PWR 0.00% 1.7¢ powerlan limited

Commitments/test/first/entity/CLA/est-30/4/2002.

  1. 4,330 Posts.
    Commitments/test/first/entity/CLA/est-30/4/2002.
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    A full copy of last commitments to test first entity is available at Stockness monster counting three months since then the commitments to test first entity snould be this coming week---possibly the 30/4/2002 or thereabouts. The entity stated in another announcement that it had 11.3 million all up to collect and that they had collected so far (see below)$4.874 million with 6.574 mill remaining to collect.
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    http://stocknessmonster.com/
    2002-01-31 ASX-SIGNAL-G
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    1) Receipts from Customers - It had been anticipated prior to 31 December 2001 that operating cash flows for the December 2001 quarter would be approximately break-even. A delay in the collection of asubstantial receivable has resulted in the negative operating cashflows for the quarter. The collection of the outstanding funds is to occur in the first quarter of 2002.
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    http://stocknessmonster.com/
    2002-02-01 ASX-SIGNAL-G
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    During the month of January 2002 cash receipts collected have totalled $4.874 million. As discussed in the company update issued on 4 January 2002, the collection of these funds after 31 December 2001 resulted in negative operating cashflows of $4.581 million at the close of December 2001.Major cost restructuring has occurred during the last three months
    and has resulted in adjustments to operating costs of up to 50%. It is anticipated that Clarity will be cash flow positive at the close of 30 June 2002.
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    http://www.stockhouse.com.au/bullboards/viewmessage.asp?no=5067335&tableid=1
    FILE NO. 008 19.04.’02 11:49 1D:WATSON-MANGIONI ’ +61 0292622626
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    +61 0292622626
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    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
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    If YOU are in any doubt as to how to deal with it, please consult your legal or financial adviser immediately
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    SUPPLEMENTARY TARGET’S STATEMENT CLARITY INTERNATIONAL LIMITED
    ABN 58 063 732 883
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    This is a Supplementary Target’s Statement intended to be read with the Target’s Statement dated 18 April 2002 (Target’s Statement") in response to the Bidder’s Statement by Powerlan Limited.
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    This Supplementary Target‘s Statement is dated 19 April 2002 and was lodged with the Australian Securities & Investments Commission ("ASIC") on 19 April 2002. None of ASIC, the ASX and their respective officers take responsibility for the contents of this Supplementary Target’s Statement.
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    Pursuant to Section 646 of the Corporations Act, the information set out. below is taken to be included in the Target’s Statement, Terms defined in the Target’s Statement have the same meaning in this Supplementary Target’s Statement.
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    Waiver of Listing Rule 6.23.4
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    As set out in the Target’s Statement, the terms of the Clarity Options on offer preclude their transfer. On 18 April 2002 ASX determined to waive the requirements of Listing Rule 623.4 to allow the Directors to waive the transfer restriction attached to the Clarity Options. The ASX waiver and therefore the Directors’ release of the transfer restriction is subject to the Share Offer being declared unconditional.
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    Accordingly, if Powerlan declares the Share Offer free of the defeating conditions, Clarity will permit optionholders to accept the Option Offer, Exercise of Clarity Options
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    PAGE 2 The terms of some Clarity Options are subject to exercise restrictions. The terms however permit Clarity to lift the restrictions to enable optionholders to exercise the Clarity Options and accept the Powerlan Share Offer.
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    FILE NO. 008 19.04.’02 11:49 1D:WATSON-MANGIONI +61 8292622626 A +61 0292622626
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    The Directors will lift all exercise restrictions on the Clarity Options immediately after Powerlan declares its Share Offer free of defeating conditions. This will enable optionholders to either accept the Option Offer or exercise their Clarity Options and accept the Share Offer.
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    At the current market price of Powerlan Shares, Clarity optionholders would pay more consideration by exercising their Clarity Options than they would receive if they accept the Share Offer. This may change should the market price of Powerlan Shares rise.
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    On the market price of Powerlan Shares at the close of trading on 18 April 2002, optionholders exercising 3 Clarity Options with an exercise price of $0.20 would pay $0.60 to receive one Powerlan Share with a market value of $0.21 5. An optionholder exercising 3 Clarity Options with an exercise price of $0.083 would pay $0.249 to receive one Powerlan Share with a market value of $0.21 5.
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    Option Offer recommendation
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    In light of the ASX waiver referred to above, the Independent Directors recommend that Clarity optionholders ACCEPT the Option Offer when they are able to do so.
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    The Directors advise that they intend to accept the Option Offer in respect of their Clarity Options when permitted to do so.
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    Reasons to accept the Option Offer
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    Powerlan’s Option Offer represents an opportunity for Clarity Optionholders to receive Powerlan Shares, which may be traded on ASX.
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    Powerlan’s Optiorl Offer is 1 Powerlan Share for every 22 Clarity Options. The last recorded sale price for Powerlan Shares on ASX at the close of trading on 15 March 2002 (the date on which the Independent Expert has based its assumptions) was $0.285. The Option Offer at that time therefore represents $0.285 for every 22 Clarity Options or $0.0129 for every Clarity Option.
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    Acceptance of the Option Offer will permit optionholders to realise value associated with the Clarity Options without paying the option exercise price.
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    Opportunity to receive quoted securities
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    Clarity Options are not quoted on ASX, The Option Offer therefore provides Clarity Optionholders with the opportunity to receive Powerlan Shares, which may be traded on ASX.
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    Refer to Section 2.5 of the Target’s Statement for further information. PAGE 3 1 I FILE NO. 008 19.04.’02 11:49 1D:WATSON-MONGIONI ’ +61 0292622626 f61 0292622626
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    Reasons to reject the Option Offer
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    (a) The independent Expert concludes that the Powerlan’s Option Offer in relation to Clarity Options with an exercise price of $0.83 is unfair and unreasonable to Clariry Securityholders not associated with Powerian The Independent Expert’s Report is set out in full as Annexure A to the Target’s Statement and you should read it in i t s entirety.
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    (b) Refer to Section 2.5 of the Target’s Statement for further information.
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    Approval
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    This Supplementary Target’s Statement was approved by a resolution passed by a majority of the Directors eligible to vote on the resolution on 19 April 2002. Theo Baker considered that he was unable to vote on the resolution by virtue of Section 195 of the Corporations Act and so abstained from voting, Dated: 19 April 2002
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    Powerlan is being hit by institutional selling
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    1 x 8 - 82.5 degrees
    1 x 4 - 75 degrees
    1 x 3 - 71.25 degrees
    1 x 2 - 63.75 degrees
    1 x 1 - 45 degrees
    2 x 1 - 26.25 degrees
    3 x 1 - 18.75 degrees
    4 x 1 - 15 degrees
    8 x 1 - 7.5 degrees
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    Taking it from 54c instead of 55.125---for 54 is is the true figure--it needed to break 55 to push on which it failed to do.
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    54 times 63.75% equals 34.425----54 minus 34.425 equals 20.425---intead of---19.9828125
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    Using the 22 figure 61.8% from 25 equals 22.528. (ie 22.38--the other figure---which held for a long time---and touched again on Friday)
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    22.528 minus 20.425 equals 2.103 times 31.8% equals 0.668 754
    22.528 minus 0.668 754 equals 21.859.246
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    2.103 times 50% equals 1.0515---22.528 minus 1.0515 equals 21.4765
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    2.103 times 61.8% equals 1.299.654>>>>22.528 minus 1.299.654 equals
    21.229654.
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    http://www.equis.com/free/taaz/gannangles.html
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    March 30th 2000 3.15
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    3.15 x 82.5% equals 259.875>>>>>3.15 - 259.875 equals 55.125
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    55.125 x 63.75% equals 35.1421875>>>55.125 - 35.1421875 = 19.9828125
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    55.125 x 71.25% equals 39.2765625>>>55.125 - 39.2765625 = 15.8484375
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    Net asset backing per security 16.97c
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    Overview
    W. D. Gann (1878-1955) designed several unique techniques for studying price charts. Central to Gann's techniques was geometric angles in conjunction with time and price. Gann believed that specific geometric patterns and angles had unique characteristics that could be used to predict price action.

