IT Capital funding plan approved

IT Capital was forced to return to the drawing board after an earlier $3.7 million plan was scuttled by a campaign led by Shareholders' Association chairman Bruce Sheppard.

Under the new plan, only two of three proposed acquisitions will proceed.

The company will buy 70 percent of Sealegs International and 50 percent of Conceptual Solutionz for a total of 87.5 million shares.

It will not proceed with a proposed investment in Datasquirt.

"The transactions completed today bring to a close a difficult period in IT Capital's history," chairman John Robertson said.

"We're certainly pleased that we have finalised these transactions and can now focus on the business of building value in our investment portfolio."

IT Capital's only strategic asset at present is Hamilton's Deep Video Imaging, a 3D screen developer that has won a contract in the United States but is not expected to be profitable for several years.

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