IT Capital denies market rumours that it could be picking up pieces of the troubled Liberty One technology investment group.
Sydney-based Liberty, which could be sold or broken up in the wake of an $A8.8m loss in the six months to June on revenue of $A10.2m, was still making no definitive comment last week on possible break up or transfer to a new owner.
"Liberty One will be restructured in some form, either through new ownership or via the sell-off of key assets," chief executive Marcelle Anderson told the Australian Financial Review last week.
The prize piece of the group is Web integration company Zivo, which operates in both Australia and New Zealand. IT Capital was said to be particularly interested in acquiring Zivo.
But IT Capital managing director Keith Philips dismisses the idea. “I think it’s wishful thinking on [Liberty’s] part. There is no foundation in the rumour,” he says. “We obviously are looking at good quality investments in Australia and New Zealand. There is wonderful value to be had in this part of the world, especially with the [current] exchange rate; because most of our business is about picking up those local technologies and taking them to the world.”
Davies confirms IT Capital had "been tracking Zivo for some time" as a possible investment opportunity; but in the event found too many negative signs. Davies declines to elaborate. "Let's just say it didn't meet our criteria for investment. It wouldn't be fair of me to comment on the quality of another company on the record."
Likewise, he will not speculate on the possibility that Liberty One might be broken up.