Zintel to return funds to shareholders, prepares to delist
Zintel Group, the NZAX-listed telecommunications company which sold its subsidiary Cogent in July, will sell the rest of its businesses and pay out shareholders as it prepares to delist from the New Zealand stock exchange.
The Auckland-based company will sell its Commit Services unit and pursue its claim against VeriFone for terminating a New Zealand distribution agreement before winding itself up and delisting, it said in a statement.
"We have achieved good value for shareholders, certainly well in excess of the share price of 22 cents prior to the sale of our Australian business earlier this year," chairman Nick Gordon said. "At this stage we believe that it is best to return funds to shareholders so they can make their own investment decisions in future."
In March, Zintel returned about 20 cents a share to investors after it sold its Australian toll-free calling business for $15.3 million to Delaware-based j2 Global, more than the Auckland-based company's entire market value.
Zintel shares last traded at 43 cents and have climbed about 300 percent this year.
The company will hold its annual general meeting on Sept. 26.
Comments from our readers
No comments yet
Add your comment:
Zintel shareholders vote in favour of delisting, liquidation; shares jump
Zintel to return 20 cents a share after windfall sale of Australian unit
Zintel shares soar 36% on sale of Australian unit
Zintel Group looks to list on main NZX board
Workers at Archer Capital
Zintel Group agrees to acquire Cogent for $1.9M, employees participate