eisa has won a court bid to claim money from major shareholder Johnson Wang, overcoming the major stumbling block to a takeover offer from Austar before the September 1 deadline.
In a statement to the ASX last night, eisa announced a settlement agreement had been reached between Microsoft, Wang and KTX Holdings. The deal counts Wang as a major shareholder with 57 per cent ownership of eisa. Ironically, under the takeover deal, this means Wang stands to receive $11.3 million.
Microsoft, who has been attempting to recover $17 million in licence fees from Wang's collapsed computer company Edge, sought a court order to block Wang from claiming the proceeds of the takeover.
The success of the take-over still depends on Austar receiving acceptances from more than 50 per cent of eisa's unescrowed shareholders. Eisa confirmed yesterday it had received acceptances from 37 per cent.
Time Added: 25/08/2000 17:37:41