Sharechat Logo

Powerhouse appoints interim liquidators to Hydroworks

Friday 18th August 2017

Text too small?

ASX-listed, Christchurch-based incubator Powerhouse Ventures secured a High Court order to appoint an interim liquidator to its investee firm Hydroworks, which has been without a board for the past fortnight. 

Powerhouse today filed an application in the High Court to appoint interim liquidators to Christchurch-based Hydroworks, and was successful in its application, with David Webb and David Vance of Deloitte appointed, the company said in a statement to the ASX. The incubator, which owns 24 percent of the hydroelectric turbine designer, has been weighing up options to restore administration control to Hydroworks, which it today said was still without a functioning board. 

"The interim liquidators' role is to preserve the assets of Hydroworks prior to the appointment of a liquidator, which will take several weeks," Powerhouse general counsel Rachel Triplow said in a statement. "The interim liquidators are required to act independently for the benefit of all creditors." 

Earlier this month, Powerhouse said Hydroworks had significant future sales opportunities in Australia and South-East Asia "but first the company will need to stabilise its financial position before further expansion." Powerhouse has since written down the value of the asset to zero. 

Hydroworks' woes have taken the sheen off Powerhouse's more successful investment in CropLogic, which successfully raised A$8 million in an initial public offering this week ahead of a planned listing on the ASX. 

Powerhouse's ASX-listed shares rose 8.1 percent to 40 Australian cents, having more than halved so far this year. The stock was sold in an initial public offering last year at A$1.07 a share.

(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:

Chatham Rock Phosphate Limited (NZX: CRP) Chatham Successfully Completes Private Placement
Turners Automotive Group Limited (NZX: TRA) Upgrades FY21 Earnings Guidance
Blackwell Global Holdings Limited (NZX: BGI) Restructure of Business Operations
Vista Group International Limited (NZX: VGL) Vista Group appoints James Miller as Independent Director
Rakon Limited (NZX: RAK) Update of FY2021 Earnings Guidance
The a2 Milk Company Limited (NZX: ATM) Organisational Announcement
Reserve Bank of New Zealand Committed to Action as It Responds to Data Breach
MHM Automation Limited (NZX: MHM) Settlement of New Plymouth Building Sale
Napier Port Holdings Limited (NZX: NPH) First Quarter 2021 Trade Volumes
New Zealand Oil & Gas Limited (NZX: NZO) Mahato PSC Update - Oil Production

IRG See IRG research reports