Third Rail bald Southpointe? - 500 Beiträge pro Seite

[bluenode]

Hallo, ist noch jemand in Third Rail investiert? Ich habe noch ein paar Tausend und sitze das jetzt aus.

Wer ist denn noch nicht rechtzeitig ausgestiegen? Bitte melden!

Hier noch einmal die übersetzte Adhoc der -Bankrotterklärung-

Third Rail Ltd Management Buyout in Übersee
Third Rail Limited (TRD) gibt bekannt, dass einige Mitglieder des Senior Managment Teams von Third Rail Americas (TRA) ein Angebot für den Rückkauf der Aktivitäten in Ghana und Amerika an TRD gerichtet haben.

Das MBO umfaßt:
* Kauf aller Aktien von TRA
* Kauf der restlichen 65% von TRD in Third Rail Ghana
* Rückgabe des Third Rail Namens

Der Vorschlag der Third rail Global Holdings LLC (die Gesellschaft mit der das MBO Team die Anteile halten wird)

* Löschung von 47,620,922 TRD Aktien und 28,241,000 Optionen
* Kauf von 5% an der Holding durch TRD mit der Option für die Holding, diesen Anteil mit US$ 7.5 Mio. zu kaufen
* Freigabe einiger Steuerabfindungen in der Höhe bis zu 2.2 Mio durch die TRD an einige Verkäufe aus dem Originalabkommen vom Juli 2000
* Übernahme der dauerhaften Verpflichtung von Third Rail zur Finanzierung einer Verbindlichkeit aus einem Operating-Leasing Engagement von TRA in Höhe von etwa 1 Million US$ über die nächsten 10 Jahre durch Global Holdings und
* ein Finanzierungsbeitrag von Global Holdings in Höhe von bis zu 220.000 US$ zu den Betriebsausgaben von TRA für die Zeit bis zum Abschluss.


Das MBO-Angebot hängt von folgenden Genehmigungen ab:
* dem Verzicht der ASX auf die Zulassungsvorschriften 9.4 und 9.7, da einige der zu streichenden Aktien und Optionen von Third Rail einer in Übereinstimmung mit Kapitel 9 der ASX-Zulassungsvorschriften getroffenen einschränkenden Vereinbarung unterliegen; und
* der Genehmigung durch die Aktionäre.


Eine der Bedingungen des MBO-Angebots bestand darin, dass die kürzlich erfolgte Eigenkapitalzuführung in Höhe von 2 Millionen US$ zu TRG erfolgreich abgeschlossen sein würde, was nun geschehen ist. Der Verkauf des 65%igen Anteils von Third Rail an TRG ist integraler Bestandteil des MBO-Angebots und kann nicht aus der Transaktion herausgenommen werden.

Wie am 6. August 2001 gegenüber der ASX bekannt gegeben wurde, hat Third Rail aufgrund einer Reihe von Faktoren, die außerhalb des Einflussbereichs des Unternehmens liegen, beschlossen, die Geschäftstätigkeit in den USA herunterzufahren und sich um direkte Eigenkapitalinvestitionen in die US-amerikanischen und ghanaischen Tochterunternehmen zu bemühen, damit Barreserven des Unternehmens erhalten werden können. Zu den Faktoren, die zu dieser Entscheidung geführt haben, gehören beachtliche Vertragsverzögerungen bei der Auslegung des kabellosen Breitbandnetzwerkes in den USA und die daraus folgende Verzögerung beim Eingang der geplanten Erträge aus diesem Geschäft, ferner der fallende Kurs des A$ im Verhältnis zum US$, der die Kosten der Geschäftstätigkeit in den USA wesentlich erhöht hat, sowie der kürzlich eingetretene, durch die Terroranschläge in den USA verursachte Kursverfall, der alle neuen Investitionen in junge Unternehmen praktisch zum Stillstand gebracht hat.

Unter Berücksichtigung des geringen geschäftlichen Erfolges, der durch die Geschäftstätigkeit des Unternehmens in den USA erzielt wurde, sowie aufgrund der gegenwärtig ungünstigen Bedingungen auf den Aktienmärkten hat der Board von Third Rail beschlossen, dass es im besten Interesse des Unternehmens liegt, wenn es seine Investitionen unter hinnehmbaren Bedingungen zurückzieht, während man über den Anteil von 5% an Global Holdings eine Risikoposition aufrechterhält, um an Kursgewinnen teilzunehmen, falls die Global Holdings bei der Entwicklung ihrer Dienstleistungen im Bereich der Breitbandkommunikation erfolgreich sind.

