Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Cadmus Secures $7.4m To Expand Lease Book

Auckland - April 5, 2001 - Payment solutions and data management services provider, Cadmus Technology Limited (NZSE: CTL), today announced that it had arranged a $7.4 million financing facility to accelerate the growth of its equipment rental business.

Cadmus has entered into a brokered agreement with private financiers who will provide the funds to underwrite development and growth of its equipment leasing book, which is currently funded internally. The agreement addresses the additional funding required as a result of recent sales wins, including the delivery of the initial 1,200 of 3,000 terminals to Bartercard, and will support future sales and rental activity.

Under the agreement Cadmus will maintain all rights in the equipment and its customers and retain the equipment on its asset register and balance sheet. Security has been arranged over Cadmus subsidiary, Turton Holdings Limited, by entering into a separate debenture agreement.

“The need to arrange funding is driven by our increased sales and growing market share,” says Managing Director, Ian Bailey. “As a result of this agreement we will be able to continue that expansion without compromising either our balance sheet or cashflow.”

ENDS

Company Background
Cadmus Technology Limited is an end-to-end payment solution and data management services provider. It operates a number of unique interfaces into the NZ EFTPOS infrastructure enabling the capture and processing of information relating to customer spend, as well as the processing of in-house and private label cards.
Clients include the Vodaphone Warriors Rugby League, Bartercard, Stihl, TrustPower, and many of the major motor vehicle importers and distributors.
Cadmus has a 50% interest in Pospower Limited, via a joint venture agreement with TrustPower, a 50% interest in a joint venture with E-Smart Card Technologies Limited and a 4.55% strategic shareholding in Insight Technologies (Asia Pacific) Pty Limited. For more information, please visit www.cadmus.co.nz

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO:

Oxfam: Drug Companies Cheating Countries Out Of Billions In Tax

Oxfam’s analysis suggests these four companies are shifting profits out of countries where they do their business and into tax havens that charge little or no tax. More>>

Off The Lam: 50 Lambs Reported Lost, Found

The sheep had escaped and merged with another farmer’s flock. The combined flocks had been moved to another property before the farmer realised the missing sheep were included. More>>

Rotting Poles: Commission To File Proceedings Against Aurora Energy

The Commerce Commission has decided to file court proceedings against Dunedin-based electricity lines company Aurora Energy for breaching its regulated quality standards in 2016 and 2017. More>>

ALSO:

Gordon Campbell: On The Rising Cost Of Petrol

As petrol gets more and more expensive, Auckland motorists have several things to blame for it – the slumping value of the Kiwi dollar, Donald Trump’s sanctions on Iranian oil, hurricanes in the Caribbean… But it is simpler and feels better to lay all the blame on the regional fuel tax. More>>

ALSO: