Forum Archive Index - May 2002

["Heather Reiss" <lightone@paradise.net.nz>]

Interesting move...see announcement.

 

I've owned 10,000 since Dec 2000(purchased @41c) does this mean I can really sell them at  60c??

Can someone confirm this for me please.

 

cheers

Heather

T/O: EVZ: TAKEOVER OFFER BY BELL INVESTMENT TRUST

eVentures New Zealand advised it has received notice from Bell Investment
Trust (Bell) of a proposed offer to acquire shares from certain founding
public shareholders in eVentures.  Bell already holds or controls 44.44% of
the shares in eVentures.  The trustees of Bell are Craig Leonard Heatley,
Hayley Maree Pyle and David Mark Tetro.
The making of the offer is conditional upon eVentures' shareholders first:

(a) approving the takeover offer under Rule 7(c) of the Takeovers Code; and
(b) resolving to place the company in liquidation as soon as practicable
after the takeover offer closes.

The offer will be sent to shareholders after shareholders' approval is
obtained, and will be unconditional.  The offer price is 60 cents per share,
being the original offer price under eVentures' initial public offer (IPO).

The offer is open to those shareholders of eVentures who acquired, as
registered holder, no more than 10,000 shares in the IPO and who remain on
the register in respect of those shares.  It is expected that the offer will
be to approximately 300 shareholders holding 2.09% of eVentures' shares.  It
is intended that the offer will be sent to shareholders immediately upon the
resolutions approving the takeover offer and liquidation being passed and
that the offer will remain open for two weeks.

eVentures will require an exemption from the Takeovers Panel in relation to
the requirement to list certain details in the notice of meeting about the
shares being acquired.  At the shareholders' meeting, neither Bell nor any of
the proposed offerees will be entitled to vote on the takeover offer
resolution.

The directors of eVentures have appointed an independent sub-committee of the
board to consider the notice of offer from Bell and Stephen Tindall has been
appointed as chairman of that sub-committee.  Mr Tindall commented that -
"the board has been considering for some time the future of eVentures and Mr
Heatley's gesture to founding shareholders of the company provides the right
opportunity for the company now to consider liquidation and a return of
capital to shareholders".

eVentures will consider the offer and appoint an independent adviser as soon
as possible, with a view to putting the proposals to shareholders at the
annual meeting of eVentures to be held at the end of June.  Further
information will be provided to shareholders as matters develop.
End CA:00078477 For:EVZ    Type:T/O        Time:2002-05-17:09:50:08 Encrypt:Y