OBJECTIF TELECOMMUNICATIONS LIMITED (OBJ)

name changed to OBJ Limited

company advises the prospectus offer has closed fully subscribed

we understand that on or about this date the company consolidated its shares 1 for 20

reorganisation of capital is effective 31 March 2004 - every twenty shares are consolidated into one share - trading commences on 31 March 2004 on a deferred settlement basis

calls General Meeting for 30 March 2004

creditors have now accepted the proposal and preparations are currently underway to document the transaction and convene the required shareholders meeting - the offeror should be ready to forward notices of the shareholders meeting to all shareholders early in the new year

it does not appear likely that ordinary unsecured creditors will receive any return and therefore neither will there be a return to shareholders - Deed Administrators and a potential purchasing party (of the company shell) are in discussions with ASIC and ASX regarding the relisting of the company - if the re-structuring plan is accepted the company will be relisted and the shares available for trade by Christmas 2003

seeking update

the company has not paid its annual listing fee - it will be removed from the official list on 1 September 2003 if it does not pay the fee by Friday Aug 29

a proposal to sell the company shell has not been completed and administrators are negotiating with other interested parties

administrators advise the business and assets of the company have been sold to Keystone Process Dynamics Pty Ltd and all proceeds received

creditors accepted the proposal for the joint sale of the business and assets of Objectif to Jeff and Penny Mills with final payment for the business due on 19 April 2003 - creditors also approved the execution of the Deed of Company Arrangement proposed by Asia Pacific Equity Funding Pty Limited to purchase the company shell of Objectif - it is expected the process of organising necessary ASX approvals to have the company re-listed will take between two and three months

administrators advise that in their opinion, at the reconvened second meeting of creditors on 18 March 2003, that it would be in the best interests of the company's creditors for the company to execute the proposed combined Deed of Company Arrangement with APEF and the Mills

shares suspended from quotation

company appoints Adrian Duncan and Bill Cotter of Knights Insolvency Administration as voluntary administrators - no reason is given - it is expected that the "suspension will be determined upon the cessation of the appointment of the voluntary administrators" - the company "estimates that the suspension will last for approximately 7 weeks" but is "unable to give a definitive statement of the duration of the suspension" ("" most peculiar statements!!)

we understand that on or about this date the company split its shares 6 for 1