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The merger between payment technology companies Provenco and Cadmus is now a reality - nearly two years after tech entrepreneur Peter Maire had the idea.
The merged entity, which has adopted the interim name ProvencoCadmus, has ambitions of realising Maire's vision of creating a global New Zealand-based technology company.
Shareholders in the two companies last month voted resoundingly to merge. The deal was completed yesterday. Former Provenco shareholders get one share in the new company for every Provenco share they held, while Cadmus shareholders receive one share for every 4.2 of their existing shares.
ProvencoCadmus chairman Rick Christie said the interim name was one step in a strategic plan, which would see a new name and branding for the combined businesses unveiled later in the year.
"Adopting a unified name is an important signal that there has been a change in the companies."
Another director has also been added to the board, Christchurch businessman and company director Bruce Irvine. He joins as an additional independent director.
Irvine, who recently retired as managing partner of Deloitte Christchurch, also sits on the boards of a number of well known organisations, including Rakon, Godfrey Hirst, Ravensdown, Pyne Gould Corp, Canterprise and House of Travel. He is also chairman of Christchurch City Holdings.
He joins Christie, Maire, Christopher Morrison, Robert Bryden and Thiam Beng Lau on the board. David Wolfenden steps down as director.
The company is seeking $15 million from shareholders to reduce debt and fund future expansion.
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* Provenco and Cadmus agreed to merge last October.
* The merger was cleared by the Commerce Commission on February 7, having been satisfied that it would not substantially lessen competition.
* The merger needed 75 per cent shareholder approval - 99.98 per cent of Provenco shareholders and 93.46 per cent of Cadmus shareholders voted "yes" in special meetings on April 23.
* Independent experts estimate the combined worth of the merged companies to be $81.3 million (based on June 2007 shareholder book values).
