Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2006auditor change● Neutral
This amended report repeats the November 2004 change of auditor: Deloitte Touche Tohmatsu resigned on November 24, 2004 and Hall & Company was engaged. It says Deloitte's reports for 2001 and 2000 were not qualified and there were no disagreements. It adds Deloitte's letter agreeing with the statements, and no new business developments.
This amendment corrects the February 2006 auditor change report: Hall & Company's 2004 and 2003 reports were modified due to uncertainty about BREK's ability to continue as a going concern, which the original filing had not mentioned. This contradicts the earlier statement that the reports were not qualified or modified, and is a negative signal for shareholders. The rest of the auditor change is unchanged.
Hall & Company resigned as BREK's auditor on February 21, 2006, and Mendoza Berger & Company was engaged. The filing says Hall's reports for 2004 and 2003 had no adverse opinion and no disagreements. BREK kept its current audit engagement partner, who moved to the new firm.
20 Dec 2004capital raising announcement● NeutralMajor
BREK disclosed several private share sales made in 2004, each selling units of one share plus one warrant. Cash raised: $437,500 (units at $0.05), $700,000 and further amounts of $50,000 and $100,000 (units at $0.20), $700,000 (units at $0.15), and $765,000 (units at $0.20), plus $10,000 in a small extra closing. Shares were also issued to settle about $68,750 of debts and, with warrants, for an oil and gas well valued at $279,392. Existing shareholders' stakes are diluted by these issuances (inference).
Deloitte Touche Tohmatsu resigned as BREK's auditor on November 24, 2004, and Hall & Company was engaged the same day. The filing says Deloitte's reports for 2001 and 2000 had no adverse opinion and there were no disagreements. The company's address is now London.
The company, renamed BREK Energy Corporation (the name change was filed January 31, 2002), disclosed a shareholder rights plan adopted December 5, 2001 with U.S. Bank, N.A. as agent. The rights, issued to holders of record on March 20, 2002 and expiring December 31, 2020, let holders buy five shares at $0.01 each if a person acquires 10% or more without board approval. The filing says the plan is meant to deter coercive takeover tactics but not negotiated deals.
2 Nov 2001asset acquisition disposition● NeutralMajor
First Ecom.com sold all the stock of FEDS, which it had fully acquired in June 2001, completing the sale on October 22, 2001. It received US$1.66 million upfront and US$1.34 million as repayment of a FEDS loan, plus 40% of FEDS's net operating profit for three years with a guaranteed minimum of $2 million and maximum of $3 million. This contrasts with the June 2001 statement of commitment to the payment business.