Powerhouse sells Syft stake
ASX- li sted tech incubator Powerhouse Ventures has sold its 1.5 per cent stake in Syft Technologies after deciding the investment was too small to hold much sway with the Christchurch- based gas analysis firm.
Christchurch- based Powerhouse sold 929,000 shares for $ 996,900, having bought the stake for $ 99,000 in 2013, it said in a statement to the ASX. That was below a $ 1.3 million valuation the stake carried on Powerhouse’s books after recent gains in Syft’s share price. However, it reflected a 76 per cent annual internal rate of return on the investment in the company’s first liquidity event.
“At this level of holding, Powerhouse is unable to apply significant influence to an investee’s strategic direction and while we have been delighted with Syft’s performance under CEO Doug Hastie’s guidance, Powerhouse will instead reinvest the proceeds over time in new ventures,” managing director Stephen Hampson said.
The Christchurch- based technology incubator raised A$ 10.9m in an IPO, short of the A$ 20m it had been seeking, and its shares have steadily fallen from A$ 1.07 on its market debut on October 12 to trade at A70c.
BusinessDesk receives assistance from Callaghan Innovation to cover the commercialisation of innovation.