Sharechat Logo

Powerhouse to sell $1 mln stake in Invert Robotics, trimming holding by almost a quarter

Tuesday 19th June 2018

Text too small?

Powerhouse Ventures, which in April ditched plans for a rights issue in favour of funding from two cornerstone investors, will trim its stake in Invert Robotics after shopping around the investment for several months.

The Christchurch-based, ASX-listed incubator said it plans to sell up to 57,111 of its 247,085 Invert Robotics shares at $17.51 apiece. That would reap the investor up to $1 million, and it's already attracted expressions of interest for $800,000 of Invert stock. The sale price values Invert at $21.6 million, and matches the per-share price $200,000 of shares were issued to C&J Vonwiller and Bekaju Nominees in April, and a $6.4 million capital raise in December.

Powerhouse said Invert accounts for 30 percent of its total portfolio, which it deems to be overweight, which is why it's selling down.

"Powerhouse has been delighted with Invert's growth and performance, with the recent $9.2 million capital raise demonstrating sophisticated investor appetite for ownership of this company," it said. "Proceeds from the planned sale of Invert shares will enable Powerhouse to continue to invest in new university-sourced technology-focused companies in New Zealand and Australia and to provide follow-on investment funds to other earlier stage existing portfolio companies."

The incubator had planned to reduce its Invert stake last year before ditching the plan when the buyer chose to invest directly in the robotics company via a capital raise. It floated the prospect of selling down Invert shares in April, when it unveiled a A$5.8 million recapitalisation plan that would have doubled its shares on issue. That rights issue was canned when some cornerstone shareholders offered capital through convertible notes, meaning Powerhouse avoided the cost of underwriting the deal.

The shares last traded at 18 Australian cents, having slumped 44 percent so far this year.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

MARKET CLOSE: NZ shares gain as upcoming Fed meeting bolsters yield stocks; Sky TV gains
ESW reaches 90% of SLI Systems, moves to compulsory acquisition
NZ higher against USD as markets await the US Federal Reserve
Hawke's Bay council advances Napier Port IPO plan
Government outlines planned hikes in minimum wage
Chorus could lift its dividend post-UFB rollout but risks remain
T&G Global profit dented by cheaper tomatoes, small grape harvest
NZ posts widest current account deficit since 2009, in line with expectations
Heartland says new bank capital rules won't hurt as much as the market thinks
ISS supports Vital Healthcare's rebel investors

IRG See IRG research reports