    All of Gann's techniques require that equal time and price intervals be used on the charts, so that a rise/run of 1 x 1 will always equal a 45 degree angle.
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    Interpretation
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    Gann believed that the ideal balance between time and price exists when prices rise or fall at a 45 degree angle relative to the time axis. This is also called a 1 x 1 angle (i.e., prices rise one price unit for each time unit).
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    Gann Angles are drawn between a significant bottom and top (or vice versa) at various angles. Deemed the most important by Gann, the 1 x 1 trendline signifies a bull market if prices are above the trendline or a bear market if below. Gann felt that a 1 x 1 trendline provides major support during an up-trend and when the trendline is broken, it signifies a major reversal in the trend. Gann identified nine significant angles, with the 1 x 1 being the most important:
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    1 x 8 - 82.5 degrees
    1 x 4 - 75 degrees
    1 x 3 - 71.25 degrees
    1 x 2 - 63.75 degrees
    1 x 1 - 45 degrees
    2 x 1 - 26.25 degrees
    3 x 1 - 18.75 degrees
    4 x 1 - 15 degrees
    8 x 1 - 7.5 degrees
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    Note that in order for the rise/run values (e.g., 1 x 1, 1 x 8, etc) to match the actual angles (in degrees), the x- and y-axes must have equally spaced intervals. This means that one unit on the x-axis (i.e., hour, day, week, month, etc) must be the same distance as one unit on the y-axis. The easiest way to calibrate the chart is make sure that a 1 x 1 angle produces a 45 degree angle.
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    Gann observed that each of the angles can provide support and resistance depending on the trend. For example, during an up-trend the 1 x 1 angle tends to provide major support. A major reversal is signaled when prices fall below the 1 x 1 angled trendline. According to Gann, prices should then be expected to fall to the next trendline (i.e., the 2 x 1 angle). In other words, as one angle is penetrated, expect prices to move and consolidate at the next angle.
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    Gann developed several techniques for studying market action. These include Gann Angles, Gann Fans, Gann Grids and Cardinal Squares.
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    Examples
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    A Gann Fan displays lines at each of the angles that Gann identified. The following chart shows a Gann Fan on the S&P 500.
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    sector bearish
 
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