The net loss was $3.1m in the six months ended March 31, from a profit of $1.96m a year earlier.

Company says its weak share price leaves it vulnerable to a takeover.

Legal action involves $837,373 withheld by Exceed over unresolved sale details. 

Director Ron Halls will be acting CEO until a new appointment is made.

The sale means Renaissance's revenue will more than halve to $80 million from $180 million. Net interest-bearing debt is wiped out.

Computer reseller and trainer Renaissance Corp returns to profitability in the six months to March 31.