Sharechat Logo

Gentrack, eyeing listing, taps Takeovers Panel's Coupe, accountant Shaw for board

Tuesday 6th May 2014

Text too small?

Gentrack, which sells software for utilities and airports, has appointed New Zealand Takeovers Panel deputy chair Andy Coupe and accountant Graham Shaw as independent directors, swelling its board to five and signalling it is closer to going public.

Coupe had a three-decade-long career in investment banking at UBS New Zealand and Shaw's roles include being a director of Xero and chairman of Jeff Gray European, the Auckland-based company said in a statement. They bring the company's independent directors to three including Leigh Warren, while chairman John Clifford and executive director James Docking round out the board.

The company's two software products are Gentrack Velocity, a billing product for energy and water utilities, and airport management system Airport 20/20. The products had originally been developed by Talgentra, an Auckland-based company that was sold to Australian metering company Bayard and ANZ Capital in 2009.

Clifford and Docking, who has run the Gentrack business since 1995, teamed up to buy Talgentra in 2012. Fair value of the net assets acquired was $53.9 million, according to the company's 2013 annual report, including goodwill of $40 million, the bulk of which was allocated to the utilities business.

Clifford and Docking each hold 21 percent of the company, which has a total of 21 shareholdings and 19.2 million shares on issue.

Gentrack has 150 utility and airport customers in 20 countries, and employs 180 people in offices in Auckland, Melbourne and London, according to its statement. Sales in the 12 months ended Sept. 31, 2013, was $40 million, generating a profit of $6.6 million.

The company would probably raise capital in a listing to repay debt and finance its growth, and becoming a public company would also polish its credibility as a global player.

 

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  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:

Booster tests waters with NZX listing of private property trust
Liquidation can be sought on small debts, appeal court finds
House price inflation rekindles but low sales volumes suggest caution
Liquidators estimate $16m shortfall from Stanley-Tallwood collapse
Manufacturing contraction extends into August
House price inflation rekindles but low sales volumes suggest caution
13th September 2019 Morning Report
Tamarind halts Tui drilling; OMV assesses options
NZ weaker as ECB package, inflation data lifts greenback
MARKET CLOSE: Z Energy, Synlait crash on earnings downgrades

IRG See IRG research reports