Struggling Renaissance are looking to appoint a liquidator, as revealed to shareholders today.
Since the company’s Annual General Meeting held on 11 April 2014, CFO Donovan Smith says the company’s stance regarding a liquidator has not changed.
“There has been no change to the board's view that it is preferential for the company and its shareholders that the board continue tidying up the affairs of the Company and then call a meeting of shareholders to appoint a liquidator,” wrote Smith, in a letter to shareholders.
To assist with that process, Smith says the company will amalgamate with its wholly owned subsidiaries.
“The shares in all of the Company's wholly owned subsidiaries will be cancelled and the assets and liabilities of the Renaissance group of companies will vest in Renaissance Corporation Limited (as the amalgamated company) which can then be more easily managed,” he wrote.
According to Smith, it is proposed that the amalgamation will occur around mid-June and will have “no material practical impact upon the Renaissance group of companies or their creditors but it will simplify any subsequent liquidation process.”
Two more entities have come forward exploring the back door listing opportunity but according to Smith, “both entities have disengaged by mutual consent.”