race for $3.25m: new tel, page-2

  1. 235 Posts.
    According to The Australian and the SMH Optus has rejected the proposal from BWL. I have not read the AFR article, but the headline says Optus has accepted it.

    Newtel has come out with an announcement advising that the funds from GEM are not available till the share price hits 12 cents (which they said in the original announcement) and that the sale of Advance Engine Components Ltd did not proceed. They took a long time to advise of that, although the AEC website still said that Newtel were majority shareholders with no mention of a possible sell-off. There is another mysterious buyer sitting in the wings.

    They are still finalising their accounts, so there will be another long wait for re-instatement.

    They, of course, make no mention of their negotiations with Optus and Telstra. People who do not read the newspapers might have no idea the company was in trouble.
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