Shareholders approve Seven's $26m Engin bid

Shareholders approve Seven's $26m Engin bid

Seven's cash injection to drive Engin’s new telephony offerings to market

Shareholders of Engin have given the green light to the Seven Network's bid for a $26 million, 33 percent stake in the broadband telephony company.

Engin CEO and executive director, Ilkka Tales said, 99.5 percent of the company's shareholders voted in favour of the strategic partnership that will see Seven appoint three new non-executive directors, Rohan Lund, Ryan Stokes and Bruce McWilliam, to the board of Engin.

However, Tales said the new executives would not be taking a day-to-day interest in the running of the business.

"We are reasonably aligned from a strategic perspective at the board level but it won't drastically change any of our decision making processes," he said.

Tales explained that the capital invested by Seven would be used to drive Engin's new telephony offerings to market with greater advertising exposure through Seven, Yahoo and Pacific Magazines.

"We're working on a number of campaigns across Seven's media to drive activity into the mass market," he said.

In the last four weeks, Engin has announced the launch of a new integrated ADSL2+ modem and wireless router with inbuilt Engin services, a cordless handset and a partnership with HP to offer Internet telephony bundled with desktops and laptops.

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