Sharechat Logo

Renaissance Corp shareholders back wind-up, liquidator appointed

Monday 11th August 2014

Text too small?

Shareholders in Renaissance Corp have backed a resolution to wind-up the failed retailer and education group, and have appointed a liquidator to the company.

Investors agreed to the resolution to appiont Andrew McKay and Justin Bosley of Corporate Finance as liquidators, Renaissance said in a statement. The vote comes after the company this year sold its operating assets and signalled a capital return before an eventual close down.

NZX-listed Renaissance, which lost its monopoly on Apple products sold in New Zealand, has been selling businesses for the past two years. In May it warned it would likely miss a $1 million earn-out from the Yoobee School of Design, as it earnings were tracking below expectations.

Trading in the shares was suspended on Aug. 5, and they last traded at 14.6 cents, valuing Renaissance at $6.37 million.

 

 

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record

IRG See IRG research reports