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Domainz Future Task Force Report 31/05/03


1. The Taskforce has met twice face to face since the last report. It met on Friday 3 April and also on Friday 16 May 2003.

2. There has been intensive work done at a management level between Deloitte Corporate Finance and the CEO of Domainz to prepare the information memorandum for the sale.

3. The Taskforce has revised and eventually approved the information memorandum for release.

4. Council at its last meeting asked the Taskforce to consider and then to return to council with a recommendation on how it shall incorporate into the sales process the articulation and consideration of the society's desire to sell Domainz within the context of the aims and objectives of the society as expressed in the constitution. The articulation shall include that the society shall not be bound by highest bid and that it is willing to consider bids that satisfy objects of the constitution.

5. After discussion, the following clause has been inserted into the sale process section of the information memorandum: "The Vendor wishes to advise intending purchasers that it reserves the right to consider a range of issues, including the application of its objectives ( as a common interest society which aims to promote and protect the Internet in New Zealand, when determining who should be included in any short list group of prospective purchasers invited to make an unconditional offer, and determining the eventual successful bid.

6. The following time-frame for the sale has been agreed to:

Submission of Preliminary Non-Binding Offers Friday 20 June 2003
Selection of short-list By Friday 27 June 2003
Due diligence period commences wc Monday 30 June 2003
Site visits and mgmt meetings wc Monday 30 June 2003
Due diligence period ends Monday 14 July 2003
Submission of fully unconditional binding offers Monday 21 July 2003
Settlement and transfer of funds Friday 6 September 2003

7. The provisional meeting date for the Council Meeting to formally accept an offer is Friday 22 August 2003.

8. The Stabilising Registrar Agreement  in section 2.1 states the SRA will continue until 30 September 2003 or an earlier date by mutual agreement. Council is asked to agree on behalf of InternetNZ to terminate the SRA effective from the date of settlement and transfer of funds for the sale, as it is undesirable to have this continue for even a few weeks once Domainz has been sold.

9. It is recommended that Council

    1. Approve the report of the Taskforce
    2. Agree to terminate the Agreement for Transfer of Registry Functions and Appointment of Domainz as a Stabilising Registrar on the date of settlement and transfer of funds for the sale of Domainz, should this be prior to 30 September 2003
Keith Davidson
Chair Domainz Future Taskforce
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