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Shares in eftpos company ProvencoCadmus have been put in a trading halt on the New Zealand Stock Exchange, pending a possible material announcement by the company.
Late last month, the company said restructuring costs related to the merger of Provenco Group and Cadmus Technologies and poor trading conditions would push the company into a loss this year.
The company forecast a loss of around $10 million in earnings before interest, tax, depreciation and amortisation (ebitda) for the year ended June 30.
That was before a review of intellectual property and goodwill assets at the end of the financial year.
ProvencoCadmus previously announced it would cut staff by about 100, or a quarter of the workforce.
The company also said last month it still planned to raise capital, hopefully up to $20m, and would approach shareholders before considering other options such as the sale of non-core assets.
ProvencoCadmus shares have plunged to 20 cents from 39 cents shortly after the merger in April.
Navman founder Peter Maire is a director and major shareholder.
- NZPA
