By DANIEL RIORDAN
Shareholders of miner-turned-e-commerce investor Spectrum Resources have given the company's new direction the green light.
About 50 shareholders attended yesterday's special meeting in Auckland.
They unanimously approved the company's $2 million acquisition of vertical software provider WEL Technology from WEL Energy, though $750,000 of the price is conditional on WEL Tech clinching before August 31 a deal it has been negotiating with "a leading international software company." Directors are confident the deal will proceed.
Shareholders concerned that WEL Tech's chief executive, John O'Hara, had left the company since its purchase was flagged in January were placated by executive director Rob Levison's endorsement of Mr O'Hara's successor, Gavin Mitchell.
Shareholders also endorsed a $4.1 million rights issue, allowing them to subscribe for seven new shares for each three they hold at an issue price of 2cps.
Total fees for the four directors were raised from $30,000 to $100,000 and Mr Levison was granted share options, to be exercised at various prices at various times over the next two and a half years.
Mr Levison told shareholders Spectrum would succeed by keeping its investment focus on Australasian companies with products able to be taken to international markets, especially vertical software and business-to-business applications.
Miner's major shift okayed
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