rocom ....reborn ?

[easy money]

allen hawkens takes the helm...share price moving upwards...is rocom the next equiticorp?..would anyone like to comment?

[Smeagol]

All I can say is I'm chuffed, 51.64% gain in two weeks :D I've bailed. Personally have my eye on more stable growth opportunities ATM.

DISC: Did hold ROC

[roaddog]

I've sold today too dude for 16c 51.64% profit :D8 cents was a good buy :Di had over 1% of Rocom 150,000 shares i also think theirs better opportunities out their like ATM also like Media Technology Group (MTG)

[zyreon]

*screws up piece of paper from 2 weeks ago that said look into ROC*

grrrr, Hindsight sucks

[willy_wonker]

Didnt Hawkins do time for corporate fraud?

[Futurz]

quote:Originally posted by willy_wonker

Didnt Hawkins do time for corporate fraud?


Hawkins makes listed company return

16.06.2004


Allan Hawkins, the man behind Equiticorp Holdings, the high-flyer that crashed in 1987, is coming back to head a listed company.

Auckland's Rocom Wireless has told the New Zealand Exchange that two of Mr Hawkins' private companies - Cynotech Securities Ltd (CSL) and Newmarket Securities Ltd (NSL) - have taken over Rocom's funding.

At the same time, the agreement also covers Mr Hawkins becoming Rocom's chief executive and chairman.

Equiticorp, a holding company which had a group of trans-Tasman businesses, was one of the firms burned after the 1987 sharemarket crash.

In January 1989, the Lange Government put 94 of Equiticorp's companies into statutory management and receivership, at a time when the holding company had 40,000 shareholders and the group about 10,000 depositors.

Mr Hawkins was sentenced to nearly six years in prison for convictions on six counts of fraud and conspiracy.

The Equiticorp saga lingered until 1998, when the company agreed to pay the Government - appointed statutory managers - $267.5 million to settle a claim over the sale of New Zealand Steel.

Asked today how it felt to be back heading a listed company, Mr Hawkins said that he thought he brought daily management experience to Rocom, while Richard Guy, one of Rocom's executive directors, had more experience on the technology side.

Mr Hawkins was unable to say how much he, or his private companies, would hold in Rocom, as part of the deal involved a rights issue.

"The market and shareholders will get more information about the issue in the next couple of weeks."

However, before then exchange and securities approvals were required, so no more details could be given, he said.

Rocom told the New Zealand Exchange (NZX) that its board would seek shareholder approval on the issues related to funding and the rights plan.

Rocom also said that CSL and NSL had been assigned Magpie Investments loan facility, and that the two Hawkins firms had agreed to extend on the same terms as those set by Magpie, owned by Rocom's then chairman Craig Foss, last December.

However, Mr Foss announced his resignation in April.

Rocom, a telecommunications company, is listed on the NZX's alternative market.

- NZPA

[Halebop]

quote:Originally posted by zyreon

*screws up piece of paper from 2 weeks ago that said look into ROC*

grrrr, Hindsight sucks


Er, hardly the sort of event that can be forecast.

On the subject of Allan Hawkins I was kind of surprised to see him stepping back into the limelight. I bet he'd have a lot tougher time taking a new company public than buying into a small existing one like Rocom. Hopefully he's learned something about those boring things like cashflow, equity ratios, honesty. That sort of stuff.

[Awryly]

Clearly Hawkins is regarded, by some, as an asset to Rocom. God only knows why. It was a dumb company before he arrived. It's heading for yet another share dilution with yet another rights issue. And it has a corporate ex-crim as a major player. Go figure.

[Futurz]

Rocom share price soars as Allan Hawkins steps up
17 June 2004
By KAREN CHAN

Allan Hawkins' appointment to two top roles at Rocom Wireless has doubled its share price in the past two days, despite his fraud conviction and his role in one of the most spectacular corporate combustions of the 1980s.


Investors drove the NZAX-listed company's share price as much as 50 per cent higher yesterday, though it eased to close on a gain of 4 cents a share at 16c. An identical 4c-a-share gain was posted on Tuesday, after news of Mr Hawkins' appointment as chairman and as chief executive of Rocom broke late on Monday.

A senior adviser said he was "bemused and intrigued" by Mr Hawkins' return to the public arena. "We've had a few people ringing and saying: 'The Eagle has returned. Let's put some money behind him.'

"Investors ultimately will make up their own mind. A lot of people became wealthy investing with Allan Hawkins and were shrewd enough to take their money out before it collapsed in a whole heap."