Mr Wayne Loxton, Managing Director, sagte: "Alle verbleibenden Aktionäre von Third Rail werden von der MBO-Lösung profitieren, nicht nur aufgrund der erhöhten Sicherung von Vermögenswerten je Aktie, die sich aus der Streichung der Wertpapiere von Third Rail ergibt, sondern auch aus der Fähigkeit, den gegenwärtigen Abfluss von Barbeständen aufzuhalten, die erforderlich sind, um die Geschäftstätigkeit in den USA zu stützen. Insbesondere wird Third Rail von der Verpflichtung entlastet, etwa 1 Million US$ an Aufwendungen für Verbindlichkeiten aus Operating-Leasing-Verträgen über die nächsten 10 Jahre, zusammen mit einer potentiellen Steuerschuld in Höhe von 2,2 Millionen US$ aufzubringen".

Er kommentierte weiterhin: "Der Board von Third Rail wird seine Aufmerksamkeit nun wieder auf die Wiederherstellung der Vermögenswerte der Aktionäre richten. Der Board wird sich darum bemühen, in ein australisches Unternehmen mit positivem cash flow zu investieren, das starke Wachstumspotentiale erkennen lässt. Der Board hat keine besonders favorisierte Investmentbranche, aber es ist klar, dass es beim gegenwärtigen Investitionsklima nötig ist, bei der Beurteilung der Verdienstmöglichkeiten einer potentiellen Investition in langen Zeiträumen zu denken".

Die Hauptversammlung wird am oder um den 12. Dezember 2001 stattfinden, um die Genehmigung für die MBO-Transaktion zu erreichen. Die Benachrichtigung zur Hauptversammlung und die Informationen zur Tagesordnung werden den Aktionären Anfang November zugeschickt.




W Loxton
MANAGING DIRECTOR



Further Information: Wayne Loxton
Telephone: [phone]
Email: [e-mail]

© XNaSe AG.


THIRD RAIL LIMITED 2001-11-13 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Notice is hereby given that a general meeting of Third Rail Limited
[the "Company] will be held at the Parmelia Hilton Hotel, Mill
Street, Perth, Western Australia on Wednesday, 12 December 2001 at
11am.

Information on the proposals to which the resolutions set out below
relate is contained in the Informati
on Memorandum which accompanies
and forms part of this Notice of Meeting ["Information Memorandum"].

AGENDA

RESOLUTION 1 - SALE OF ASSETS AND BUY-BACK OF SECURITIES

To consider, and if thought fit to pass, the following Resolution as a special resolution:

"That for the purposes of sections 257C, 257D and 208 of the Corporations Act, Rule 10.1 of ASX Listing Rules, and all other purposes, approval is hereby given to:

(a) the terms of the Share Purchase Agreement dated 23 October 2001 made between the Company, Third Rail Africa Pty Ltd (ACN 093 118748), Michael Louis Bouchard, Suzanne Schreiber, John Buckner, Darrell Marroncelli, William Tucci, Mallie Thai, and Harry Masse [the "MBO Group"], the Michael Bouchard Trust and Sage Research and Management Limited, and Third Rail Global Holdings LLC, a copy of which has been signed by the Chairman of this meeting for the purposes of identification and details of which are particularised in the Information Memorandum ["MBO Agreement"]; and

(b) the buy-back of 47,620,922 fully paid ordinary shares in the Company by the Company from the MBO Group on the terms and subject to the conditions set out in the proposed agreement, details of which are further particularised in the Information Memorandum ["Buy-Back Agreement"]."

RESOLUTION 2 - CHANGE OF COMPANY NAME

To consider, and if thought fit to pass, the following Resolution as a special resolution:

"That, subject to thepassage of Resolution 1 set out in the notice convening this meeting and to completion of the transactions referred to in that Resolution, and with the approval of the AustralianSecurities and Investments Commission, the Company change its name from Third Rail Limited to Southpointe Limited."

INFORMATION MEMORANDUM AND EXPERT`S REPORT

Attached to, and forming part of this Notice of Meeting is an Information Memorandum and Expert`s Report that provides shareholders with background information and further details on the Resolutions.
The information provided is intended to assist shareholders in understanding the reasons for, and the effect of, the Resolutions, if approved.

