v2 Report - Additional Information Supplement

DENUO DENUO Limited

 

 

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NOTICE TO SHAREHOLDERS OF DENUO (formerly INTAZ Ltd)

Completion of Sale to Obsidium and Change of Name

Dear Shareholder

Early in March shareholders were given notice of an Extraordinary General Meeting (EGM) to be held on 29 March 2006 to consider resolutions relating to a proposal to sell the assets used in connection with the business of INTAZ Ltd (including SafeTsmart, e-Log, and Keepsafe software and its related service desk businesses) to Obsidium Holdings Limited for a mixture of cash and shares. 

The resolutions were required to give effect to the proposed transaction and the subsequent restructuring of the loans provided by key shareholders (through conversion to Redeemable Preference Shares). I am now in a position to inform you that all the resolutions were passed at the EGM without dissent and the transaction with Obsidium was successfully settled on 13 April. As part of the transaction INTAZ Ltd was required to change its name. It is now named DENUO Ltd. 

The asset sale and restructuring eliminates the cash burn that we have continued to experience, gives us an investment in a firm that we believe has significant potential and provides us with the opportunity to determine a future and new direction for the company.  

The Board wishes to thank the staff of INTAZ Ltd for their forbearance and valuable assistance during the sale process. With few exceptions they have chosen to accept employment and/or ongoing contractual arrangements with Obsidium. We wish them the very best for the future. 

For and on behalf of the Board of Directors of DENUO Ltd

Rob Cameron

Chairman

21 April 2006

 

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