Quadtel back with acquisition of Original Spin

Quadtel back with acquisition of Original Spin

Quadtel Ltd CEO Bruce Ind hopes to relist the company on the Australian Stock Exchange in the New Year, after more than six months in administration. The company will also seek shareholder approval of its recently struck agreement to acquire software developer Original Spin.

Quadtel intends to acquire Original Spin, a developer of wireless mobility software for mobile phones, in exchange for Quadtel shares. The deal was announced to the ASX on 26 November.

Quadtel was placed in administration in May after its board voted to cease funding for its subsidiaries Quadtel International and Marketing Results. The subsidiaries were liquidated in July. ARN reported at that time that Marketing Results, a software distributor, was acquired by Phoenix IT. Phoenix is headed up by former Quadtel employee Mark York.

In its November statement to the ASX, Quadtel said that since the trading halt on 13 May, it has raised $600,000 by way of loan funds to be converted into ordinary shares, subject to shareholder approval.

According to Quadtel's statement from to the ASX, it has also secured the approval of creditors to compromise any possible debts "due to the subsidiaries from Quadtel". The subsidiaries had owned creditors up to $3.5 million.

Speaking to ARN yesterday, Ind said that settlements with creditors, including D-Link, were in the process of being finalised. The D-Link settlement was awaiting final signatures, he claimed.

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