Provenco and Cadmus announce merger

Long anticipated payments merger recommended to shareholders

The boards of New Zealand Eftpos and payments technology companies Provenco and Cadmus have recommended a merger to their shareholders.

The companies today announced a conditional agreement to merge the businesses and continue as a New Zealand listed company under a name yet to be finalised.

Cadmus shareholders will receive one share in the new entity for every 4.6 Cadmus shares held while Provenco shareholders will hold one share for every Provenco share held.

Both companies intend to poll shareholders on the proposal in December.

The companies were investing in R&D and targeting markets that overlapped, a statement released today says.

The combined businesses will have a strong presence in New Zealand, Australia, Singapore, Malaysia and in mainland China, and a growing presence in other regions, it says.

Cadmus chairman Peter Maire says the merger will help the companies rapidly build scale while acting Provenco chairman Rick Christie says the companies' businesses are complementary.

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