eVentures New Zealand has announced plans to raise up to $NZ30 million in equity through a share offer primarily targeting New Zealand institutional and retail investors.
Chairman Craig Heatley says the offer is likely to open in the next two weeks. The equity raised from the proposed float will be used to finance intended investments in joint venture Internet companies.
The company plans to offer up to 50 million shares with a subscription price of 60 cents each. Applications must be for a minimum of 2000 shares and thereafter in multiples of 1000 shares.
eVentures New Zealand is a joint venture between Heatley, who is also chairman of Sky Television, and Softbank and News Corporation subsidiary epartners. Softbank and epartners each indirectly holds a 40% shareholding in eVentures New Zealand through their respective half shares in the US partnership. The Heatley Family interests hold the remaining 20%.
The venture was launched last year with the twin aim of launching leading Internet brands, such as E-Loans, in New Zealand, and investing in Internet-related companies in New Zealand. It directors include Rod Deane and Stephen Tindall and it has recruited high-profile media and advertising executive Cindy Mitchener as CEO.
"eVentures is an Internet accelerator company," says Heatley. "Our primary goal is to help top ecommerce businesses get started in New Zealand by providing them with investment capital, strategic resources and management services. We will also provide investment and incubation services for both new and established internet businesses in New Zealand."
eVentures has engaged broking firm JB Were & Son as lead manager.