GEN: EVZ: HEATLEY OUTLINES EVENTURES OFFER
Craig Heatley today
outlined a restructuring proposal for eVentures New
Zealand Ltd designed
both to secure the company's future and to protect the
interests of its
1150 minority shareholders. The proposal includes a
buy-back offer to
eVentures that would result in a reduction in the total
number of shares in
the company and a significant lift in its net asset
backing.
Mr
Heatley's proposal follows the decision by eVentures' founding
joint
venture partners, Softbank and epartners, to exit the New Zealand
and
Australian market.
Mr Heatley, who owns 16% of Internet
investment company eVentures, is
offering to buy Softbank and epartners'
64% stake of 160 million shares at a
price between 14c and 16.8c per
share. If this offer is accepted Mr Heatley
would offer the shares
acquired from Softbank and epartners back to
eVentures at his cost price
with the purpose of cancelling those shares.
The result would be a
reduction in the total number of shares to 90 million
and a consequent
increase in eVenture's net asset backing by approximately
45%.
Mr
Heatley said he had been concerned to develop a proposal to put
to
eVentures' directors that would preserve and protect the interests of
its
small investors. He said he believes the proposal represents a
fair and
positive solution for the company and all its
shareholders.
End CA:00067286 For:EVZ
Type:GEN Time:2001-05-23:17:25:36
Encrypt:Y
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