Share price leaves Renaissance 'vulnerable'
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