Information is presented in accordance with the regulatory requirements of the Corporations Act, ASIC policy requirements and the Listing Rules of Australian Stock Exchange Limited.

Terms defined in the Information Memorandum and used in this Notice of Meeting bear the same
meaning as in the Information Memorandum (refer to section 2).


A D Rule
COMPANY SECRETARY

[kasit]

noch 50.000 stk. hoffe wir sehen bald die 10E. lasse dann die korken knallen. GRINS
bis jetzt 1000% minus.
macht nichts, wird wieder nach oben gehen.

[B.ST.]

Also, so ganz habe ich das nicht verstanden. Werden unsere Aktien nun wertlos oder nicht ?
Ich sitze auf 120.000 Aktien, die ich zwischen 0,07 und 0,13 Euro gekauft habe.
Ich habe übrigens bereits zwei Mal bei der Zeitschrift " Der Aktionär " angefragt,auf dessen Empfehlung ich diese Dinger gekauft habe. Leider vergebens.
Ist für mich auch eine interessante Erfahrung, wie man mit seinen Lesern umgeht.

[Itsreallyme]

Hier die neueste Adhoc:

Chairman`s Address to Shareholders

THIRD RAIL LIMITED 2001-11-16 ASX-SIGNAL-G

Before moving to consider the Resolutions before this General Meeting, I would like to:
* summarise the activities of the past year;
* discuss our current plans to preserve value in the Company; and
* finally to make some comments about our future direction.

THE PAST YEAR

The past year has been particularly challenging for your Company as we sought to change direction from resources to telecommunications at a time of considerable volatility in local and world equity markets
During this period, the Company acquired broadband wireless assets in the United States, West Africa and Australia and raised $22 million in new equity. The gold assets at Golden Cities and elsewhere in
Western Australia were sold and the Company focussed solely on the emerging broadband wireless market, where we believed the Company had considerable international technical and operational expertise.
However a number of factors, all beyond the control of the Company, contributed to the Board deciding to downsize the US operations and either:
* seek equity investment directly into the US and West African subsidiaries; or
* divest assets to preserve cash in the Company.
These external factors which impacted on Third Rail have included:
* contractual delays in rolling out the broadband wireless network in the US and the subsequent delay in receiving the projected revenue stream;
* the falling exchange rate of the Australian dollar against the US dollar which substantially increased the cost of doing business in the US; and

* the most recent equity market crash following the terrorist assaults in the US which has virtually halted all new investments into early stage businesses.

Action has now been taken to divest the US and West African assets and the Australian assets were sold earlier in the year. As a consequence of these actions, and in line with Australian Accounting
Standards, the Board decided in September 2001 to write down to zero the investments in the US and West African assets. These writedowns comprise:

* Goodwill $35.9 million
* Fixed assets and inventories $5.9 million
* Debtors and current assets $0.5 million
* Amortisation and depreciation
$4.1 million

The cash component of these writedowns amount to $6.4 million with the remaining non cash writedowns amounting to $40.0 million.

* THIRD RAIL AMERICA
I would now like to review the events which have occurred in Third Rail Americas (TRA) since Shareholders approved that transaction in September 2000.

In December 2000, TRA was awarded an eight-year contract with the New Hampshire National Guard ("NHANG"] for the supply of a turnkey communications system to deliver broadband communications services -voice, data and video - using TRA`s unique wireless technology system in the state of New Hampshire.

Under the terms of the contract, TRA was granted exclusive access to radio spectrum in the 1.7 GHz range, which was granted to NHANG by the Army Frequency Allocation Board. The arrangement with NHANG allowed TRA to use spare capacity in the spectrum to service other military and non-military customers, including all state and federal agencies ["Qualified Users"] such as in health, education and transport, as well as some specific private entities.
This contract was envisaged as the first step towards TRA achieving its goal of establishing a nationwide wireless communications infrastructure in the United States to meet the needs of customers in the military, government and education sectors.

Work commenced immediately in recruiting staff to construct and manage the wireless network. Significant funds and effort were expended in commencing construction of the network and the network operations centre. It was intended that the initial phase of network deployment would concentrate on the southern half of New Hampshire to provide coverage for approximately 80% of the population of Qualified Users. The first base station was installed and fully operational by
March 2001 and a strong level of interest in TRA`s services was shown by Qualified Users.

