Suggest looking at EELN.
N.Z.'s New Internet Company eVentures Plans Tie-up With E-Loan
By David Hargreaves
Wellington, April 27 (Bloomberg) -- EVentures, a company set
up to develop Internet-based brands in New Zealand said it may
invest in as many as 10 new operations in its first year.
The Auckland-based company plans to raise NZ$30 million
(US$14 million) from an initial public offering and to list on the
New Zealand Stock Exchange May 9. Including earlier subscribed
capital, it will have NZ$60 million to spend.
The company said its first investment will be a stake in E-
Loan New Zealand, an Internet-based lending company which will be
half owned by E-Loan Inc., an Internet-based lending company that
trades in the U.S. Other investments will include a company
running competitions over the Internet and a company specializing
in e-mail communication, it said.
``It might seem arrogant to say we can become the leading
Internet company, but I seriously think we can do it here,'' said
Craig Heatley, chairman, at a media briefing.
The shares to be issued to the public will represent 20
percent of the shares on issue after the offer. After the IPO, 64
percent of the shares will be owned by a joint venture of Softbank
Corp., Asia's largest Internet investor and epartners, a U.S.
venture capital fund primarily backed by News Corp., the world's
fourth largest media company.
Of the 50 million shares to be sold to the public, five
million are to be sold to each of Telecom Corp., the nation's
dominant phone company, Warehouse Group Ltd., the nation's No.1
discount retailer and Todd Capital, a unit of family owned Todd
Corp., which has a range of energy investments throughout New
Zealand and also a 5 percent holding in Independent Newspapers
Ltd, owner of half the nation's newspapers.
Directors of eVentures include Roderick Deane, Chairman of
Telecom, Stephen Tindall, Managing Director of Warehouse, Jesse
B.R. Parker Jr, from Softbank and Mark Booth a former Chief
Executive of British Sky Broadcasting Group Plc, Europe's No.2 pay-
TV company. Heatley is also Chairman and co-founder of Sky Network
Television, New Zealand's biggest pay-TV operation and a director
and 5 percent shareholder in Independent Newspapers Ltd.
quote.bloomberg.com
Seems insignificant news, but may generate small squeeze. Earnings out tonight,, should be ugly.
Michael |
