July 26, 2004 — (WEB HOST INDUSTRY REVIEW) — The founders and three largest shareholders of Australian Web hosting provider WebCentral (webcentral.com.au) will sell their shares, worth AU $18 million, to technology company FTR Holdings (ftrholdings.com.au), according to a report by ZDNet.
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The sale is part of FTR Holdings acquisition of the 50.6 stake in WebCentral it does not already own, at a total cost of $19.6 million.
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The three founders are Lloyd Ernst, Byron Newton and Joe Altoff. The trio has been offered a stake in FTR Holdings, the report said, which would allow them to maintain a role in the management and operation of the WebCentral.
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A spokeperson for WebCentral told ZDNet that the management changes would have no significant impact on the company’s daily operations.
