Shareholders in Renaissance Corp [NZX: RNS] 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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Wikileaks releases 20,000 DNC emails as part of new 'Hillary Leaks' series
- Businesses say they can't afford to replace outdated equipment
- Xero is beating Sage’s mainstream product in Britain: Drury
- SIR BOB JONES: Brexit was not a mistake
- Xero ‘stretching credibility,’ MYOB’s ‘noise’ – eGST war continues
Most listened to
- Sunday Business with Andrew Patterson
- Business Week in Review with Grant Walker & Andrew Patterson
- “The justice system never troubled itself in the most elementary way to get the facts to decide the case” - Rodney Hide
- Hunter's Corner: Is the ASX taking our best and brightest?
- Cameron Officer on the car of the week: Mercedes-Benz C 300 Coupe