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Engin's TV Tie Up Approved By Shareholders |
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Written by Adam Gosling
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Wednesday, 01 November 2006 |
Leading Australian residential VoIP service provider, engin,
will go forward with its proposed 33% sell-off to free-to-air TV broadcaster Seven
Network.
Shareholders yesterday voted in favour of selling the stake to Seven Digital Media
(Investments) Pty Limited's, a subsidiary of Channel 7 and Yahoo's Australian
partner.
The deal will see Seven Digital take a very strategic stake
in engin paying A$26 million for its one third stake. This represents a price
of about 22 cents for the 119 million fully paid ordinary shares.
Along with the money, engin takes on board three new
non-executive directors nominated by Seven: Rohan Lund, Ryan Stokes and Bruce
McWilliam.
Executive Director and CEO, Ilkka Tales explained that the capital
invested by Seven underpins plans to accelerate the provision of engin's core
service offering in internet telephony to the mass market through the Seven
Network, Pacific Magazines and Yahoo!7.
The deal will also allow the two new partners to work
cooperatively to develop digital consumer services to diversify the Engin
service offering.
Some of the new funding will be poured directly into
advertising not only in Seven Network affiliated vehicles but also in-store
activity and promotional campaigns.
www.engin.com.au
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