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company deregistered today


as S2NET LIMITED this company is still registered and lodging reports - is there a website?


company changed its name to S2Net Limited after delisting from ASX


delisted following a decision by the company to end quotation of its shares because of the listing costs, limited liquidity and high number of shareholders with less than marketable parcels


shares suspended from quotation


reinstatement to quotation


issues replacement disclosure documents


reports that the company has raised $7.2m


meeting of creditors to be held on 10 Dec 03 - refer to the market release because there are a number of important proposals


resolution to approve issue of additional shares and options overwhelmingly approved


company calls a meeting for 21 Nov to consider its proposals to raise $10m through a share issue and institutional placement


company takes what it describes as a major step towards re-quotation on ASX with the appointment of Paterson Ord Minnett to act as Lead Manager of a two stage equity capital raising for the company


at AGM shareholders are informed it is likely to be at least two years before their shares are requoted on ASX - four instalments have to be paid to creditors before the DOCA is effectuated


company announces an AGM to be held in North Sydney on 30 June 2003 - hopefully directors will then provide to shareholders and by way of a release to the market, an overview of the company's prospects including possible plans and timing for re-quotation of the shares


the company operates under a Deed of Company Arrangement which will come to an end only when the company fulfils all its obligations under the Deed - under the Deed, it is expected that the final payment to unsecured creditors would occur in June 2005 - however, the Deed allows the Company to repay its obligations at an earlier date - accordingly, it could be sooner than June 2005 where OT is able to apply for re-instatement in the ASX


now that the company is no longer under administration, shareholders are able to buy or sell or transfer shares (but it may not be done through the ASX as the shares are suspended from quotation) - 'off market' trading is permitted


the voluntary administration of the company comes to an end and control reverts to its directors


at a creditors meeting it was resolved that the company execute a Deed of Company Arrangement ("DOCA") - the terms of the DOCA essentially provide that the company will continue to trade and creditors will receive a compromised amount in satisfaction of their debts over the course of the next 2 1/2 years


administrators call for expressions of interest from prospective buyers to purchase various parts of the business, including Open Tel's Operations Support System (OSS) - they expect this process to be finalised by the end of August 2002


company advises that the previously announced sale of its OSS business has not been able to be completed - as a result, the directors have resolved that in their opinion, the company is insolvent or likely to become insolvent within the foreseeable future and have appointed R Whitton and P Yates of Deloitte Touche Tohmatsu as administrators


company announces that it has concluded an agreement to sell its OSS Business to OpenCI International Pty Limited (formerly Macquarie Infrastructure No 4 Pty Limited), for a purchase price of up to $3.1 million (with a minimum purchase price of $2.4 million)


company confirms it is seeking external advice to prepare an independent expert's report in relation to the current financial position and the optimal way forward for the company


company reaches an in principal agreement with respect to the resolution of a dispute with a customer - the dispute is the subject of proceedings commenced in the Supreme Court of New South Wales - company requests a continuation of suspension of quotation of its shares


securities suspended from quotation pending release of further announcements relating to negotiations with one of the company's customers


we understand that on or about this date the company split its shares 5 for 1

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