Shareholders Association chairman Bruce Sheppard, said he had lost money on Equiticorp but did not consider Mr Hawkins either incompetent or that he set out to rip people off.

"He went to jail for doing the things that were in vogue at the time, and there's no doubt that everyone deserves a second chance."

While he could accept Mr Hawkins as a chief executive, Mr Sheppard said it was a "major governance risk" to allow a chief executive to be chairman as well, especially if the person had "a big question mark" over him.

Some fund managers fretted over the international reputation of New Zealand's financial markets and a key regulator fired warning shots.

"Our corporate governance principles make it clear that we do not believe it is the best practice for the same individual to be both chairman and CEO," Securities Commission chairman Jane Diplock said.

"We think that investors should look very carefully at who is running the companies they are investing in and understand who they are."

A fund manager said such an appointment could create a negative impression of the sharemarket in a post-Enron environment which had put the spotlight on governance. But he said it was up to investors to send signals.

Rocom's biggest investor is founder and executive director Richard Guy, who holds 32.8 per cent of its shares with a partner and a further 1.43 per cent alone. He said the company had given careful consideration to whether Mr Hawkins' reputation would hurt Rocom before approving the appointment.

"The share price has gone mad . . . It's not something we expected, but obviously the market believes he's a good businessman."

Mr Hawkins himself rejected a view that emerged in the market: That he was out to prove a point.

Becoming chairman was appropriate given his private companies were bankrolling Rocom as well as underwriting a rights issue, he said. Details of the issue are not available as it has yet to be approved by shareholders. Those companies – Cynotech Securities and Newmarket Securities – took over a $560,000 loan facility from a company owned by former Rocom chairman Craig Foss in December.

"It was not so much a decision to jump back into the limelight," Mr Hawkins said.

"My profession is investment banking and it just so happens this one (deal) has a public element about it."

His experience and "some talents" dictated his appointment as chief executive as well, he said.

Shareholders who object to Mr Hawkins will be able to have their say at the next annual meeting in May. Under NZAX rules, Mr Hawkins must step down as a director and seek re-election. Does Mr Hawkins expect to pass muster? "That depends on whether I'm doing a decent job or not," he said.

[The Doctor]

disquiet about Hawkins...."I'll leave NZ and pursue opportunities overseas"...being CEO and chairman,perhaps he can delegate one role to ...'Pinky' Powell..![|)]

[HarryFlashman]

Allan Hawkins is extremely smart and a very shrewd businessman.

On the assumption that what is good fro Rocom shareholders is going to be good for him I'd say Rocom will be worth following. I wonder what he is going to do with it?

Cheers
Harry

[Awryly]

Anyone care to venture an opinion on what Rocom shares will trade at after its 1:1 rights issue at 5c - bearing in mind they're tradeable on the NZAX only in even cents? 4c? 6c?

[willy_wonker]

The more important question is why are they raising funds? Is ROC is trouble and urgently needs cash to stay afloat? The rights issue will only raise around $715,000, which wont last very long.

[zyreon]

it's for hawkins salary

[Awryly]

quote:zyreon Posted - 23/06/2004 : 1:15:01 PM
--------------------------------------------------------------------------------
it's for hawkins salary


quote:HarryFlashman Posted - 17/06/2004 : 2:52:21 PM
--------------------------------------------------------------------------------
Allan Hawkins is extremely smart and a very shrewd businessman.

Ah so .. and what does that make Rocom shareholders?

[hirzelz]

Having had dealings with Equitycorp and Allan H I decided when the price was below 10c to watch this stock and now that the last was 28c I wish that I had done more than just put it in my watchlist

[Steve]

What sort of reasons would there be in getting the appropriate approvals that would delay things for a further month?

Would the approval process already have been started when the first announcement was made back in June?

[OldRider]

All ROC sellers taken out at 34c, now with no selling quote.

[foodee]

Great but why[?]

[saintjohn]

Easy....."ALLAN HAWKINS"
I am backing him all the way.

[foodee]

StJ
I suspect it may be more than that. He was already there before this spike.

[Steve]

With the sad profit announcement, I can see why the rights issue was delayed for a month. Appears they had to get the bad news disclosed before releasing the Rights prospectus. It will give things a time to settle down.

Disc. Looking at buying if it keeps dropping...

[whatsup]

Steve, You have it wrong "Life is tempory, death is permanent"!!!!