Renaissance shareholders cash in

TOM PULLAR-STRECKER
Last updated 10:41 19/08/2014

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Renaissance will delist from the NZX on Friday week after an agreement by shareholders to liquidate the company and return its capital to investors.

The company expects to pay out about 16.6 cents a share, tax-free, with 13c payable in five weeks and the balance after its liquidation.

Renaissance had its heyday when it was distributing Apple products on fat margins during Apple's boom between 2004 and 2006, but it never fully recovered from the loss of its exclusive distributorship status at the end of that period.

A foray into retailing through its chain of YooBee stores proved unprofitable and it sold the other leg of its business, tertiary education provider NatColl, which it had renamed the Yoobee School of Design, in February.

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