Powerhouse cancels stock offer after shareholders take up convertible note

Fri, 13 Apr 2018

By Rebecca Howard April 13 (BusinessDesk) - ASX-listed incubator Powerhouse Ventures has dumped plans to raise A$5.8 million in a one-for-one rights issue, accepting less than a third as much from two major shareholders offering a lifeline. The Christchurch-based company, which typically invests in firms formed to commercialise research out of New Zealand and Australian universities, accepted an immediate A$400,000 injection from the two investors, selling convertible notes paying 12 percent annual interest at 20 Australian cents apiece,...

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