Powerhouse to sell $1 mln stake in Invert Robotics, trimming holding by almost a quarter
By Paul McBeth
June 19 (BusinessDesk) - Powerhouse Ventures, which in April ditched plans for a rights issue in favour of funding from
two cornerstone investors, will trim its stake in Invert Robotics after shopping around the investment for several
months.
The Christchurch-based, ASX-listed incubator said it plans to sell up to 57,111 of its 247,085 Invert Robotics shares at
$17.51 apiece. That would reap the investor up to $1 million, and it's already attracted expressions of interest for
$800,000 of Invert stock. The sale price values Invert at $21.6 million, and matches the per-share price $200,000 of
shares were issued to C Vonwiller and Bekaju Nominees in April, and a $6.4 million capital raise in December.
Powerhouse said Invert accounts for 30 percent of its total portfolio, which it deems to be overweight, which is why
it's selling down.
"Powerhouse has been delighted with Invert's growth and performance, with the recent $9.2 million capital raise
demonstrating sophisticated investor appetite for ownership of this company," it said. "Proceeds from the planned sale
of Invert shares will enable Powerhouse to continue to invest in new university-sourced technology-focused companies in
New Zealand and Australia and to provide follow-on investment funds to other earlier stage existing portfolio
companies."
The incubator had planned to reduce its Invert stake last year before ditching the plan when the buyer chose to invest
directly in the robotics company via a capital raise. It floated the prospect of selling down Invert shares in April,
when it unveiled a A$5.8 million recapitalisation plan that would have doubled its shares on issue. That rights issue
was canned when some cornerstone shareholders offered capital through convertible notes, meaning Powerhouse avoided the
cost of underwriting the deal.
The shares last traded at 18 Australian cents, having slumped 44 percent so far this year.
(BusinessDesk)