Renaissance reveals takeover talksMarch 28 - 11am
Renaissance has revealed it is in the midst of takeover talks with a range of possible investors, a move which could significantly change the direction of the company.
During the company’s AGM, the board, led by chairman Colin Giffney, attempted to reassure shareholders that such discussions could lead to a change in fortunes for the firm.
“Your directors are involved in a number of discussions that could change the size and shape of the company, possibly even dramatically,” Giffney said.
“Your directors’ focus is shareholder value.
“We hope to be able to come back to you with recommendations within the next month or, at least, as soon as possible.”
Essentially reviewing the company’s performance over the past twelve months, Giffney spoke of previous takeover bids, including a merger with a “large education company.”
“In early July last year we were contacted by a large dducation company to see whether we were interested in merging,” he said.
“Effectively it would have been a back door listing for this company.
“Non-Disclosure agreements were signed, some information was disclosed and the discussions meandered for a while.”
Giffney also spoke of the company’s legal action against Exeed, which it subsequently dropped in September last year.
The former Apple distributer hopes 2013 will see a change in fortunes after a “ghastly” 2012 following a period of company change.
“2012 has been another year of upheaval for the company,” Colin Giffney, Renaissance chairman told NZX before Xmas.
“Now though, the balance sheet is stabilising. The business is ‘right-sized’. Focus has returned to the retail and education businesses and we have ended the year with a platform from which to grow.
“The company looks forward with confidence now that the upheavals of the last two years are behind us.”
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