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

 

Tubes: Tasman Global Access Cable Goes Live

Spark, Vodafone and Telstra have today announced the Tasman Global Access (TGA) cable is officially in service and ready to carry vast quantities of Internet traffic between New Zealand and the world. More>>

ALSO:

Theresa Does: Brexit Letter Sees NZD Touch Week-High Vs GBP On Brexit

The New Zealand dollar rose to a week-high against the British pound and euro after UK Prime Minister Theresa May officially triggered Britain's exit from the European Union. More>>

ALSO:

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news