Renaissance shareholders sign off on Yoobee sale

Wed, 29 Jan 2014

Jan. 29 (BusinessDesk) - Shareholdings in Renaissance Corp have given the green light to sell its Yoobee School of Design, leaving an ailing retail unit on the company’s hands. At a special meeting in Auckland today, investors approved the sale of Yoobee to Academic Colleges Group for a net $13.3 million, with a potential earn-out of up to $1 million based on 2014 earnings. Independent adviser KordaMentha considered the deal fair to the company’s shareholders. The proceeds will go towards repaying debt, and would leave cash reserves of abou...

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