Forum Archive Index - May 2001

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

Can anyone tell me what this could mean eventually in cents per share for the small shareholder??

I'm not particularly good at working these figures etc out.

Heather

(who still holds EVZ, albeit nervously)

GEN: EVZ: HEATLEY OUTLINES EVENTURES OFFER

Craig Heatley today outlined a restructuring proposal for eVentures New
Zealand Ltd designed both to secure the company's future and to protect the
interests of its 1150 minority shareholders. The proposal includes a
buy-back offer to eVentures that would result in a reduction in the total
number of shares in the company and a significant lift in its net asset
backing.

Mr Heatley's proposal follows the decision by eVentures' founding joint
venture partners, Softbank and epartners, to exit the New Zealand and
Australian market.

Mr Heatley, who owns 16% of Internet investment company eVentures, is
offering to buy Softbank and epartners' 64% stake of 160 million shares at a
price between 14c and 16.8c per share.  If this offer is accepted Mr Heatley
would offer the shares acquired from Softbank and epartners back to
eVentures at his cost price with the purpose of cancelling those shares.
The result would be a reduction in the total number of shares to 90 million
and a consequent increase in eVenture's net asset backing by approximately
45%.

Mr Heatley said he had been concerned to develop a proposal to put to
eVentures' directors that would preserve and protect the interests of its
small investors.  He said he believes the proposal represents a fair and
positive solution for the company and all its shareholders.

End CA:00067286 For:EVZ    Type:GEN        Time:2001-05-23:17:25:36 Encrypt:Y

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