Ezybonds loses £134,300
Article Date: Nov 23 2002Ofex-traded Ezybonds (UK), which began life as Arabian Gold and is now developing a website for an offshore Australian lottery, lost £134,282 in the year to June and has put its remaining mining properties onto a care and maintenance footing, writes Robert Tyerman.
Ian Murray, who chairs Ezybonds (UK) following the departure of his predecessor Peter Gray, says the website is 'close to completion and almost functional'. The site relates to Ezymarketing, which Ezybonds (UK) owns and which promotes "Ezybonds', an online 'savings incentive programme', modelled on British Premium Bonds, which is run from the Cook Islands, an Australian tax haven.
The bonds pay no interest, but lucky punters can win prizes from time to time. Ezybonds (UK), which, as Arabian Gold and later FinnGold Resources, unsuccessfully sought to develop gold prospects in the Middle East and Scandinavia, thought so highly of Ezymarketing that it issued 45 million shares and no less than 85 million warrants to buy it.
The warrants can be exercised up to December 2005 at 30p a share. That is 50 per cent more than the company's 1995 float price of 20p and more than four times today's 7.25p quote.
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