When he got there the cupboard was bare ... Alinta's Ross Rolfe. Illustration: Rocco fazzari
The former three-star Papua New Guinean hotel company Quoin Limited treated the market to a barrage of social media-inspired gobbledegook yesterday when it announced plans to raise $5 million as part of its attempt to replicate the success of Facebook and Twitter.
''The company is commercialising the development of a globose layer 2 social networking platform for the internet, which when implemented will result in a higher 'total relevance of information' and extend participation longevity for users of social networking sites,'' it said.
The company has been suspended from trading on the ASX since April 2001. Quoin said it plans to lodge its audited accounts for the past three years by late May; launch its ''web platform'', codenamed RingBuzzer, in June, and resume trading later in the year.
''The platform will have the capacity to ensphere what is currently a fraternity of users who will be able to elect to opt-in for participation in compass cliques.
''Through ongoing normal social networking activity users will self migrate to a virtual vortex of relevance which results in the user participating in more of specifically what they target, thereby yielding a greater opportunity and capacity to monetise social networking sites and simultaneously making the sites more useful,'' the company explained.
DOTTY COM
CBD tried to get hold of Quoin's chairman in Melbourne, Moishe Gordon, but his voicemail said ''there was no more room to leave a message''. The company, whose name is derived from the architectural term given to a cornerstone of a brick or stone wall, jumped aboard the dot-com boom bandwagon more than a decade ago (just before the bust).
In its 2000 annual report, issued in 2002, Quoin said: ''Our mission is to commercialise and manage information technology businesses, providing high-yield returns to our investors and shareholders, whilst retaining excellent bricks and mortar assets for future tangible security.''
The fairly upbeat 2000 annual report was lodged with the ASX after administrators and receivers were appointed to Quoin's technology business and the hotels sold.
By the end of 2007 (the last period Quoin has filed its accounts up to), the company had racked up 43.5 million PNG kina ($16.7 million) of losses.
EMPTY-HANDED
There were few treats in store for Alinta Energy's suffering security holders yesterday when the proposed $2 billion private equity-led buyout proposal was approved at an extraordinary general meeting.
Before a short adjournment, investors were assured by the chairman, Len Gill, that refreshments would be served. To their dismay, there was no tea, coffee or delicacies to be seen. A clearly frazzled chief executive, Ross Rolfe, attempted to calm nerves by getting staff at Customs House to find some orange juice and a plate of bickies.
EVER READY
Just in case you're wondering, Quoin is not the longest suspended stock listed on the ASX. That honour goes to the PVC glove-maker and canned food company China JXY Food Limited, which has not traded since 1998. Since then JXY has had several name changes (Sunbase China Limited to China Cattle Limited to JXY) and has invested in several business ventures from boat-lifting, dairy cattle to steel and cement-making. JXY's website notes: ''We welcome ambitious people from home and abroad to join and create more brilliant tomorrow.''
DOUBLE TROUBLE
It looks like the ABC co-founder Dr Le Neve Groves is going to have a busy year after a Federal Court judgment decided she could handle concurrent legal stoushes with the Tax Office and her former hubby, Eddy Groves.
Dr Groves argued that a disputed $9.5 million tax bill would not be prejudiced by a delay that would allow her to pursue a case against Eddy and various margins lenders who allegedly unjustly enriched themselves, at her expense, to the tune of $44.2 million.
Dr Groves claims a hefty portion of the income underpinning the tax bill was allegedly misappropriated by her ex-husband, so there are ''issues of fact and law that are common'' to the Federal Court tax appeal and the Supreme Court legal proceeding.
She also claims that without a recovery from her action against Eddy she would be unable to pay the tax bill in question in any case.
Justice Logan dismissed the application for a temporary stay of the tax appeal but did not rule out the granting of a temporary stay at a later date, if deemed necessary.
Got a tip? Use our online tips box or email srochfort@smh.com.au
