End of the line for GDC

Its shares set to be taken off the NZX on August 4

Former telco services provider GDC has taken another step towards disappearing, with its shares set to be taken off the NZX on August 4.

A notice posted on the exchange last week notes that receivers Brendon Gibson and Grant Graham of Ferrier Hodgson made a request to de-list, which has been granted.

The de-listing request followed their conclusion that “to the best of their knowledge and belief, there is no prospect of a distribution to shareholders of the company”.

In March, GDC’s directors requested the company be put into receivership, following the sale of its voice services and ASP divisions, to Cogent and Compass Communications respectively.

The directors all resigned at the time of the receivership request.

GDC’s woes began late last year, when it was forced to lay off 27 staff in the Auckland region, approximately 25% of its headcount in the area.

At the time, then-GDC managing director Ross Jenkins told Computerworld that changes in the voice services market — including the arrival of IP Telephony as a viable technology, the move into voice by systems integrators and Telecom’s entry into the CPE (customer premises equipment) voice market — were behind the move.

An attempt to inject more cash into the business by means of a rights issue in January was unsuccessful.

Cisco Systems New Zealand country manager Geoff Lawrie was managing director of GDC from January 2003 until November, when he relinquished the post to Ross Jenkins.

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