Provenco-cadmus announce board for proposed merge
Provenco-Cadmus update; board announced for proposed merged companies
Monday December 10 2007: Provenco Group Limited (NZX Code PVO) and Cadmus Technology Limited (NZX Code CTL) have made further progress in the proposed merger of the two companies, under a new name yet to be finalised (NewCo).
The two companies today announced the composition of a board, which will be confirmed if the merger is approved.
The NewCo board will be chaired by current Provenco chairman Rick Christie, who will be an independent chairman. Peter Maire and Thiam Beng Lau represent Cadmus, Robert Bryden and Chris Morrison are from Provenco, and two additional independent directors are yet to be determined.
Rick Christie said the working party had made considerable progress since announcing the proposed merger only seven weeks ago.
"We have lodged an application for clearance with the Commerce Commission as well as having other statutory approval processes well underway. Although the Christmas-New Year holidays will inevitably cause some delays, we are still expecting a response from the Commerce Commission early in the New Year."
He also said independent expert, Grant Samuel, was close to finalising its Independent Report and he expected this to be available to shareholders when the merger proposal documentation was circulated in the New Year ahead of the Special Meetings of both companies.
Mr Christie said he was confident shareholders would share the board's vision of a merged company that combined highly-competitive technology, market share and access to capital and disciplined governance.
"We will create a truly international technology company that is committed to being New Zealand owned and New Zealand domiciled. We see ourselves as a flag carrier for New Zealand innovation and technology and I am confident that this board will provide wise guidance in steering the company into a stronger position on the international stage."
Mr Christie said NewCo would have a greater presence in Asia Pacific, with the two companies providing the scale needed for international growth.
"As chairman, and also a long-time participant in the technology, innovation and export sector, I can see a very bright future for NewCo, particularly given the involvement of significant successful investors, like Peter Maire's Tahia Investments and Todd Capital, providing capital and the vision.
"We are now setting the scene for an exciting journey with great potential for us all. We remain steadfast in our commitment to build a significant New Zealand-based technology company from the platform created in the merger of these two businesses."