Commander Australia Limited
Encyclopedia
Commander Australia is an Australia
n telecommunications company
formed from a spin-off of Telstra Corporation
. At one point in its history, it boasted revenues of over A$1 billion. In 2006 Commander embarked on an ambitious Franchising scheme, setting up a pilot “Commander Center” franchise in Tasmania. Over 30 “Commander Centre” franchises were sold Australia-wide until toward the end of 2007 when the franchise model started showing some viability issues. On Friday, 8 August 2008, the company announced to its investors and 1300 staff that it was placed under administrative receivership, owing $360 million to the Westpac
, Commonwealth and ANZ. bank
s.
On 30 January 2008 commander made 600 staff redundant. This increased its share price by 10%. However this share price was short lived, with the price back down to 19c within hours.
The share price did not recover and at time the company went into administration the share price was sitting at 8.2c
purchased the Small & Medium Business division of Commander.. M2 paid $19million for the acquisition
M2 Telecommunications Group Ltd (“M2”) is Australia’s largest network independent provider of the full suite of fixed line, mobile and data telecommunications services. M2 was established in 1999 and listed on the Australian Securities Exchange (“ASX”, ASX code MTU) in 2004. Company headquarters are in Melbourne, with offices in Adelaide, Brisbane, Hobart, Sydney, Perth and Wollongong.
M2 is the parent company of Commander, People Telecom, M2 Telecom, M2 Wholesale, Southern Cross Telco, Simply Mobiles and GreenMobiles.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n telecommunications company
Company
A company is a form of business organization. It is an association or collection of individual real persons and/or other companies, who each provide some form of capital. This group has a common purpose or focus and an aim of gaining profits. This collection, group or association of persons can be...
formed from a spin-off of Telstra Corporation
Telstra
Telstra Corporation Limited is an Australian telecommunications and media company, building and operating telecommunications networks and marketing voice, mobile, internet access and pay television products and services....
. At one point in its history, it boasted revenues of over A$1 billion. In 2006 Commander embarked on an ambitious Franchising scheme, setting up a pilot “Commander Center” franchise in Tasmania. Over 30 “Commander Centre” franchises were sold Australia-wide until toward the end of 2007 when the franchise model started showing some viability issues. On Friday, 8 August 2008, the company announced to its investors and 1300 staff that it was placed under administrative receivership, owing $360 million to the Westpac
Westpac
Westpac , is a multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand....
, Commonwealth and ANZ. bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s.
Share price
Since May 2007 where commanders share price was sitting at $2.45 on the ASX, its share price had fallen to 8.2c at the time it went into administration. On 1 October 2007 the company was put into suspension from official quotation by the ASX due to Commanders failure to lodge reports to the ASX by the deadline. This effectively froze the value at 53c per share. On 18 October 2007 the company reinstated official quotation, within hours the share price halved.On 30 January 2008 commander made 600 staff redundant. This increased its share price by 10%. However this share price was short lived, with the price back down to 19c within hours.
The share price did not recover and at time the company went into administration the share price was sitting at 8.2c
Sale to M2 Telecommunications
In June 2009, M2 TelecommunicationsM2 Telecommunications
M2 Telecommunications Group Ltd is an Australian wholesaler of telecommunications services.- History :Established in 1999, M2 Telecommunications Group Ltd is Australia’s largest network independent provider of telecommunications services...
purchased the Small & Medium Business division of Commander.. M2 paid $19million for the acquisition
M2 Telecommunications Group Ltd (“M2”) is Australia’s largest network independent provider of the full suite of fixed line, mobile and data telecommunications services. M2 was established in 1999 and listed on the Australian Securities Exchange (“ASX”, ASX code MTU) in 2004. Company headquarters are in Melbourne, with offices in Adelaide, Brisbane, Hobart, Sydney, Perth and Wollongong.
M2 is the parent company of Commander, People Telecom, M2 Telecom, M2 Wholesale, Southern Cross Telco, Simply Mobiles and GreenMobiles.