PWR 4.85% $2.16 peter warren automotive holdings limited

Battle for Powerlan

  1. 2,070 Posts.
    Another announcement from Powerlan about IMX which is their only really good news story among all their dozens of acquisitions. IMX have developed a financial transaction application that is a runaway success and used by Amex and others.

    The final settlement with the IMX vendors was geared to annual IMX results in 2001/2002 and was to be in PWR equity. Unfortunately PWR shares dropped from 75c to less than 3c while the IMX results were much higher than expected. So IMX vendors really should have enough equity to control PWR but Theo is fighting to stay in control - a few dirty tricks by Theo have been unsuccessful and the matter is now in dispute.

    Looks like Theo wants to take PWR off market hence the lack of any effort to bolster the share price and the latest 20 for 1 consolidation resolution for the AGM on 28 Nov. This would give PWR shares lots of room to fall again - the company would be a snip for a buyback and then delisting. All the disastrous mistakes would be paid for by shareholders and a private Powerlan with just four supposedly viable companies would be ready for a restart.

    The fly in their ointment is - the previous owners of IMX who still manage IMX are calling a foul. Not sure if they are trying to force control of PWR or just back out of the PWR group, but it's a fascinating struggle.

    The Board of Directors of Powerlan advise that Powerlan is in dispute with the IMX vendors in relation to the Agreement by which it purchased shares in IMX.

    Attempts are being made by Powerlan to resolve the dispute, including an offer by Powerlan to engage in mediation with the IMX vendors.

    The market will be kept informed of any progress made in relation to this dispute.

    For further information please contact:

    Mr Theo Baker
    Powerlan Limited

    Phone: + 612 9925 4602

    e-mail: [email protected]
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