23 May 2001
eVentures NZ Directors pleased with Minorities Outcome
The Chairman of eVentures New Zealand Limited, Dr Roderick Deane, advised today that the New Zealand based independent
directors of eVentures are very pleased that Mr Craig Heatley has agreed to facilitate an improved position for minority
shareholders within the context of his recently proposed purchase of the epartners/SOFTBANK 64% shareholding in
eVentures New Zealand.
epartners/SOFTBANK have recently indicated their desire to withdraw from New Zealand following the significant change in
the international internet investment market and the subsequent closure of eVentures UK and Australia.
Subject to Mr Heatley's successful acquisition in the near future of the epartners/SOFTBANK equity stake in eVentures
New Zealand, and following productive discussions with the New Zealand independent directors, Mr Heatley has agreed to
facilitate a buy back by eVentures New Zealand of the shares he intends to acquire from epartners and SOFTBANK. The
shares would be bought back at Mr Heatley's cost price, and after the buy back, they would be cancelled by the company.
Dr Deane said the independent directors were pleased with this structure since it gives a more satisfactory outcome for
minority shareholders. This is because of the substantial increase in the company's net tangible asset value per share
which would occur once the series of transactions were completed.
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