Trademe Sold for $700 Million Dollars
krazy Bob
Sam Morgan is New Zealand's 700 million dollar man as media company Fairfax
buys the TradeMe internet auction site he set up in 1999 at the age of 23.
TradeMe's owners will pick up an additional $50 million over the next two
financial years, if the company meets its profit targets. Fairfax says Mr
Morgan and other key executives will stay with the company.
TradeMe is the most visited internet site in New Zealand, with more than two
million domestic visitors a month. Fairfax says the site accounts for more
than 60 percent of the country's web traffic. Its 1.2 million members are
expected to host 35 million auctions this year. TradeMe is based in
Wellington and has 48 employees.
Fairfax says it intends to operate the site as a stand alone business with
its own growth trajectory.
David Kirk, Fairfax CEO says "the acquisition of TradeMe reshapes Fairfax's
earnings and business mix as part of our more aggressive push into the
internet in all markets in which we operate. As a result of our successful
online investments, we are now a significantly more diversified media
company."
---
Damm 700 million, at 23yrs. why doesn't he set up a new ISP and create
better broadband for the rest of us :-P
KB
Daniel
> ---
> Damm 700 million, at 23yrs. why doesn't he set up a new ISP and create
> better broadband for the rest of us :-P
>
I think he's more like 30yrs actually - still not bad though.
Until something is done about Telecom's monopolostic control of the
country's PSTN infrastructure I'm not sure if he'd be that interested.
What strikes me as ironic, is that back in 1999, one of the best placed
businesses to start an online auction/trading site was Trade & Exchange.
They're still around - but, what an opportunity to miss.
krazy Bob
"Daniel" <atar...@paradise.net.nz> wrote in message
news:dufkjg$r0b$1...@lust.ihug.co.nz...
True for $700 million, he can go somewhere else thats has better broadband
and not have to worry about having a job
KB
Kent Smith
"krazy Bob" <som...@aol.com> wrote in message
news:TqIOf.4125$JZ1....@news.xtra.co.nz...
> Quoted from http://xtramsn.co.nz/businessandmoney/0,,13273-5484650,00.html
>
> Sam Morgan is New Zealand's 700 million dollar man as media company
> Fairfax buys the TradeMe internet auction site he set up in 1999 at the
> age of 23.
>
> TradeMe's owners will pick up an additional $50 million over the next two
> financial years, if the company meets its profit targets. Fairfax says Mr
> Morgan and other key executives will stay with the company.
>
Less than Cash Interest Rates and with added risk.
Expect fees to go up now everyone. :)
-KENT
Rob
Aussie, now it is an Austalian company, to compete with ebay.
"Kent Smith" <ke...@smithnz.deletethisbit.com> wrote in message
news:dufqrj$3kr$1...@si05.rsvl.unisys.com...
Kent Smith
<texan....usenet@texas...removethisbit...usacom..> wrote in message
news:3u5n0258frh32g6su...@4ax.com...
> a seller a question. Will those that paid get it back upon
> request or will it 'you ain't getting it period'?
>
> How much interest has Morgan made from those $20's?
>
It's not closing down, just changing ownership.
$20? Do you mean the $10 authentication credit? If so, it gets added to
your account, so if you've sold stuff and used it all, it's gone. I believe
any money in your account is yours until you use it so if you close your
account with a credit, you'll get it back.
If Fairfax goes under, you'll probably lose it unless it is secured in a
trust (which I don't think it is) or a bankruptcy receiver decides so.
There used to be an address verification fee (~$1 from memory) but I think
that is gone now.
The interest on members' account balances will be a portion of the
accounted/declared income stream and profit. No different to a prepay
phone, magazine subscription or anything else you need to pay for in
advance.
-KENT
Mark Robinson
> On Mon, 6 Mar 2006 12:05:21 +1300, "Kent Smith"
> <ke...@smithnz.deletethisbit.com> wrote:
>
>
> a seller a question. Will those that paid get it back upon
> request or will it 'you ain't getting it period'?
