Watson offloads Advantage shares

By Phil Boeyen, ShareChat Business News Editor

Wednesday 1st May 2002

Eric Watson has sold his stake in tech firm Advantage (NZSE: ADV) to former Qixel partner Nick Gordon for $4.28 million.

Mr Watson held the shares following a redistribution of investments from Qixel Capital Group in November 2000 and has sold his holding for market price of around 37 cents a share.

When it was set up in November 1999 Qixel founding shareholders held nearly half of the then 48 million Advantage shares on issue.

Qixel Capital was intended to be an internet investment company and had its sights on a Nasdaq listing but the concept was abandoned in the wake of the tech wreck. The Advantage hares were later redistributed to Eric Watson, Evan Christian and Nick Gordon.

Advantage co-founder and director Nick Gordon says his family trust has taken on the Watson stake as principal but is considering placing some of them with institutions.

"I am currently talking to several fund managers who will take a long term investment view like myself."

Advantage has welcomed the change to the shareholding and says it will bring stability to its share register.

"For a while there has been market speculation over the future of Eric's shareholding and this week's developments should resolve those questions," Mr Gordon says.

Nick Gordon is also a director of Eric Watson's majority-owned retail company, Pacific Retail Group (NZSE: PRG).

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