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

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news