ANZ sells interest in struggling dot com.

Oct 3, 2001 (The Sydney Morning Herald

ABIX via COMTEX) -- Australia's ANZ Bank has sold its 12% interest in struggling "dotcom", MultiEmedia. At the same time, ANZ renegotiated a penalty payment arrangement, ending the much-touted partnership between the two companies. ANZ has lent MultiEmedia $A3m on commercial terms instead of the $A3.6m it would have been required to pay over two years as part of the partnership arrangement. The decision to exit comes as MultiEmedia struggles to recover from the $A28m net loss incurred in the year to June 2001 and a qualification by auditors about its ability to continue as a going concern. MultiEmedia shares closed at $A0.018 on 2 October 2001 on the Australian Stock Exchange.

AUSTRALIA AND NEW ZEALAND BANKING

GROUP LIMITED - ASX ANZ:

MULTIEMEDIA LIMITED - ASX MUL: MAGNAFIELD HOLDINGS PTY LTD: ZONEWERX PTY LTD: WSA ONLINE

By Sharon Kemp

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  INDUSTRY KEYWORD: Other Manufacturing                   Communication Services                    Finance  SUBJECT CODE:     INTERNET SOFTWARE INDUSTRY -                    AUSTRALIA                    BANKS AND BANKING - AUSTRALIA                    LOANS - AUSTRALIA 

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