Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search


eVentures NZ Chairman Resigns

24 May 2001
For immediate release


Dr Roderick Deane announced today his resignation as Chairman and as a Director of eVentures New Zealand Limited.

Dr Deane said he had accepted the role as Chairman on an interim basis following the resignation of Mr Heatley and his decision to spend substantially more time abroad.

Dr Deane said that he was disappointed that eVentures New Zealand had not been able to pursue more of the types of investment opportunities it had originally envisaged undertaking. This was partly because of the major change in the internet market over the course of the past year and partly because of the change in position adopted by the major shareholders in eVentures New Zealand, epartners and SOFTBANK.

On the other hand Dr Deane said he was pleased that the company had retained a strong position, holding around $50 million in cash which, even after the share restructuring, left it well placed to pursue other appropriate investments.

Now that Mr Heatley has agreed to facilitate a greatly improved outcome for the minority shareholders in the company consequent upon his proposed acquisition of the majority epartners/SOFTBANK shareholding in eVentures New Zealand, implying a very substantial rise in the net tangible asset backing per share for the remaining shareholders after the proposed buyback transaction, Dr Deane indicated that now was an appropriate time for him to depart.

In doing this, Dr Deane paid tribute to the great fortitude of Cindy Mitchener and her excellent team at eVentures who have shown a high standard of professionalism throughout what has been a difficult time for them. He also thanked his fellow NZ based Directors for their substantial support during the recent discussions.

- ENDS -

© Scoop Media

Business Headlines | Sci-Tech Headlines


Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>


Oxfam: Drug Companies Cheating Countries Out Of Billions In Tax

Oxfam’s analysis suggests these four companies are shifting profits out of countries where they do their business and into tax havens that charge little or no tax. More>>

Off The Lam: 50 Lambs Reported Lost, Found

The sheep had escaped and merged with another farmer’s flock. The combined flocks had been moved to another property before the farmer realised the missing sheep were included. More>>

Rotting Poles: Commission To File Proceedings Against Aurora Energy

The Commerce Commission has decided to file court proceedings against Dunedin-based electricity lines company Aurora Energy for breaching its regulated quality standards in 2016 and 2017. More>>


Gordon Campbell: On The Rising Cost Of Petrol

As petrol gets more and more expensive, Auckland motorists have several things to blame for it – the slumping value of the Kiwi dollar, Donald Trump’s sanctions on Iranian oil, hurricanes in the Caribbean… But it is simpler and feels better to lay all the blame on the regional fuel tax. More>>