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Provenco placement to leading technology investors

Provenco placement to leading technology investors, and share purchase plan for shareholders

Listed technology company Provenco has agreed to issue new capital to interests associated with Peter Maire and Stephen Tindall, to raise $8.5 million, and is announcing a further share purchase plan offer of up to $7 million of new capital to shareholders.

Provenco chairman David Wolfenden said Provenco has not placed shares for a cash injection for four years. Provenco has grown from a turnover of $62 million to approximately $145 million in that time.

“This injection of capital from the issue of new shares will assist us with growth and continued development of business opportunities with the international retail oil industry, enable us to retire some bank debt used to fund earlier business purchases, and generally strengthen our balance sheet ready for further growth,” he said.

The issue price of the 10 million new shares to Maire and Tindall interests is 85 cents per share, which is a discount to last week’s closing price of 91 cents, for total consideration of $8.5 million. In addition, both Maire and Tindall interests will be granted 3.45 million options each, which may be converted into shares, at a price of $1.05 each to be exercised not later than 31 March 2008.

David Wolfenden said that the Board welcomed Messrs Maire and Tindall as new investors onto the share register of Provenco. “Both Peter and Stephen are well-known for their knowledge of, and astuteness with, technology investments.

“We believe this is an endorsement of the growth strategy that Provenco has been following, in particular for our success in breaking into the international retail oil industry markets in Malaysia, India, the Middle East and most recently into Europe.”

Peter Maire founded Navman and built it to be a world leader in global positioning system products before selling it to US company Brunswick Corporation. His leadership and interests in the New Zealand technology sector are well known, where he has a particular emphasis in growing export focused companies. He has made significant investments in Rakon, Cadmus, Orion Systems and Fusion. He is a member of the Government’s Growth and Innovation Advisory Board, the HiGrowth Advisory Board and recently has been appointed as a director of New Zealand Trade and Enterprise.

Stephen Tindall, founder of The Warehouse, has made significant investments in venture capital start-ups and many technology companies. He continues to be the major shareholder in The Warehouse.

In addition to this issue of new capital to Maire and Tindall interests, the Board will also offer existing shareholders new shares up to a value of $5,000 per shareholder under a share purchase plan to be made at a price of 85 cents per share, equivalent to 5,882 shares per shareholder. This offer will be made as soon as practically possible and will be capped at a total of $7 million. All New Zealand shareholders registered on a record date to be notified to NZX will be eligible to take up the offer, and in the event of over subscriptions the number of shares will be pro-rated down.

“The significant growth of recent years and improved profitability has been funded by internally generated cash flow and some bank debt and it is now time to lift the level of equity in the business to take Provenco forward,” said Mr Wolfenden.


For further information:
David Wolfenden, chairman, Provenco. Phone +64 (0) 21 977 572
David Ritchie, chief executive officer, Provenco. Phone +64 (0) 21 220 9560
Gabrielle Domett, marketing communications manager, Provenco 64 (0) 21 574 154

About Provenco
Provenco Group Limited is a New Zealand-founded technology company operating globally with customers in over 25 countries. Listed on the New Zealand stock exchange (NZX: PVO), the company has a number of international offices including those in Beijing, Kuala Lumpur, Melbourne and Sydney.

After more than 30 years on the technology scene, Provenco has evolved into a sound and diverse company. With a heritage in Eftpos and payment solutions, Provenco’s business now extends across a range of technology applications for the retail environment.

The company’s growing diversity is reflected in each of the key areas of its operations today – providing forecourt solutions for the international retail oil industry; payment technology and Eftpos in the domestic New Zealand market; and retail technology including mobile and wireless technology for the Australasian market.

Provenco’s tailored solutions for retail business environments use a combination of internally-developed software and hardware, as well as top international brands.

For more information, visit


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