Next step to Renaissance wind-up

NZX-listed Renaissance has completed the sale of the Yoobee School of Design, previously known as Natcoll, to private schools owner Academic Colleges Group.

The sale, for about $13 million, is expected to pave the way for Renaissance to wind up and delist from the NZX later this year, once it finds a way to dispose of its loss-making Yoobee retail arm.

Renaissance shares are trading up 1 cent at 12c, valuing the company at $5.2m.

Chairman Colin Giffney warned last month that it would not be possible for Renaissance to return all the proceeds of the design school sale to shareholders, given the company's other liabilities.

Fairfax Media