Heatley Outlines Eventures Offer
Craig Heatley today outlined a restructuring proposal for eVentures New Zealand Ltd designed both to secure the company's future and to protect the interests of its 1150 minority shareholders. The proposal includes a buy-back offer to eVentures that would result in a reduction in the total number of shares in the company and a significant lift in its net asset backing.
Mr Heatley's proposal follows the decision by eVentures' founding joint venture partners, Softbank and epartners, to exit the New Zealand and Australian market.
Mr Heatley, who owns 16% of Internet investment company eVentures, is offering to buy Softbank and epartners' 64% stake of 160 million shares at a price between 14c and 16.8c per share. If this offer is accepted Mr Heatley would offer the shares acquired from Softbank and epartners back to eVentures at his cost price with the purpose of cancelling those shares. The result would be a reduction in the total number of shares to 90 million and a consequent increase in eVenture's net asset backing by approximately 45%.
Mr Heatley said he had been concerned to develop a proposal to put to eVentures' directors that would preserve and protect the interests of its small investors. He said he believes the proposal represents a fair and positive solution for the company and all its shareholders.