I and some colleagues have been doing some research into Technology Business International Pty Ltd (TBI), the company through which newsagents signed lease agreements with for the Bill Express equipment.
- TBI is owned by Technology Business Holdings Pty Ltd (TBH) and has two Directors, one of whom is Sandro DiDonato.
- Technology Business Systems Pty Ltd (TBS) is owned by TBH and has one Director, Sandro DiDonato.
- TBH has four shareholders, the largest (96.5% of issued capital) being Equip Rentals Pty Ltd and one Director, Sandro DiDonato.
- Equip Rentals Pty Ltd was deregistered on 9 December, 2007. It had one shareholder, Sandro DiDonato and two directors, one of whom was Sandro DiDonato.
It would appear from letters received by newsagents recently that TBI has moved from the Bill Express Eaglemont Head Office to Helen Street in West Heidelberg. It has been suggested that this move coincides with the move of treasury functions to the Helen Street address. This is the address used for Australian Private Networks.
- APN is primarily owned (95.5% of issued capital) by Telecards Asia Pty Ltd and has one director, Sandro DiDonato.
- Telecards Asia Pty Ltd is owned by Sandro DiDonato and has one director, Sandro DiDonato.
In their February 29 announcement of half yearly results, Bill Express announced that it would acquire a controlling stake in APN. The announcement talked up the Activ8me business. The due diligence for the purchase was expected to be completed in the first week of March. The company has not made an announcement regarding APN since. There is a question as to whether Bill Express should have disclosed that this is a related party transaction. While I am not saying it was, if I were a shareholder in Bill Express I would want the question asked.
I would like to know more about the reported visit to Bill Express headquarters by the Federal Police and what their visit relates to.
There are many questions which come to mind as I go through the tangled web of companies:
- Questions about APN and its financial and otherwise relationship to Bill Express.
- Questions about ETT, a public company linked to the Bill Express / OnQ group.
- Questions about OnQ itself and its tangled relationship with Bill Express and associated companies.
- Questions about the legal battle between OnQ shareholders.
- Questions about where the intellectual property which is at the heart of the Bill Express proposition is actually held.
These and other questions go to the heart of the viability of Bill Express, a matter of great interest to newsagents.