Pacific Century CyberWorks is injecting A$29.6 million (about HK$135.4 million) into Australia-based Spike Networks to bolster a joint venture on regional Web-site development. Shareholders of financially troubled Spike yesterday approved the investment in the venture - to be called Spike CyberWorks - which was originally set up in March. CyberWorks in December agreed to acquire a 30 per cent holding in the venture through a wholly owned subsidiary - Cyber Convergence - for A$23.3 million. Under the agreement, Cyber Convergence has a two-year option to increase its stake in the venture, which has been redesigning Web sites for CyberWorks, to 50 per cent. Spike is to own the remainder of the venture. As part of the arrangement approved yesterday, another CyberWorks subsidiary - Web Commerce - is to pay A$6.34 million for a 5 per cent stake in Spike. Web Commerce has an option to buy a further 9.99 per cent of Spike for A$16.35 million. According to the Australian Financial Review, Spike spent A$7.2 million in the three months to March, leaving it with enough cash to survive for six months. Last week, the company said it had A$14.6 million in reserve.