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


Deep Video Imaging Limited Litigation Settled

Deep Video Imaging Limited (DVI) Litigation Settled

Auckland, 01 April 2004:

Listed marine company Sealegs Corporation (NZX:SLG) today announced that K One W One Limited, an investment company owned by Stephen Tindall, has advised that it has purchased the remaining 3% shareholding held by Power Beat International Limited (PBIL) in DVI. As part of this acquisition the Tindall interests and PBIL have ceased all litigation.

As a further result, IT Capital/Sealegs is no longer subject to litigation brought by PBIL in relation to shares in DVI that it sold to IT Capital/Sealegs. That litigation was resolved in favour of IT Capital/Sealegs by summary judgment in November 2003 at the High Court. However, the judgment was appealed by PBIL and as a result of this settlement the appeal has now been abandoned.

The only matter outstanding is the payment of costs awarded in the High Court. The amount of $15,710 is due from Power Beat to IT Capital/Sealegs.

Sealegs Corporation CEO David McKee Wright said “we are very pleased with this outcome, as it takes away any uncertainly over Sealegs’ 19% stake in DVI and at the same time gives greater control to the major shareholder in DVI”.

About Sealegs Corporation

Sealegs Corporation Limited is a public company listed on the New Zealand Stock Exchange Main Board with the ticker symbol SLG.

Sealegs Corporation owns 100% of Sealegs International Limited, the world's leading manufacturer of amphibious boats. For more information on Sealegs see

Sealegs Corporation has one other investment, a 19% share holding in Deep Video Imaging.

Deep Video Imaging is a technology company, which has developed multi-layer display technology. For more information on Deep video imaging see

(IT Capital changed its name to Sealegs Corporation Limited on 24th December 2003. The New Zealand Stock Exchange ticker symbol changed from ITC to SLG)


© Scoop Media

Business Headlines | Sci-Tech Headlines


Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>



Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news