'That's the last defector', says Terria as TransACT exits

Stuart Corner
Monday, 27 October 2008 08:23

IT Industry - Strategy

He added "It is getting close to crunch time [with bids due on November 26] and there is obviously a formal process to go through to crystallise things."

However, according to Egan, TransACT had been a shareholder in the incorporated company, Terria and held a seat on its board. He suggested that Slavich might have been referring to a separate kind of involvement.

Certainly the three recent defections from Terria in short order would suggest that, as the bid deadline looms. Terria members are being asked to make a formal commited above and beyond holding shares and board seats in Terria Pty Limited a company with a total share capital of just $8.00.

Company information obtained by iTWire from ASIC on 27 October listed Terria's directors as being: Ravi Bhatia (CEO of Primus); David Tudehope (CEO of Macquarie Telecom); Michael Malone (CEO of iiNet); Simon Hackett (CEO of Internode); Paul O'Sullivan (CEO of Optus); Michael Egan (chairman of Terria); Michael Simmons (CEO of Terria); Matthew Healy (national executive regulatory and government, Macquarie Telecom); and Andrew Sheridan (general manager of regulatory affairs, Optus).

Shareholders were listed as TransACT, AAPT, Primus, Optus, Soul, Internode, Macquarie and iiNet with each holding one of eight shares.