Powerhouse appoints new directors to Solarbright after founders depart
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Powerhouse Ventures investment Solarbright has found some new directors, but is yet to “re-secure” its Intellectual Property.
“Powerhouse will now act to support SolarBright and the newly appointed directors in re-securing SolarBright’s intellectual property for all shareholders,” the listed investor said (ASX:PVL).
“Powerhouse understands that there remains significant interest in SolarBright’s intellectual property and a significant transaction or number of transactions across multiple jurisdictions remains likely in the medium term,” chief Paul Viney said.
Powerhouse is investigating potential problems with SolarBright’s records with the New Zealand Companies Office and Intellectual Property Office of New Zealand, saying some of the irregularities took place in January.
“The Powerhouse Board considers that the rights of SolarBright to recover its assets remain intact and full recovery is expected, with the timing of this retrieval unclear.”
As a result, it’s had to write down a 30 per cent investment in the company to nothing. It didn’t say how much the write down was, but said it would have a $500,000 impact on it portfolio.
In some good news however, Powerhouse’s investment Motim has received a firm offer to purchase all of its assets.
The prospective buyer is US based CrossTech Partners with a largely scrip offer valuing the deal at $US5 million.
If the deal goes through it’ll be worth about $NZ2 million to Powerhouse.
Powerhouse started the sale process for Motim in September.