By Felicity Anderson, Nzoom.com Business News Editor
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Tuesday 16th October 2001 |
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IT Capital Chairman John Robertson says because the company has a strong Australasian shareholding base it makes sense to find a Chief Executive to be based in this part of the world.
But Dittus' departure follows a furore by shareholders at the company's annual meeting on August 31 that saw its directors criticised for the company's sagging share price, failed investments and bonuses paid to Dittus.
And although some shareholders were upset with a motion to issue 100 million new shares, it was passed anyway.
IT Capital wrote down $4.6 million in goodwill in its wholly owned subsidiary Terabyte Interactive and wrote off some losses in associate companies to end up $4.9 million in the red for the year to the end of March.
Since then it has invested a further $1 million in 3D screen developer Deep Video Imaging and $1.3 million in sports animation specialist Virtual Spectator.
It also put $A1 million into Australian electronic procurement company Streamlink, which subsequently failed.
Shareholders were upset with the fact that some of the $8.8 million profit made on the sale of its investment of Australian e-commerce software developer exo-net in the first part of the 20001 financial year, had been channelled into bonuses for management.
IT Capital traded at 9 cents a share on Tuesday. Back in 1998, when it metamorphosised from Iddison Vietnam, an Asian goldmining, poultry and waterpark group, that share price started at 7c and climbed rapidly to 36c the following year.
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