Media Release
August 24, 2009
ROAMFREE LTD IN ADMINISTRATION
Ferrier Hodgson partners Mr Tim Michael and Mr Will Colwell have been appointed
Voluntary Administrators of Roamfree Ltd, the parent company of the Roamfree Group,
providers of online accommodation and travel booking systems.
The Roamfree Board had been endeavoring to reach agreement with Noteholders on a
suitable debt-servicing plan but was unable to do so, leaving the parent company unable to
meet its debt commitments to Convertible Noteholders.
The administration relates solely to the non-trading parent company Roamfree Ltd. The
Group’s subsidiary trading companies, BookEasy Pty. Ltd, Roamfree Pacific and majority
owned Tourism Technology, will continue to trade as normal.
“From my initial review of the company’s affairs, it appears that funding provided by
Noteholders and investors has been exhausted by business investments and acquisitions
and the costs of developing its online offering. The current economic climate, resulting in
reduced travel and accommodation bookings, has also negatively affected the performance
of the Group,” Mr Michael said. “My initial focus will be to maximise the recoverable value of
the company’s investments in and loans to the Group’s subsidiary companies.”
Mr Michael said he would be in contact with creditors shortly to confirm details of the first
creditors meeting scheduled for Thursday 3 September 2009.
ENQUIRIES: Please contact: Rhett Grasso at Ferrier Hodgson on 07 38314833.
ENDS