Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Powerhouse wants more information after resignations

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.

(BusinessDesk)

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: