By NZPA
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Wednesday 4th September 2002 |
Text too small? |
The firm, which is winding itself up to redistribute its capital to shareholders, was delisted from the Stock Exchange yesterday after going into liquidation on Monday.
Its shares closed at 32c, off a year low of 30c and a year high of 37c.
eVentures fell foul of the 2000 collapse in technology stocks. It launched an unsuccessful business called E-Loan and an email marketing company MessageMedia, but managed to hold onto most of the capital it raised. It held $31.3 million in cash as of December last year.
After posting a first-year loss of $3.9 million on revenue of $2.6 million, the company improved to a loss of $926,000 on revenue of $4.4 million.
Founder Craig Heatley said recently there was no guarantee eVenture's liquidation was the best option, but if it was to continue it might incur expensive overheads which the company was not prepared to swallow.
Mr Heatley, a 44 percent shareholder, has offered to pay back small shareholders who handed over 60c a share when the company was floated in May 2000.
Mr Heatley has also said he would give the $7 million he stands to reap from the liquidation to a trust for children's charities.
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