Forum Archive Index - July 2001

["Brian Jones" <ibbij@hotmail.com>]

  Interesting to see EVZ shares selling for 28 cents at the moment.
About a year ago, investors, (with the urging of the lead manager J.B. 
Were), paid 60 cents for a company with nothing but some cash, a very well 
connected board, some significant international share holders and an asset 
backing of 23 cents per share.When listed in May last year these shares came 
on at 66 cents and reached 69.
  The prospectus listed,as one of the risks,the company's reliance on it's 
major overseas shareholders, and that the disposal by either Softbank or 
epartners of its interest(together holding 64% or 160 million shares)  may 
have an adverse impact on eventures.
This, of course has already happened and it would ,in my view,hardly have 
been an adverse impact.
  eVentures bought these shares back at 14 cents - 1 cent less than Softbank 
and eVentures paid for them - and now these major shareholders no longer 
feature. This means then, that one of the main risks investors faced when 
paying 60+ cents a share has now been removed.
This also means that the number of eVentures shares has been reduced from 
250 million to 90 million and the asset backing is now around 33 cents per 
share,mostly in cash.
  Craig Heatly has 40 million shares, AMP Life over 9 million,and,if they 
have held them since the float, the Warehouse 5 million, Todd Capital 5 
million and Telecom 5 Million.Thus it would seem that 64 Million of the 
available 90 million shares are tied up by some fairly prominent 
shareholders, not to mention the other institutions.
When some buying interest returns, shares may become a little hard to find, 
but I guess everything has a price.
With Softbank and epartners out of it, the direction of the company may well 
change. Craig Heatly has been a very successful operator over the years and 
his approach to business I find much more appealing than some of our recent 
high fliers. eVentures has not been one of his successes so far, but with a 
very talented board, some significant shareholders to satisfy, and himself 
as Chairman ,it wouldn't surprise me if the board meeting next week produces 
a move away from the 'e' and into some 'new' Ventures.

Regards
Brian.

Disclosure: The above is my opinion only,I am not suggesting you buy, or 
sell, eVentures shares and I have no connection with eVentures the Company, 
or anyone associated with it, apart from being a shareholder.



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