>
> How much interest has Morgan made from those $20's?
The $20 is insignificant ... the $700,000,000 works out to about $69,000 per
DAY in capital gain alone since the company was founded.
> Share Parcels
> Total Number of shares 194,730
> Number of Shares 63,171
> Shareholder(s) SAMUEL GARETH MORGAN, TALEI HAYWARD AND GIBSON SHEAT TRUSTEES LTD AS TRUSTEES OF THE SAM & TALEI TRUST C\-Gibson Sheat Lawyers, Level 1 United Building, 107 Customhouse Quay, Wellington
> Number of Shares 22,507
> Shareholder(s) NIGEL JOHN STANFORD AND SUSAN FREDIA STANFORD AS TRUSTEES OF THE STANFORD TRUST C/-Sherwin Chan & Walshe, Level 6, Westfield Tower, 45 Knights Road, Lower Hutt
> Number of Shares 20,412
> Shareholder(s) PHILIP JOHN MCCAW, ANNE ELIZABETH FORSYTH & GIBSON SHEAT TRUSTEES LTD AS TRUSTEES OF THE MCSYTH FAMILY TRUST C\-Gibson Sheat Trustees Ltd, 107 Customhouse Quay, Wellington
> Number of Shares 20,308
> Shareholder(s) RICHARD LINDSAY ABBOTT, GILLIAN PATRICIA NEWLAND & GIBSON SHEAT TRUSTEES LTD AS TRUSTEES OF THE ABBOTT & NEWLAND FAMILY TRUST 16/161 Willis St, Wellington
> Number of Shares 17,889
> Shareholder(s) MARK RICHTER, FIONA LOUISE CAMPBELL RICHTER & SCW TRUSTEES LTD AS TRUSTEES OF THE RICHTER FAMILY TRUST Lvl 6, 45 Knights Rd, Lower Hutt
> Number of Shares 13,162
> Shareholder(s) GARETH HUW MORGAN, JOANNE MARIE MORGAN AND CHARLES ANDREA PURCELL AS TRUSTEES OF THE HUW MARIE FAMILY TRUST C/O Sherwin Chan & Walshe, Level 6, Westfield Tower, 45 Knights Rd, Lower Hutt
> Number of Shares 11,830
> Shareholder(s) COLIN ANTHONY BEVAN C\-Gibson Sheat, Level 1 United Building, 107 Customhouse Quay, Wellington
> Number of Shares 9,393
> Shareholder(s) SHARON MAY WEAVER, NEIL RODNEY BRYANT & SUSAN JANE RUTENE AS TRUSTEES OF THE WEAVER-BRYANT FAMILY TRUST C\-Movac, 125 Featherston St, Wellington
> Number of Shares 8,162
> Shareholder(s) ROWAN DEAN SIMPSON, EMILY CELESTE SIMPSON AND RODERICK NEILL GILLESPIE AS TRUSTEES OF THE KIMO INVESTMENT TRUST 37/26 Marion Street, Te Aro, Wellington
> Number of Shares 3,732
> Shareholder(s) MILLER, Ian Hugh 121 River Terrace Rd, Brightwater
> Number of Shares 2,351
> Shareholder(s) ANDREW MASTER GAWITH, PENELOPE RUTH DEANS AND CRAIG MARTIN STEVENS AS TRUSTEES OF THE GAWITH DEANS FAMILY TRUST C/O Sherwin Chan & Walshe, Level 6, Westfield Tower, 45 Knights Road, Lower Hutt
> Number of Shares 1,813
> Shareholder(s) IMPARTIAL TRUSTEES LIMITED AS TRUSTEES OF THE KAY FUTURE TRUST 17 Aorangi Terrace, Thorndon, Wellington
El Penguino
<use...@antispam.zl2tod.net> wrote:
>> Share Parcels
>> Total Number of shares 194,730
>> Number of Shares 63,171
>> Shareholder(s) SAMUEL GARETH MORGAN, TALEI HAYWARD AND GIBSON SHEAT TRUSTEES LTD AS TRUSTEES OF THE SAM & TALEI TRUST C\-Gibson Sheat Lawyers, Level 1 United Building, 107 Customhouse Quay, Wellington
So Sam only picks up 32.44% of the 700 mill. A mere 227 mill....
