Inventory Technologies will join the NZX via a reverse listing using the shell of NZF Group, the listed financial services company blocked from liquidating this year by its major noteholder.
NZF would acquire 100 per cent of the Christchurch-based tech business for $5 million via the issue of 20 million new shares at 25c apiece, the Auckland-based shell company said. NZF would also restructure its own notes, paying noteholders 11c and issue 89 NZF shares per note held as part of the deal, and asking them to forgive all accrued but as yet unpaid interest.
Inventory Technologies is owned by Peter Montgomery, founder of Mooring Systems, which was listed on the NZX in the early 2000s before merging with the Dutch Cavotec Group in 2007, and Peter Gillman.
The reverse takeover comes after initial talks with an undisclosed business fell over in October. At the time of that announcement NZF said urgent due diligence had begun with a second party, which had the backing of NZF's largest noteholder, Nessock Custodians, which held 15.8 per cent of NZF's $18 million in capital notes at June 13.
NZF's board has been looking for a company to use its shell as a reverse listing after Nessock Custodians delayed liquidation at a special meeting in August to try to find more value in the business.
