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

 

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Scoop Business: NZ Broadcasters Launch Battle Against Global Mode ISPs

New Zealand broadcasters have confirmed they’ve launched legal proceedings against internet service providers who give customers’ access to “global mode”, which allows customers access to offshore online content, claiming it breaches the local content providers’ copyright. More>>

ALSO:

Sanford: Closure Of Christchurch Mussel Processing Plant Confirmed

The decision comes after a period of consultation with the 232 staff employed at the Riccarton site, who were told on 9 April that Sanford was considering the future of mussel processing in Christchurch. Recent weather patterns had impacted on natural spat (offspring) supply... More>>

ALSO:

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news