Austar consumes eisa, slowly
- 16 August, 2000 12:01
Austar has increased its shareholding in eisa to 23.95 per cent, further demonstrating its commitment to picking up the pieces of the broken ISP.
Austar's holding in eisa now stands at 36,450,660 ordinary shares, up from 34,898,653.
The industry is expecting an official announcement to be made shortly detailing Austar's plans for the battered eisa, whose customers where left in limbo when the ISP's shares were suspended from trading in early June.
Shortly after suspension, Austar launched an off-market takeover bid looking to acquire all of the ordinary shares in eisa for 20 cents each in cash, in addition to providing a $7.5 million short-term loan.
Meanwhile, it was reported in The Australian newspaper last week that eisa successfully applied to have the assets of suspended eisa CEO Damien Brady frozen in relation to fraud allegations.
The Australian claimed eisa is "pursuing" Brady for "around $230,000", with North Sydney police looking into the possibility company funds had been used for personal expenses including a racing motorcycle.