POS MEDIA ONLINE LIMITED (PMD)

the Federal Court of Australia in Sydney fines liquidator Mr Richard Albarran, of Hall Chadwick Chartered Accountants, $20,000, following his refusal or failure to answer questions asked by the Panel Chairman at a hearing of the Companies Auditors and Liquidators Disciplinary Board

according to a media release by the Australian Securities & Investments Commission today, the Companies Auditors and Liquidators Disciplinary Board has found that Richard Albarran of Hall Chadwick had failed to carry out or perform adequately and properly the duties or functions of a liquidator as required under Australian law

name changed to Digital and Voice Media Limited

company advises that all of the resolutions considered at the General Meeting of shareholders held on 22 April 2005 were passed on a show of hands

provides Notice of Meeting for 22 April 2005 - a recapitalisation of the company is proposed - if it proceeds and a proposed capital raising is successful, existing shareholders will be diluted down to virtually nothing - but then again that is better than nothing

we have been seeking an update of developments from administrator David Ingram of Hall Chadwick since 24 January 2005

seeking an update from administrators

finally hear from the administrators - the proposal put forward earlier by Neate Nominees Pty Limited has subsequently been withdrawn and as a result the administrators are currently involved in negotiations with a second interested party for the sale of the company shell - a further report outlining the new proposal and calling a meeting of creditors will be forwarded to creditors shortly - provided creditors accept the new proposal at that meeting, a report will be mailed to shareholders shortly after that meeting outlining the proposal and calling a meeting of shareholders

we asked the deed administrator Richard Albarran of Hall Chadwick Sydney for an update of developments since the company entered into a DOCA almost five months ago - we have asked Mr Albarran to respond a number of times since and are still awaiting a reply - in his last release to the market on 9 October 2003 Mr Albarran promised that "further information with respect to the company will be made available shortl" - yet the market has received absolutely no information and, believe it or not, this is still a listed company

seeking update from administrators

creditors resolve that the company enter into a Deed of Company Arrangement which should provide funding for creditors and working capital

seeking update

company appoints R Elliott and R Albarran of Hall Chadwick as administrators

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

the company failed to lodge its half yearly financial statements on time and ASIC has taken action to prevent the company from using the limited disclosure regime when raising money

we understand the company has found a new business and will be seeking shareholder approval to acquire it at an EGM to be held on 12 August - shortly after that the company should be requoted on ASX

seeking update - company's website is not functional, directors are not returning calls and Computershare have still not been notified the shares are suspended! - as soon as we have some news we will publish it here

directors say it is expected that the key remaining issues will be settled within the next 30-45 days and that the company will be in a position to report to its shareholders in more detail immediately thereafter

shares suspended from quotation following failure to lodge their full year accounts for the period ended 31 December 2002 in accordance with listing rules

the day before suspension of its shares the company, among other things, says "at this stage" the company's audit report is expected to be completed and published no later than 30th April 2003 and no impact is expected in terms of timing for the AGM - the "at this stage" is always worrying