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| Subject: ERG falls off Dutch ticketing shortlist ERG's and Interpay's December 27 | |
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Author: knowingly filed a non-complying tender |
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Date Posted: 14:07:42 01/16/03 Thu Posted by: saxien Jan 17 2003 8:41:43:903AM Reply to post #3683 by michaelirish1 Go to Post # Previous Respond Message List Hi, here is the article, I don,t know if it,s good or bad for ERG, ERG falls off Dutch ticketing shortlist By Neale Prior FINANCIALLY strapped transit ticketing group ERG has been pushed out of the $200 million race to build a national ticketing system in the Netherlands after filing a non-complying tender. The decision by the Dutch body overseeing the national program, Trans Link Systems, to drop ERG leaves a consortium involving ERG's bitter rival, Cubic Transportation Systems, as one of two group's now vying for the prestigious deal. Trans Link did not give a reason for dropping ERG and its consortium partner Interpay, an electronic payment group owned by Dutch banks and one of ERG's biggest shareholders. ERG spokesman Shaun Duffy said yesterday the ERG-Interpay consortium had knowingly filed a non-complying tender after coming to the view that a massive performance bond demanded by Trans Link was commercially unrealistic. ERG's and Interpay's names were left off a list of bidders, dated December 27, posted on Trans Link's website. It is believed the bond demanded by Trans Link equals the value of the contract, which is aimed at having a trial system installed in Rotterdam early next year. Trans Link said it intended to implement the new system across the Netherlands before 2006. It plans to decide the winner at the end of this quarter. The loss of the deal comes as ERG attempts to finalise paperwork for a restructure that will see its convertible noteholders effectively gain the lion's share of equity in the debt-stifled group. ERG chief executive Peter Fogarty said when unveiling the proposed restructure to shareholders at the annual meeting in November it needed a stronger balance sheet to fund its major contracts and put up significant bonds demanded by some clients. (Voluntary Disclosure:No Position Short Term rating: Long Term Rating:) OZeStock Advertisment:"Get yourself an institutional advantage!" Previous Respond Message List [ Next Thread | Previous Thread | Next Message | Previous Message ] |