Powerhouse Ventures in trading halt over reports of HydroWorks board resignations
By Paul McBeth
July 31 (BusinessDesk) - Christchurch-based technology incubator Powerhouse Ventures has sought a trading halt of its ASX-listed shares after the National Business Review reported a mass resignation of directors at investee firm Hydroworks.
The company sought the trading halt "pending an announcement in relation to investee company Hydroworks Ltd's media release to the New Zealand online publication the NBR" over the hydro-electricity turbine firm's "board composition and a notice apparently sent to HW shareholders to propose reconstitution of the board," Powerhouse said in a statement to the ASX. Powerhouse owns 23 percent of Hydroworks, which had previously touted an Australian listing for this year.
The trading halt will stay in place until an announcement is made about Hydroworks, which Powerhouse said should be no later than the market pre-open on Aug. 1.
Companies Office filings show Christopher Laurie resigned as a director at Hydroworks yesterday, following Paul Viney's exit on July 18, Andrew Matheson who left on June 20, founder Richard Hotherstall who departed on April 19 and David Frow who ceased being a director on April 7. The Companies Office shows chief executive Andrew Rodwell as the sole director of Hydroworks, having been appointed on Feb. 9.
Powerhouse shares last traded at 65 Australian cents on the ASX, down from last year's initial public offering price of A$1.07.