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


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."


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news