EOL sale approved by Newcall Group shareholders

EOL sale approved by Newcall Group shareholders

AUCKLAND 28 NOVEMBER 2002: Newcall Group Limited shareholders today gave their overwhelming approval to the sale of its electricity retailing subsidiary, Energy Online Ltd, to Genesis Power Limited.

At a special shareholder meeting Newcall Managing Director, Jim Bracknell, said the sale of EOL's assets would enable the group to relieve much of its debt and accrued interest, enabling it to "clear the slate and go forward".

"The sale, and its overwhelming approval by shareholders, represents another important step in the group's transition to an IT focused company spearheaded by ISP Iprolink, specialised utility billing and CRM subsidiary, Newcall Technology, and UCC (2001) Ltd. (The acquisition of the assets of UCC (2001) Ltd is still to be approved by Newcall Group shareholders.)

"In particular, Newcall will be aiming to become a significant player in the deployment of wireless broadband technology in New Zealand," said Mr Bracknell.

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