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.

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