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

 

Powerhouse Ventures won't proceed with Invert Robotics sale

Powerhouse Ventures won't proceed with sale of Invert Robotics stake

By Rebecca Howard

Nov. 14 (BusinessDesk) - Christchurch-based technology incubator Powerhouse Ventures will not proceed with plans to sell a quarter of its Invert Robotics' holding for $1.3 million as one of the sale conditions has not been satisfied.

In September, Powerhouse said it had been approached during Invert's current financing round and announced plans to sell, stating the sale would result in a profit above its current book value of Invert. It currently owns 34.6 percent of the company and the sale would have reduced that to between 23.6 percent and 28.2 percent of the shares.

The deal was conditional to completing a pre-emptive shareholder process and co-sale rights under the shareholder agreement it has with Invert. "Whilst Powerhouse agreed to the now-cancelled transaction, we are more than happy to maintain our higher holding stake in Invert," Powerhouse said.

According to Powerhouse, the potential buyer will now invest directly in Invert's current capital raise to ensure it achieves its required holding level of Invert shares. Invert is undertaking an initial capital raise of A$4 million which is proceeding "terribly well," said Powerhouse chief executive Paul Viney. The book is expected to be closed in a week or two. He declined to name the potential buyer.

Invert will subsequently look to raise around a further A$6 million to "enable M&A expansion throughout Europe," he said. The second part will take place over the next 12 months, according to Viney.

Invert Robotics has developed a novel climbing robot system for remote inspection services in the dairy and food processing sectors as well as the aviation industry. According to Powerhouse it has an enterprise value of $10.7 million and seven employees.

Powerhouse shares recently traded at 35 Australian cents on the ASX and have more than halved this year.

(BusinessDesk)


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: