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

 


4RF assets sold to Israel’s Fortissimo for US$8M

4RF assets sold to Israel’s Fortissimo for US$8M, enabling repayment of creditors

Dec. 3 (BusinessDesk) - Israeli private equity group Fortissimo Capital paid US$8 million for award-winning Wellington-based microwave radio products developer 4RF, allowing the receivers to repay creditors and settle with noteholders.

The former parent company, 4RF Communications, was put in receivership in April after failing to reach agreement on restructuring some $5.5 million of convertible notes. To ensure the business, which had $20.4 million of sales in 2010, could continue trading, the operating assets were placed in a subsidiary company which was put up for sale.

The noteholders were paid at about 73 cents in the dollar of the total principle and interest owed of $6 million, said receiver John Fisk of PwC. First ranking creditor ANZ National, owed $4.1 million, was also repaid, and Sydney-based Carnegie, Wylie & Co, owed about $2.1 million, was largely repaid.

Including funds on hand and net sale proceeds, 4RF Communications had receipts for $8.7 million, according to the receivers’ report for the period ended Oct. 2.

Based in Rosh Ha’ayin, Israel, Fortissimo’s investments include Nasdaq-listed Soda Stream International and Afimilk, which makes computerised systems for dairy farms and herd management, according to its website.

It has nearly $US500 million under management, a recent statement says. Its founder and managing partner is Yuval Cohen, a Harvard-educated venture capitalist.

4RF’s products include its Aprisa SCADA point-to-multipoint radio for use by oil, gas and utility companies and a point-to-point microwave link product, according to its website.

ANZ National was owed $4.1 million by 4RF Communications, a report from receivers PwC says.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news