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VTL directors resign; Company in receivership

Tuesday 4th November 2008

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The directors of NZX-listed company VTL Group, which was related to Nathans Finance, have resigned and plan to call in the receivers.

The chairman of VTL Group was, until yesterday, Gary Stevens, and its directors were Roger Moses and Don Young.

In a release to the exchange last night they said they had resigned and Colin McCloy of PricewaterhouseCoopers has been invited to become receiver of the company.

McCloy has not yet been formally appointed receiver.

McCloy and John Waller are the receivers of VTL’s failed subsidiary Nathans Finance which was placed in receivership in August 2007.

VTL owned vending machine businesses in Australasia, North America and Europe. A process has been underway to sell these assets.

In their statement the directors said that they “continue to believe that Remote Technology Systems LLC, Shop24 and the vending franchise programme have value and hope that the restructuring programme will continue for the benefit of the stakeholders.”

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