By Phil Boeyen, ShareChat Business News Editor
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Monday 21st May 2001 |
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Classic Communications has given notice to the market that it intends paying between 14 and 16.8 cents per share for the holding in EVZ held by Softbank and epartners.
The maximum number of shares which may be acquired is 160 million or 64% of the ordinary issued shares of eVentures.
Classic Communications says that following the completion of the transactions it would either hold or have a relevant interest in a maximum of 200 million shares or 80% of the company.
The transfer of shares is due to take place between this Friday and the end of June.
A year ago eVentures raised $59 million, issuing shares at 60 cents each. At the end of December the company had $55 million equity and its shares have recently traded around 27 cents.
Cashed up Craig Heatley, who netted around $64 million when he sold his holding in Independent Newspapers (NZSE: INL) last month, is currently out of the country on an extended break with his family.
Mr Heatley was formerly chairman of eVentures but was replaced in February by Rod Deane.
Mr Deane says an Independent NZ Directors Committee has been formed to assess the likely implication of the Classic Communications offer.
"... of particular concern is the resulting situation for minority shareholders."
Mr Deane says more information should be available shortly but has advised EVZ shareholders not to sell their shares in the meantime.
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