Pty Ltd 100%.) is that ERG have legally satisfied their customer The Victorian Government with those improved service levels, therefore for valuation purposes providing the service levels are maintained, (it cannot lapse for a period greater than 8 months) ERG group going forward into the future receives 4.75 million dollars per year in recurring revenue. (have made a post previously on it.) Of further note and thankyou for bringing it to attention, is at balance sheet date the 30/6/2002--reported 12/9 audited 1/10 ERG state ( inverted comma's mine) "Included in other non-current liabilities is an amount of $9,280,041 due to shareholders of OneLink Transit Systems Pty Ltd (OLT)and deferred income of $1,186,225. The amounts relate to settlements receivable from the scope creep claim and the deferred income is payable by the Public Transport Corporation of Victoria, to be paid to OLT in advance." Would think that when the Group reports in the 1st week of March it will be one of the things that will increase NTA, adding 1,186,225 plus 9,280,041 together equals 10,466,266. Regards,--WW. [ Next Thread | Previous Thread | Next Message | Previous Message ] |