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LibertyOne shares put on halt

By Phil Boeyen, ShareChat Business News Editor

Tuesday 17th October 2000

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The shares of troubled Australian tech company Libertyone lie in limbo as the market awaits the outcome of a board meeting on Wednesday to consider a possible recapitalisation.

Liberty says it called for expressions of interest in relation to the sale of some major assets and/or a recapitalisation of the company, and will meet to consider the expressions it has received.

MD, Marcelle Anderson, has confirmed Libertyone has completed a sale of its 25% investment in, leaving the company with its primary investments of internet services company Zivo, a half interest in Satellite Music Australia and a 49% interest in Monet Asia Pacific.

Ms Anderson says the company has received a number of offers to implement a restructuring of the company, including offers to recapitalise LibertyOne by way of a placement of ordinary shares and the sale of assets.

"LibertyOne's focus since July has been to review investments and the business strategy of LibertyOne and to reduce the immediate cash expenditure of the company. The consideration of restructuring offers represent the final stage of our efforts to secure a long term return for shareholders".

Ms Anderson says an announcement will be made to the market on the company's future following Wednesday's meeting.

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