Each one in plain English, with the numbers worked through for a shareholder.
23 July 2001asset acquisition disposition● NeutralMajor
First Ecom.com paid $19 million for Gasco Energy Series A Preferred Stock, convertible into 9.5 million Gasco common shares and carrying 26% of Gasco's combined voting power while at least half remains outstanding. The press release says this replaces the previously planned merger with Gasco, that First Ecom plans to become a gas business, and that the payment business is still to be restructured and spun off. It also provides for board seats exchanged between the two companies, and a three-year restriction on selling the stake (10% of the common shares per year allowed).
22 June 2001asset acquisition disposition● NeutralMajor
First Ecom.com bought the 50% of First Ecommerce Data Services Limited (FEDS) it did not already own from the Bank of Bermuda for $4.25 million, paid from working capital, making FEDS wholly owned. The press release says this shows commitment to the payment processing business despite the previously announced proposed Gasco Energy transaction.
Under its earlier name First Ecom.com, the company said KPMG resigned as its auditor and Deloitte Touche Tohmatsu was hired, effective September 21, 2000. The filing states KPMG's reports had no adverse opinion and there were no disagreements.
