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

 

eVentures NZ Chairman Resigns

24 May 2001
For immediate release


eVENTURES NZ CHAIRMAN RESIGNS

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

 

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: