ProvencoCadmus in receivership

Electronic payments provider ProvencoCadmus has been placed in receivership, following a trading halt in its shares on the New Zealand Stock Exchange earlier today.

Michael Stiassny and Brendon Gibson of KordaMentha have been appointed as receivers, after proceedings were initiated by the ANZ National Bank, at the request of ProvencoCadmus' directors.

While ProvencoCadmus is in receivership, its subsidiary companies aren’t, according to an announcement from KordaMentha.

Last month, ProvencoCadmus appealed for more investment funds. The receivership follows the decision of some existing shareholders not to put extra cash into the company.

KordaMentha’s Stiassny says in the receivership announcement “Provenco is a well known New Zealand business with a long trading history and we certainly hope we can find a new owner.

“We are currently assessing the situation and working to ensure there will be no disruption to normal service,” he says.

A statement from ProvencoCadmus about the receivership can be viewed on the NZX website.

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