Troubled investor Powerhouse snaps up $1.2m offer for robotics tech
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Powerhouse Ventures has accepted a $NZ1.3 million ($1.2 million) offer for a stake in one of its portfolio companies, in a much-needed cash injection for the struggling New Zealand tech investor.
Powerhouse (ASX:PVL) is to sell up to 11 per cent in Invert Robotics to an unnamed Australian investor. Powerhouse currently owns a third of the Christchurch company.
The sale depends on conditions such as co-sale rights being exercised, where other major shareholders are allowed to buy shares, or participate in the sale of shares, to stop major investors selling without others participating.
“The announced transaction would introduce new institutional and sophisticated investors in Australia to Invert’s share register, in anticipation of further Invert capital-raising activities to assist with funding their European dairy and aviation industry expansions,” said Powerhouse chairman Russell Yardley.
Powerhouse has been in a world of pain for months.
It sacked newly appointed chairman Blair Bryant in June after he incorrectly declared he’d never been bankrupt.
And its latest darling to enter the ASX, CropLogic, is still underwater as its shares trial its 20c listing price by 30 per cent. It is currently trading at 14c.
The company has been contacted for comment.
Powerhouse shares were flat in morning trade at 30c, just above the bottom end of its 52-week trading range of 27c-$1.09.