Sharechat Logo

VTL directors resign; Company in receivership

Tuesday 4th November 2008

Text too small?
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.”

BusinessWire.co.nz

  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:

EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto
19th October 2021 Morning Report