Hardly worth bothering eh? :-)
Stu Fleming
> Quoted from http://xtramsn.co.nz/businessandmoney/0,,13273-5484650,00.html
>
> Sam Morgan is New Zealand's 700 million dollar man as media company Fairfax
> buys the TradeMe internet auction site he set up in 1999 at the age of 23.
Does anyone know what the reserve was, or did it have a "Buy Now" tag on it?
Shane
Ive just seen a bit of him on campbell,
Cambells Question: So Sam how did you arrive at this magical figure of 700
million
Answer: Well we tried him at double and he just wouldnt bite :-)
news.xtra.co.nz
sorry he did not make 700million.
probably more like 200 million given his share of the company.
Shane
> What strikes me as ironic, is that back in 1999, one of the best placed
> businesses to start an online auction/trading site was Trade & Exchange.
> They're still around - but, what an opportunity to miss.
<wild speculation>
Everybody was picking eBay to cream the market, sam 'won' because eBay
probably thought the NZ market was too small and every other player was
thinking "bugger taking on eBay"
</wild speculation>
ShuckItAnShee
TradeMe.
I'm left wondering though whether they've factored in the unfathomable - the
effect of interactive tv to the home & to the mobile in that timeframe.
HHhhmmmm
.
JohnO
If that was the thinking nobody would invest in shares at all - hardly
any stocks on the NZSX have a dividend yield that high.
Fairfax presumably see other value in there such as access to the
customer base, and in particular growth in the business. I take your
point on the fees though.
shannon
to web, and spotted a brand that can take on ebay in Australasia.
Barry Lennox
wrote:
Don't forget that eBay is US Centric, and Trademe has always had an
"NZ resident only" policy, thus increasing confidence that you won't
be ripped off.
However, it's pretty bloody tragic for the long-term outlook of the
country that:- "Thousands of Kiwis make their primary or secondary
income on Trade Me" Just folk selling off stuff to other obsessive
stuff-gatherers. It does absolutely nothing for the real good of the
country, other than a one-time cash injection of $700M. It does
nothing to develop and grow the fundamentals we need, EXPORTS
OTOH, I see no end of cheap Asian crap being sold there, driving up
the demand for useless imports
And it buggers the savings ethic that we really do need, according to
expert after expert.
And it apparently consumes about 62% of the Internet traffic in NZ??!!
To the point where some firms are now blocking access to it? Does
anybody use it for serious study and hard work these days, or is that
an non-PC concept. It's perhaps easier to just earn money by recycling
your crap to others.
I seem to recall there was life before Trademe.
Nova
trademe uses 60% of the _web_ traffic.
http traffic probably is only like 15-20% of total traffic.
p2p uses like 60-80% of all traffic.
Firms will be blocking it not because of the traffic but because too
many workers use work time to look at trademe.
Mutlley
Craig Sutton
"Bette Noir" <bett...@forever.com> wrote in message
news:66aa129gt1a57nfcg...@4ax.com...
> On , , Mon, 6 Mar 2006 10:07:07 +1300, Trademe Sold for $700
> Million Dollars, "krazy Bob" <som...@aol.com> wrote:
>
> >Damm 700 million, at 23yrs. why doesn't he set up a new ISP and create
> >better broadband for the rest of us :-P
>
>
4 million customers..@$50 a month each
Kent Smith
"Craig Sutton" <xcxcn...@ihug.co.nz> wrote in message
news:dv3of1$kku$1...@lust.ihug.co.nz...
broadband. :)
-KENT