Merged Cadmus-Provenco board announced

Two places to be filled, but most appointments made

Progress is being made towards the merger of electronic payments companies Provenco and Cadmus.

The two companies have announced the board of the new, as-yet unnamed merged company.

It will be chaired by current Provenco chairman Rick Christie, who will be an independent chairman. Peter Maire and Thiam Beng Lau will represent Cadmus, while Robert Bryden and Chris Morrison will represent Provenco. Two additional independent directors are yet to be appointed.

An application for approval of the merger has been lodged with the Commerce Commission and and an independent report on the merger from investment bank Grant Samuel is being written.

The proposed merger was first announced in October.

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