Heatley cashbox remains in limbo

Friday 29th June 2001

By Christine Nikiel

Mothballed internet investment company eVentures' shareholders who are asking for their money back got little comfort at this week's annual meeting.

"We should be given the option of investing that money ourselves," one shareholder said. "We didn't subscribe to a pool for our money to sit and do nothing in." He said he would not consider selling his shares as the market had dropped below the amount in the company's cash box of $50 million.

Speaking via conference call, major shareholder and chairman Craig Heatley said a wind-up may be an option but he would not confirm any future plans for the company.

Shareholders, who have lost about 45% of their investment, were worried about the company's lack of direction, with Mr Heatley planning to stay overseas for "at least two years" and chief executive Cindy Mitchener resigning at the end of the week.

Apart from electing board directors, chairman Simon Vodanovich said the only other company strategy was a directors' meeting in July.

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