Powerhouse Ventures wants more information after HydroWorks' board resignations
By Rebecca Howard
Aug. 1 (BusinessDesk) - Christchurch-based technology incubator Powerhouse Ventures is seeking more information after investee firm HydroWorks was left with no directors.
Powerhouse halted trading of its ASX-listed shares yesterday following the resignation of Andrew Rodwell as managing director as the move appeared to leave the company without any directors after chairman Chris Laurie resigned as a director on Sunday. Powerhouse has a 24 percent stake in HydroWorks. Rodwell does remain chief executive.
"We are disappointed at their decision and are seeking a meeting with the company to better understand the reasons," said Powerhouse managing director Stephen Hampson in a release to the ASX.
Laurie followed 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.
Hampson said Powerhouse is aware that HydroWorks has faced significant financial issues in recent months and "we recognised it needed active support including the provision of short term finance."
HydroWorks specialises in the design, manufacture and installation of hydroelectric turbines and related equipment for electricity generation. It has a staff of around 35 and is working in New Zealand, Australia and South-East Asia.
In its quarterly activities report released yesterday, Powerhouse said HydroWorks has significant future sales opportunities in Australia and South-East Asia "but first the company will need to stabilise its financial position before further expansion."
Powerhouse shares last traded at 65 Australian cents on the ASX, down from last year's initial public offering price of A$1.07.