Engin’s TV Tie Up Approved By Shareholders
Leading Australian residential VoIP service provider, engin,will go forward with its proposed 33% sell-off to free-to-air TV broadcaster SevenNetwork.
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 Australianpartner.
The deal will see Seven Digital take a very strategic stakein engin paying A$26 million for its one third stake. This represents a priceof about 22 cents for the 119 million fully paid ordinary shares.
Along with the money, engin takes on board three newnon-executive directors nominated by Seven: Rohan Lund, Ryan Stokes and BruceMcWilliam.
Executive Director and CEO, Ilkka Tales explained that the capitalinvested by Seven underpins plans to accelerate the provision of engin’s coreservice offering in internet telephony to the mass market through the SevenNetwork, Pacific Magazines and Yahoo!7.
The deal will also allow the two new partners to workcooperatively to develop digital consumer services to diversify the Enginservice offering.
Some of the new funding will be poured directly intoadvertising not only in Seven Network affiliated vehicles but also in-storeactivity and promotional campaigns.
www.engin.com.au