Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

Zintel to return funds to shareholders, prepares to delist

Zintel to return funds to shareholders, prepares to delist

By Hannah Lynch

Aug. 31 (BusinessDesk) - Zintel Group, the NZAX-listed telecommunications company which sold its subsidiary Cogent in July, will sell the rest of its businesses and pay out shareholders as it prepares to delist from the New Zealand stock exchange.

The Auckland-based company will sell its Commit Services unit and pursue its claim against VeriFone for terminating a New Zealand distribution agreement before winding itself up and delisting, it said in a statement.

"We have achieved good value for shareholders, certainly well in excess of the share price of 22 cents prior to the sale of our Australian business earlier this year,” chairman Nick Gordon said. “At this stage we believe that it is best to return funds to shareholders so they can make their own investment decisions in future."

In March, Zintel returned about 20 cents a share to investors after it sold its Australian toll-free calling business for $15.3 million to Delaware-based j2 Global, more than the Auckland-based company's entire market value.

Zintel shares last traded at 43 cents and have climbed about 300 percent this year.

The company will hold its annual general meeting on Sept. 26.

(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.