As reported earlier on ZDNet, UUNet's reasons for ending the deal were due to eisa's, "failure to meet the financial commitments supposed to be in place last month."
During the session a massive 43 percent of eisa's total issue was traded to see a closing price down by a staggering 34 per cent at just AU$0.245.
When eisa launched the OzEmail bid back in March it was being traded at around AU$2.60. The situation then valued eisa at around AU$150 million. Today it's less than AU$15 million.
At risk in the wash-up is a deposit of AU$20 million that eisa had paid. UUNet said it's non-refundable. Eisa reaction can be summed up as, "We'll see about that."
UUNet still needs to find a buyer for the OzEmail business it does not want. Fairfax and OzEmail's original founder, Sean Howard, are rumoured to be considering making a bid.
There was some brisk trade in Internet Travel which saw it jump 15 per cent to AU$0.69.
Among the favourites, the telcos had a mixed day. C&W Optus was down 2.3 percent at AU$4.68. Telstra finished higher by 1.8 percent at AU$6.92 and the T2 receipts were up by 2.3 per cent at AU$3.95.
Payments and commerce solutions company EftNet Technologies announced an alliance with Fox Technology for the supply, installation, and support of its newly announced EFTPOS bill payment service.
Reaction was positive with EftNet finishing up by 6.2 per cent at AU$0.85.
Good news from BMCMedia had the opposite effect on its price. The company said it was in the leading position in audience reach according to the latest report by Internet measurement group, Red Sheriff Research. BMCMedia said this put it ahead of other major Internet groups such as ninemsn and Fairfax's f2. BMCMedia closed down by 3 per cent at AU$0.68.
