EOL sale approved by Newcall Group shareholders
AUCKLAND 28 NOVEMBER 2002: Newcall Group Limited shareholders today gave their overwhelming approval to the sale of its
electricity retailing subsidiary, Energy Online Ltd, to Genesis Power Limited.
At a special shareholder meeting Newcall Managing Director, Jim Bracknell, said the sale of EOL's assets would enable
the group to relieve much of its debt and accrued interest, enabling it to "clear the slate and go forward".
"The sale, and its overwhelming approval by shareholders, represents another important step in the group's transition to
an IT focused company spearheaded by ISP Iprolink, specialised utility billing and CRM subsidiary, Newcall Technology,
and UCC (2001) Ltd. (The acquisition of the assets of UCC (2001) Ltd is still to be approved by Newcall Group
shareholders.)
"In particular, Newcall will be aiming to become a significant player in the deployment of wireless broadband technology
in New Zealand," said Mr Bracknell.