Deane leaves eVentures

Mr Deane says he had accepted the chairman's job on an interim basis following the resignation of Craig Heatley, but following recent events it was an appropriate time to leave.

Earlier this week Classics Communications, a company associated with former chairman Craig Heatley, announced a restructuring proposal for eVentures via a buyback offer.

Under the proposal Mr Heatley, who owns 16% of the company, is offering to buy out founding joint venture companies Softbank and epartners' 64% stake of 160 million shares at a price between 14c and 16.8c per share.

The shares would then be offered back to eVentures at cost price so they could be cancelled, and therefore increase the company's net asset backing by around 45%.

Rod Deane says he is pleased that the company had retained a strong position, holding around $50 million in cash which, even after the share restructuring, left it well placed to pursue other appropriate investments.

He has also paid tribute to the company's CEO Cindy Mitchener and other staff who have been through a "a difficult time".

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