Bill Express announced to the ASX today an extension to its suspension to August 22. The waiting game continues. The company says it has received a recapitalisation proposal from a subsidiary of Al Othman Group. While Al Othman houses several businesses which could provide synergy with the Bill Express model, I am surprised that the company has had to go so far from home and current partners for a financial lifeline.
It is too early to think BXP is dead. Those who cancelled the direct debit without joined any class action should act with other newsagents now.
1) Lodge complaint to ACCC
2) Join any class action or seek a legal advice of your own.
It is naive to think you can get same result as others who actively fight for this unfair agreement.
Thank you, Mark. You provide a platform for us to follow the situation.
I wouldn’t say they’re dead either.
They now have no loyal newsagents to sell and promote their services. Are they going to bring back the rebate? Probably not.
I felt insulted when they said it was due to underperforming newsagents, I was happy to promote it and they did this to me. I’m burned like most of us.
I wonder how the Al Othman Group decided in a short amount of time to give them finance?
Do they know the whole BE story?
wonder how the Al Othman Group can be made aware of the real Bill Express story?
I doubt anyone with money to burn would really do a dud investment.
I reckon it’s all just more b/s, in a never-ending spattering stream that commenced when the first BXP/ANF salesworm darkened our doorway.
I do not purport to know the actual details of BXP but really what is there to recapitalise?… Gross Income to BXP could only be some $40mil pa and dwindling rapidly due to the loss of it’s revenue network from retailer discontent….Interest on their reported $180mil debt must be about $20mil pa or half of their potential GP…Their market capitalisation from previous listing days must only be about $16mil…so who would put in cash or guarantees for a further $180mil to cover debts. What happens to the current shareholder’s value after re-capitalisation?, let alone a network of disgruntled Newsagents unwilling to support BXP. Furthermore their business network in the way of newsagents wants to take them to court and refuse offering their service….Can this really be a positive picture for BXP, or is there really any blind,deaf or dumb…or rather “white knights”” out there?
You’ve basically hit it on the head Steve.
I hope the “White Knight” has opened BE’s books and had a good thorough look at the whole business and how it operates.
I wish I was there to hear the sales pitch!
Eagle eyrie soon to be empty!!…Have just found this very interesting snippet under a 4 June 2008 posting on the Business Day web page of The Age. It is in relation to a Victorian family welfare group company moving to Eaglemont and into a building “which will be vacated by Bill Express in August”…..”Listed agency Colliers International declined to comment an any activity at 677 The Boulevard”.
August?? Now that sounds familiar…Isn’t something else supposed to be happening with Bill Express and their “grand comeback” around about that time? The plot thickens while we all wait for the next exciting episode.
never mind, ‘Sheik-Yer-Bouti’ will be riding his magnificent camel over the dunes to rescue bxp; he will provide a luxurious Bedouin tent; furnished with the finest rugs & feasts of sheep’s eyes & dates. They’ll be able to pay all their debts; and continue to conduct business in harmony with all thier stake holders.
And all newsagents will bow to them being their slaves of course, giving them all we have and them giving us nothing in return.
Regardless of whether BE is rescued from obscurity; they have left such a foul tatse in most newsagents mouths that the Bill Payment side of the business will never recover. Bill Payment through Bill Express is a dead donkey now and into the future.
It’s just a pity they don’t know that. I thought it would be pretty obvious to them.