By PETER GRIFFIN
Entrepreneur Sharon Hunter has left the board of investment company IT Capital but says the move has nothing to do with legal action against IT Capital over its investment in Deep Video Imaging.
Hunter joined IT Capital's board in August as its new management team, David McKee Wright
and Maurice Bryham, sought to bring on board new investments and revive IT Capital's fortunes.
Hunter formed PC Direct with Bryham in the early 90s and built it into the biggest local PC manufacturer before selling it for a handsome profit to Blue Star.
Hunter said that with just two remaining investments, Deep Video Imaging and Sealegs, there was not enough work for her to do at IT Capital.
"It's pretty widely known that the aspirations Maurice and David had of bringing a number of new companies in, haven't come to fruition. I thought the company could do with a reduced board," she said.
Hunter would devote time to new business opportunities.
She said IT Capital had valuable investments but reaping a return could be some way off.
"I think DVI still has enormous potential, but it has a very longterm sales cycle, it doesn't give IT Capital immediate gratification."
Sealegs was getting "very strong inquiries" but it was a "green fields" operation.
IT Capital said this week that it would fight a legal challenge from Hamilton-based Power Beat International that sought the return of around 370,000 shares it sold to IT Capital in 2000.
Power Beat has yet to explain publicly its grounds for the legal action, but is looking to block capital restructuring of DVI.
Meanwhile, as the result of a technical glitch, the Stock Exchange said that shares in IT Capital could not be traded yesterday.
It said that those orders for stock yesterday had been "lost and must be re-entered".
Normal trading would resume today, the Stock Exchange said.
