Business as usual for Eftpos firm, says receiver

Failed Eftpos equipment company ProvencoCadmus' receiver and its chairman are upbeat on the prospect of a buyer being found for its core business unit, which will continue to operate as usual for the foreseeable future.

The company's bank, ANZ, this week appointed Michael Stiassny and Brendon Gibson of Korda Mentha as receivers after failing in a last-ditch bid to raise working capital from major shareholders and the market.

Stiassny told the Business Herald yesterday it was business as usual.

"We're working through the cash flow and currently taking steps to ensure the company has enough cash to continue."

The company's operating subsidiaries are not in receivership and 180 jobs are safe in the near term at least.

Stiassny said there was "quite a bit of interest" in the company and its businesses from potential investors, "and we're just working through that".

Asked if there had been any expressions of interest from existing shareholders, which include Todd Capital and Peter Maire's Tahia Investments, Stiassny said it would be inappropriate to say anything.

"If you want to ask a shareholder what they're doing in relation to the asset that would be fine, but I wouldn't comment."

Chairman Rick Christie yesterday reiterated that the board believed ProvencoCadmus' payments and retail oil technology businesses in New Zealand and Australia were viable.