Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Manawatu-Whanganui Projects: PGF Top-Up To Rural Broadband Roll-Out

The government has effectively raided the $3 billion Provincial Growth Fund to top up the budget for the second phase of its rural broadband initiative, filling in mobile 'black spots' and ensuring broadband is available to marae that don't have access now. More>>

ALSO:

Other Windy Cities: Auckland-Chicago Named A Top 10 ‘Most Exciting’ New Route

The inclusion of Auckland-Chicago on Lonely Planet’s Where to fly in 2019? The 10 most exciting new flight routes list comes just two weeks before Air New Zealand prepares to celebrate its inaugural flight to Chicago’s O’Hare International Airport on 30 November. More>>

Deadly Strain: ESR Ups Its Reporting On Meningococcal Disease

The increasing number of cases of Group W Meningococcal disease (MenW) has prompted ESR to increase its reporting on the disease to the Ministry of Health. ESR has upped its reporting to weekly. More>>

ALSO:

Very Small Things: "Game-Changing" 3D Printing Technology Launched

New Zealand microfabrication researchers Andrea Bubendorfer and Andrew Best, the co-inventors of a new way of fabricating very small things with Laminated Resin Printing (LRP), are part of Callaghan Innovation’s MicroMaker3D team launching the new patent pending technology in the US this week. More>>

ALSO: