It makes one wonder what can be found in researching 4C's and Annual Reports.
Battle still rages
MEDIA minnow Motopia has seen off major shareholder Wendy Syme's attack on its board - for the moment - but a separate stoush between company and owner rolls on.
In addition to being unhappy with the way Motopia is being run, Syme also reckons it owes her money.
Syme became a big shareholder in Motopia in 2009 after she sold the company her marketing business, cBox, in return for company stock.
She bought it back for $1 in 2011.
In a statement of claim filed with the Victorian County Court, she alleges the balance sheet and financial ledger she was provided with when she reclaimed control of the company were wrong to the tune of more than $500,000.
''According to the balance sheet, the inter-company loans between cBox and Motopia stood at nil, but, in fact, Motopia owed cBox $73,253.44,'' the statement of claim alleges.
''Motopia improperly treated payments of $301,620.80 from cBox as distributions of profit, and omitted from the general ledger and balance sheet accounts payable of $211,459.35…''
The statement of claim was filed in October.
Motopia told the market about the lawsuit on November 30. It denies the allegations.
