Sharechat Logo

Pioneer Capital, NZVIF give up on SLI Systems after a decade

Thursday 1st March 2018

Text too small?

Private investment firm Pioneer Capital has quit its 9.8 percent holding in SLI Systems after a decade-long stake in the e-commerce software developer. 

The Auckland-based investment firm, which held the stake with the government's New Zealand Venture Investment Fund, sold 5 million shares for $1.25 million, or 25 cents a share, in an off-market trade on Feb. 27, according to a notice to the stock exchange. That followed a series of on-market sales since June last year, which have cut Pioneer's stake in the software firm to 0.7 percent from 9.8 percent. 

Pioneer's Matthew Houtman resigned from SLI's board yesterday as a result of the exit, the software firm said in a statement. 

"SLI Systems' board thanks Matthew and Pioneer Capital for the many years of support and advice they have given to the company," chair Greg Cross said. "Both have made a significant contribution."

Pioneer and NZVIF first bought into SLI in 2007, injecting $1 million into the start-up to help fund its global expansion plans. The investors held 16 percent of SLI before its initial public offering in 2013 and were among shareholders who sold $12 million of stock into SLI's 2013 initial public offering, which raised $27 million at $1.50 a share. 

Since then, SLI has struggled to gain traction and is now in the process of reorientating its product in a tussle for market share. The shares hit a low of 18 cents in December, although they shot up to 40 cents earlier this week after the company posted a maiden first-half profit. The shares rose 12 percent to 29 cents today. 

(BusinessDesk)

  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 falls with Aussie after Westpac's RBA rate cut call
Intuit juggernaut grows QuickBooks subscribers but momentum slows
Reaction to Budget rules relaxation shows balance 'about right', says Ardern
Augusta lifts net profit six fold as investors flock into new funds
Annual exports to China top $15 billion for first time
Gentrack posts $8.7M loss on CA Plus write-down
Westpac says RBNZ capital proposals would add $6,000 p.a. to an Auckland mortgage
Cavalier says market conditions still challenging
Ryman hikes dividend as annual earnings grow on wider development margin
24th May 2019 Morning Report

IRG See IRG research reports