Paxus deal approved
NZPA-AAP Sydney IBM’s move to take the software develope and information supplier, Paxus Corporation, Ltd, under its multinational wing as an equity partner and launch it into rapidly growing Asian markets has been approved by Paxus shareholders.
The proposal, under which IBM Australia, Ltd, would be given a minority stake in the company in return for an sAust2o million cash injection, was approved at an extraordinary meeting. It had previously been approved by Australia’s Foreign Investment Review Board and the National Companies and Securities Commission. Paxus will now issue 9.68 million shares at Aust2loc each to the Australian arm of United States-based IBM International, diluting the stake held by the majority shareholder, NZI Corp, Ltd, from 58.4 per cent to 49.6 per cent. IBM Australia has agreed not to cross the 20 per cent threshhold within three years and both IBM Australia and NZI Corp hold pre-emp-tive buying rights over each other’s Paxus shares. Mr Derrick Dochert, of IBM Australia, will join the Paxus board.
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Press, 5 December 1989, Page 44
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168Paxus deal approved Press, 5 December 1989, Page 44
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