A number of applications for Qualified Users to join the network were submitted to NHANG for approval in March and April 2001 but, in early May, concerns were raised by certain individuals within the New Hampshire State IT Department about TRA`s legal rights to allow Federal, State and Local agencies, to join TRA`s planned broadband wireless network for day to day operations. Despite numerous assurances from NHANG that the issue would be resolved quickly to the
satisfaction of TRA, discussions became protracted during May and on 1 June 2001, TRA served a Default Notice on NHANG for material breaches of the contract in response to NHANG`s failure to:
* Obtain permanent assignment of the spectrum to enable the effective deployment of the network as required by the contract;

* Provide reasonable cooperation in the modification of communication towers and the placement of equipment on the towers as required by the contract; and

* Provide the equipment and approvals necessary to permit TRA to provide integration services in accordance with the contract.

Essentially TRA sought written clarification from the NHANG that all government agencies, including Federal, State and Local, were eligible to join TRA`s planned broadband wireless network for day to day operations. The ability of these agencies to access the network was fundamental to the profitability of the business model.

As a consequence of the Default Notice, the Board resolved to minimise furt her capital expenditures on the network rollout and immediately reduce its workforce in the Nashua, New Hampshire office
by approximately 40% to preserve the cash reserves of the Group. In early July, TRA entered into a Memorandum of Agreement ["MOA"] with NHANG regarding the Default Notice. The MOA was entered into at the request of the NHANG, which wanted to maintain the contract with TRA,
due to the importance of broadband wireless communications not only to New Hampshire
but also nationwide. The NHANG reiterated its requirement for the successful roll-out and implementation of TRA`s broadband wireless network.

The MOA was essentially a stand-still arrangement whereby all responsibilities of both parties were suspended. The MOA extended the installation deadline indefinitely until the frequency usage issue
was resolved to the full satisfaction of TRA. The MOA does not act as a waiver of, or modify, any termination or other rights of TRA.

As a result of the MOA, the Board decided to further cut back on operating costs in the Nashua office by reducing its workforce by a further 65% to 8 employees. The remaining workforce was sufficient to
maintain the existing network and provide full technical and procurement support for Third Rail Ghana.
In early August, TRA received written notification from the NHANG that all government agencies, including Federal, State and Local, were eligible to join TRA`s planned broadband wireless network for
day to day operations. Despite this written notification, the Board of Third Rail determined not to proceed with the rollout until freshequity had been raised in the US subsidiary and as such the MOA and stand-still arrangement continued to remain in place at the discretion of TRA. This new equity was required for working capital to complete the network roll-out in New Hampshire and to facilitate
expansion into other US states.

The recent terrorist events in the United States and its impact on local and world markets had a significant negative impact on the ability of TRA to raise new equity and the Board of Third Rail was
forced to focus on the potential sale of the North American assets.

* THIRD RAIL GHANA

Turning now to the West African operations, Third Rail Ghana Limited ["TRG"] is an enhanced services provider which designs, installs and manages telecommunications networks for communications companies and large corporations in West Africa. It possesses considerable
management and integration expertise and has a well-proven track record in Ghana.
In 1998, TRG was granted authorisation by the National Communications Authority to establish a Nationwide Data Transmission Network using a range of frequency bands in the 3.5 GHz range. Under this authority, the Company established a high-speed wireless broadband network over
the major commercial cities of Ghana.

TRG has provided WAN solutions to banks in the region (including Standard Chartered and Barclays), Internet access to clients of ISPs, as well as VPN, IP telephony and video services.

On 16 October 2001, Third Rail announced that TRG had agreed to make a placement of new shares to Modern Africa Three LLC. Modern Africa has subsequently injected US$2 million in new equity into TRG in return for a 35% interest. Third Rail`s resultant shareholding in TRG will be 65%.

MAT is a US based fund with a long history of investing in Ghana and which, for some time, has operated in competition to TRG in the broadband business through its subsidiary Net Africa. As a result of the equity injection, the operations of Net Africa will be merged into TRG. The new equity partner will share the business risk and assist TRG in identifying new broadband wireless opportunities in West Africa.
* THIRD RAIL AUSTRALIA

The Australian operations of Third Rail commenced in March 2000 with the purch
ase of seventy four 3.4 GHz apparatus licences. Third Rail Australia subsequently purchased twenty two spectrum licences at the ACA`s October 2000 auction for $2.8 million. The licences were valid
for 15 years and covered the capital cities of Perth, Adelaide and Hobart and major regional centres throughout Australia. The licences were purchased to compliment existing 3.4 GHz licences held by Third Rail Australia, with the intent of establishing a broadband wireless local loop network to deliver high-speed internet access and data transfer to commercial customers Australia wide.

