Share price leaves Renaissance 'vulnerable'

TOM PULLAR-STRECKER
Last updated 05:00 29/11/2012

Relevant offers

Industries

Dunedin International Airport gets new name Wellington investment company Rangatira acquires majority stake in Bio-Strategy Zomato's cash-free way to pay creates new jobs for New Zealanders NZ dollar unaffected, for now, by RBA, Greece and China More than 1300 apply for Uber jobs in Christchurch Ex-Fonterra chief executive Craig Norgate dies Silicon Valley CEO Craig Elliott's love affair with New Zealand Big chill mixed bag for deep south retailers New Zealand craft breweries producing beer overseas Business case being developed to lure Jetstar to New Plymouth

Computing and education company Renaissance has appointed Grant Samuel & Associates to look at "strategic alternatives" for the business after saying its low share price left it vulnerable to a cheap takeover.

Renaissance is valued on the NZX at $7.2 million. Its shares are up 4 cents at 18c since the announcement.

Chairman Colin Giffney said its market capitalisation was "substantially below the value of its component divisions. As a result, the company is vulnerable to a takeover offer, which may not adequately recognise the value inherent in the business."

Renaissance has had a rocky past after making hay on the back of its exclusive distribution deal with Apple, with the success of the iPod, and then losing that deal in 2006.

It has since sold its entire distribution business and now owns tertiary provider NatColl - this year renamed the YouBee College of Design - and the 10-store chain of YouBee computer shops.

Renaissance reported an unaudited annual net profit of $2m last week.

Giffney said challenges had included damage to NatColl's Christchurch campus from the region's quakes. Fairfax NZ

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content