Moore suppliers convert debt to shares

Print Media Group and Adsone to switch over $4million in debt to the print management business owned by Argus Solutions.

The move is the latest twist in the byzantine trail following the takeover by Argus of Moore Business Systems early this year. The printing part of the group, iconic forms printer, Paragon Printing in Albury along with Moore Office Products went into bankruptcy in March.

Paragon Printing was picked up by the Print Media Group, which is controlled by Leo Moio, who also a director of Argus. It is reported to be Argus’ major supplier. The other supplier, Adsone, is largely controlled by Amir Hyster, who now owns some 65.7% of Argus and 65% of Adsone. Hyster was one of the owners of Moore Business Systems when it was taken over by publicly listed Argus.

The debt to shares move for the publicly listed company is claimed to supply additional working capital for the company. In June it announced it had re-established credit terms with most of its major printing suppliers. This has allowed the company to get back into sales in print management. According to a statement on the ASX there was insufficient funding for the company to process all back orders.