By CHRIS BARTON
E-cademy, the distance learning company spun from Heritage Gold, will enter the New Zealand sharemarket by the back door within the next two weeks.
It plans an Australian listing in May.
At a special meeting of Heritage Gold shareholders on Friday, the company approved the purchase of Australian-based E-cademy for $A3.08 million in the form of 53.3 million shares. It also voted to allow the placement of 40 million shares with Australian investment bank Barton Capital at 9c a share to raise $3.6 million for the development of its business in New Zealand, Australia and Hong Kong.
Shareholders agreed also on a $400,000 payment to Heritage Gold for organising the novel method of listing and funding E-cademy. Through a nifty issuing process, the mineral exploration company's subsidiary Coromandel Gold has ended up with 30.4 million shares and Heritage shareholders got 24.6 million E-cademy shares - free.
At 9c a share, that gives E-cademy a market capitalisation of $13.36 million.
To hear managing director Wayne Johnson talk, the E-cademy concept, spawned from a terrace house in Sydney, could be the next big thing.
The company has developed a Windows NT-based software package combined with Real Networks streaming video and audio that enables interactive learning via the internet.
The software enables teachers to upload course material into the E-cademy system and for $20 a week, students (at present only in Australia) can access four live interactive lectures, archived material and online exams. Lecturers can also ask questions of students online.
E-cademy has further refined its software engine into analystbrief.com - a website where companies can post media announcements, half-yearly results and give live online presentations for between $1200 and $4500.
E-cademy predicts revenues from analystbrief.com of $5 million in its first 24 months and expects its initial profit in month 17. Heritage Gold shares, which went to a high of 24c in January, were trading at around 10c yesterday.
Related links:
E-cademy www.e-cademy.net
Analystbrief www.analystbrief.com
Heritage sees golden chance in E-cademy
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