Renaissance Corp shareholders back wind-up, liquidator appointed
By Paul McBeth
Aug. 11 (BusinessDesk) - Shareholders in Renaissance Corp have backed a resolution to wind-up the failed retailer and education group, and have appointed a liquidator to the company.
Investors agreed to the resolution to appiont Andrew McKay and Justin Bosley of Corporate Finance as liquidators, Renaissance said in a statement. The vote comes after the company this year sold its operating assets and signalled a capital return before an eventual close down.
NZX-listed Renaissance, which lost its monopoly on Apple products sold in New Zealand, has been selling businesses for the past two years. In May it warned it would likely miss a $1 million earn-out from the Yoobee School of Design, as it earnings were tracking below expectations.
Trading in the shares was suspended on Aug. 5, and they last traded at 14.6 cents, valuing Renaissance at $6.37 million.