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Telecommunications Chariot & Transcom: claim and counter claim
Telecommunications Chariot & Transcom: claim and counter claim | Chariot & Transcom: claim and counter claim |
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| by Stuart Corner | |
| Sunday, 09 July 2006 | |
      
In November 2004 Chariot agreed to pay $5 million to Transcom, for an 80 percent shareholding in Transcom Australasia Pty Ltd, the licensee for the Transcom VoIP technology for the region, and for a 37.74 percent equity interest in Transcom Australasia's parent entity, Transcom International, which planned to license the system and its associated softswitch technology in more than 60 countries. According to an undated press release on the Transcom International web site, as a result of delays in Chariot launching the service in Australia, Transcom International assumed 100 percent ownership of Transcom Australasia and granted to Chariot a wholesale license. At the same time Chariot had invested a further $1 million in Transcom International. According to press reports, Transcom has accused Chariot of misleading the market by not disclosing this change in shareholding. Chariot has responded with an letter to the ASX in which it said: "In relation to comments reported in media coverage this week and attributed to Transcom Australasia Pty Ltd, Chariot Limited refutes without reservation, any suggestion by Transcom that Chariot has misled the market or shareholders. "Chariot and its directors will not only vigorously defend the legal proceedings which they regard as without foundation but will also take such action as they may be advised to protect the company and shareholders from Transcom's actions and claims." Chariot did issue an announcement to the ASX in September 2005 in which it hinted at the changes claimed by Transcom: "Chariot will now move to an approximate 41 percent interest in Transcom International, which will have ownership of the roll-out of Linqk [VoIP service] at the retail level throughout Australia, from its offices in Brisbane. "In addition, Chariot will roll out the Transcom product under its own 'Chariot VoIP' brand on a retail basis to its own customers, as well as providing Transcom VoIP as a wholesale service to smaller telcos and ISPs in Australia wishing to deploy a VoIP product under their own brand." iTWire asked Chariot secretary Garry Hersey if the equity change described in the Transcom press release had in fact taken place, but he declined to comment. |
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