However, subsequent analysis of the Australian broadband market indicated that it was not sufficiently mature, and may not be for some considerable time, for the profitable deployment of such a
network. As such, the Board decided to take advantage of the opportunity to sell the licences in July 2001 for $2.2 million and increase the cash reserves of the Company. Third Rail Australia retains fifty nine 3.4 GHz apparatus licences which are also intended to be divested.
PRESERVATION OF VALUE - MANAGEMENT BUY-OUT

Following the Board`s decision to divest its offshore assets, the company announced to the ASX, on 23 October 2001, that certain members of the senior management team of Third Rail Americas had made an offer to buy back the African and North American businesses from Third Rail.

The management buyout ["MBO"] offer is:

* to purchase all of the shares in TRA;
* to purchase Third Rail`s remaining 65% interest in TRG; and
* to take back the Third Rail name.

The consideration offered by Third Rail Global Holdings LLC ["GlobalHoldings"] (the entity through which the MBO team will hold the interests in TRA and TRG) comprises:

* buy-back and cancellation of 47,620,922 Third Rail shares and cancellation of 28,241,000 Third Rail options;

* the acquisition by Third Rail of a 5% shareholding in Global Holdings; Global Holdings has the option at any time to acquire this shareholding for US$7.5 million;
* release of certain tax indemnities of up to US$2.2 million given by Third Rail to certain of the vendors under the original agreement to acquire TRA executed in July 2000;

* assumption by Global Holdings of Third Rail`s continuing obligation to fund TRA`s operating lease commitments of approximately US$1 million over the next 10 years; and
* a contribution by Global Holdings of up to US$220,000 to the operating expenditure of TRA for the period up to the date of closing.

The MBO offer is subject to Shareholder approval at a General Meeting to be held on 12 December 2001.

It was a condition of the MBO offer that the recent equity injection of US$2 million into TRG be successfully completed, which has now occurred. The sale of Third Rail`s 65% interest in TRG is an integral component of the MBO and cannot be excised from the transaction.

Having rega rd to the limited commercial success achieved by the Company`s operations in the US and the currently unfavourable equity market conditions, the Third Rail Board has determined that this
transaction is in the Company`s best interests as it preserves cash whilst retaining an exposure, through its 5% interest in Global Holdings, to any upside in the event that Global Holdings is
successful in developing the broadband communication services business.

The Board believes that all remaining Third Rail shareholders will benefit from the MBO through the increased asset backing per share and the ability to stem the current outflow of cash required to
support the overseas operations.

THE FUTURE
The Board now intends to focus on identifying cash flow positive Australian businesses with substantial growth potential. The strong cash position of Third Rail of $7.5 million as at 31 October 2001, plus its interest in the royalty stream from the Golden Cities

Project, provides an excellent basis for identifying an opportunity which can restore shareholder value. The Company is well advanced in identifying such opportunities.

However, the Board and management acknowledge that considerable Shareholder value has been lost over the past 12 months, albeit mostly due to factors beyond the control of the Board and as such the remuneration and benefits available to the Board and management will be reduced and the details announced at the next General Meeting.

All options to acquire shares by the Directors and senior management will be cancelled. Taken in conjunction with the proposed MBO, the potential number of Third Rail shares will be reduced from 390 million to 289 million, a 26% reduction. In addition, Messrs Fitzgibbon and Bouchard will resign as Directors as a consequence of the MBO and I intend to step down as Chairman before the end of the
financial year.
In conclusion, this past year has not been a successful one for Third Rail but the Company has emerged with a substantial cash position and the opportunity to move forward during the next 12 months.

I am willing to accept any questions before moving to the formal part of the Meeting

M Palmer
CHAIRMAN



Irm

[bobolo]

@ bluenode
Wenn TRD seine Aktivitäten wirklich in solche Bereiche lenkt, die unter dem Strich den Aktionären zugute kommen, dann glaube ich sehen wir Licht am Horizont und können getrost der Dinge harren. Wie Du schon sagst, bei den Kursen ist ein Ausstieg uninteressant.

[Sigga]

Gestern hat TRD 27% in Aust. gemacht+1,27 Millionen gehandelte Aktien . It da was im Australischem Busch los????

[Itsreallyme]

Heute erneut + 18,92 % bei 1.415 Mio gehandelten Stücken.