Computicket capital too low —witness
NZPA Sydney in r lb Computicket Australia h Pty, Ltd, was under-capitai-; ti ised with an initial cash in-io xestment of $BOO,OOO said aK witness in Sydney's Central iti Court of Petty Sessionslu yesterday. Peter Duncan Campbell, A managing director of Com- iti puticket Pty, Ltd. of Trans-, p vaal. South Africa, told thejti court that in a prospectus |s he prepared in November, a 1976, the initial cash re-; quirement for working capi-i. tai of Computicket Australia was SI million. Mr Campbel! was giving; evidence at the fifth day of; a hearing of 12 charges; against the entrepreneur J Harry M. Miller. Miller has entered no pleaj to the charges alleging! breaches of the Crimes Act; and the Securities Industries Act. I. Mr Campbell said in reply! to a question by Mr Marcus! Einfeld, Q.C., for the Cor-, porate Affairs Commission| of New South Wales, that! Computicket Australia would! not be over-capitalised with; an initial investment of! $800,000; it would be under-1 capitalised. Mr Campbell said the in-! itial expenditure predicted ini the prospectus was depend-: ent on various factors, par-i ticularly the number of ter-i minals and outlets to be set! up. His prospectus was; based on 23 terminals. He said he believed the $1!
million figure to be accurate; before June. 1978, but then; he discovered that Compu-; ticket Australia planned to open more outlets in a shorter space of time before the launching date in August. Mr Campbell told Mr R. McHugh (counsel for Miller) that the South African Computicket system gave a better service than the other systems — Bass, Ticketron, and Ticketmaster. The Computicket system!
; used computer terminals and 'box-offices and other locaItions that were linked to a ' central computer. The terminals offered the customer the best tickets available and the central computei handled hundreds of messages simultaneously. Mr K. Anderson, S.M., adjourned the hearing to November 26. He. ordered the return of Miller’s- passport and iallowed him bail ■
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Press, 16 July 1979, Page 7
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329Computicket capital too low —witness Press, 16 July 1979, Page 7
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