Forum Archive Index - May 2001

["David" <davida@wave.co.nz>]

Good news just keeps coming whats going to be the third

Dave


EVZ23/05/2001GENREL: 1709 HRS eVentures New Zealand LimitedGEN: EVZ: NZ
DIRECTORS PLEASED WITH MINORITIES OUTCOMEThe Chairman of eVentures New
Zealand Limited, Dr Roderick Deane, advisedtoday that the New Zealand based
independent directors of eVentures are verypleased that Mr Craig Heatley has
agreed to facilitate an improved positionfor minority shareholders within
the context of his recently proposedpurchase of the epartners/SOFTBANK 64%
shareholding in eVentures New Zealand.epartners/SOFTBANK have recently
indicated their desire to withdraw from NewZealand following the significant
change in the international internetinvestment market and the subsequent
closure of eVentures UK and Australia.Subject to Mr Heatley's successful
acquisition in the near future of theepartners/SOFTBANK equity stake in
eVentures New Zealand, and followingproductive discussions with the New
Zealand independent directors, Mr Heatleyhas agreed to facilitate a buy back
by eVentures New Zealand of the shares heintends to acquire from epartners
and SOFTBANK.  The shares would be boughtback at Mr Heatley's cost price,
and after the buy back, they would becancelled by the company.Dr Deane said
the independent directors were pleased with this structuresince it gives a
more satisfactory outcome for minority shareholders.  Thisis because of the
substantial increase in the company's net tangible assetvalue per share
which would occur once the series of transactions werecompleted.End
CA:00067285 For:EVZ    Type:GEN        Time:2001-05-23:17:09:04 Encrypt


----------------------------------------------------------------------------
http://www.sharechat.co.nz/          New Zealand's home for market investors
----------------------------------------------------------------------------
To remove yourself from this list, please use the form at
http://www.sharechat.co.nz/forum.shtml.