Renaissance capital return unlikely before June

Thu, 10 Apr 2014

April 11 (BusinessDesk) - Shareholders in Renaissance Corp, which sold its last business unit earlier this month, are unlikely to receive any payments before June in what will probably be a two-part distribution if they decide to liquidate the company. Chairman Colin Giffney told shareholders at today’s annual meeting in Auckland the board wants to wrap up existing leases and contracts before appointing a liquidator, which investors will then vote on. As at March 31, Renaissance had net assets of $7.22 million, or 16.6 cents per share, and...

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