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Eisa crowd goes mild

Eisa crowd goes mild

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Eisa shareholders were left in quiet suspense after an AGM this morning, when directors delivered veiled hints that the company may be up for sale.

The company's acting chairman, Evan Rees, advised a smattering of sombre Eisa shareholders and journalists that the 85,000-customer internet company would make a major announcement soon.

However, he would not disclose details other than "the future of the company is in merging with another".

Speculation surrounding the fate of Eisa flourished afresh last week, when OzEmail parent UUNet withdrew from its arrangement to sell its 350,000-subscriber ISP to Eisa for an estimated $300 million-$350 million due to lingering doubts over Eisa's ability to fund the purchase.

Further discussion arose yesterday, when reports emerged that Eisa's sister company, Edge Technologies, had entered into receivership and would be liquidated within seven days.

"I know that (Eisa's) share price isn't that good, but we've got some really hardworking people here," Rees pleaded.

When one shareholder challenged Rees' repositioning on the company's board of directors, CEO Damien Brady defended his colleague as an "honourable man". Rees was promptly re-elected.

Brady himself garnered a tentative re-election onto the company's board, as did Ian Timmis.


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