Renaissance likely to miss $1 mln earn-out from sale of Yoobee School of Design

Thu, 29 May 2014

By Suze Metherell May 29 (BusinessDesk) - Renaissance Corp ,which has sold all of its operating assets as part of a plan to return capital to investors and close down, says it's unlikely to get a $1 million earn-out from the Yoobee School of Design because earnings are tracking below target. The Auckland-based shell company, which sold its design school to Academic Colleges Group for a net $13.3 million in January, would get the earn-out if Yoobee's earnings before interest, tax, depreciation and amortisation was between $2 million and $3...

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