Iguana2 sells ShareChat website to Tarawera

Iguana2 sells ShareChat website to Tarawera Publishing

Iguana2 Pty Ltd today announced the sale of ShareChat ( http://www.sharechat.co.nz), its New Zealand sharemarket information website, to Tarawera Publishing Ltd (TPL).

Tarawera Publishing is a successful online publishing business which produces the leading personal finance site Good Returns ( http://www.goodreturns.co.nz).

Iguana2 product manager Ben Dutton says the decision to divest the asset was made following a strategic review of Iguana2's business direction.

"Iguana2 decided to remove itself from the consumer web market to focus on our corporate clients," Mr Dutton says. "Even though the ShareChat website has remained extremely popular and a market leader, it does not fit with our future business objectives."

ShareChat was bought by Iguana2 in May 2001 to use as a channel to sell Iguana2 consumer products. An Australian version of the site was also planned but, because of the depressed internet advertising market, this was cancelled.

"We felt a New Zealand based publishing company would be more suitable to capitalise on the opportunities the ShareChat site presents," Mr Dutton says. "Tarawera Publishing is well placed to further grow and enhance the ShareChat website."

Tarawera Publishing managing director Philip Macalister says that ShareChat is a good fit with the company's four existing publications; Good Returns, Asset, The NZ Mortgage Mag and Adviser.

Currently Tarawera Publishing provides a wide range of information across the personal finance market including mortgages, superannuation, managed funds, financial planning and insurance.

"ShareChat will help us provide readers with more in-depth information about New Zealand shares," Mr Macalister says.

Good Returns was launched in 1996 and has been a dot.com success story in New Zealand.

"Tarawera Publishing has a lot of experience in the online publishing world," Mr Macalister says. "These skills will help us grow the business and provide increased services to ShareChat readers."

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