Moore Australasia (Holdings) is the ASX-listed holding company that sat above Moore Australasia Pty Ltd and Moore Business Systems, which together collapsed with debts of $17 million.
An investment group led by Billabong Capital Partners, Suburban Holdings and Adam Blumenthal have taken over the public company after the deal got the go-ahead at a general meeting on 20 January.
It seems that Moore’s ASX listing is what attracted the investors, rather than its printing background. According to its website, Billabong Capital provides “a full service to clients wishing to acquire a listed ASX shell”.
The sale was led by corporate recovery firm McGrath Nicol, which had continued to oversee Moore Australasia (Holdings) after creditors voted to remove them as administrator of the other companies.
According to McGrath Nicol: “The new directors will undertake a thorough assessment of its print broking business to ascertain if a viable business exists. If not, the new directors will seek out opportunities in other industries that will enhance shareholder value, in particular, projects with a focus on gold, oil, copper, bauxite and energy.”
The buyout does not impact on the continuing insolvency proceedings of Moore Australasia, with creditors there still fighting to claw back some of the millions lost when the company collapsed.
Steve Nicols, principal of Billabong Capital Partners, told ProPrint the group had acquired the holding company to secure an ASX listing without the cost or complications of an initial public offering (IPO).
“Most people like a backdoor listing: most IPOs tank… that’s why people don’t like IPOs. Our system is quicker and there’s less chance of getting all shares escrowed than you would under an IPO.”
He said the investment group had no print experience, but if it did become active in the sector, “… we can reach out and possibly rehire some of the senior people if necessary, but that all depends on that sort of business coming in”.
Nicols added that the investment group had no dealings with the former directors and had no plans to work with them in the future. The former directors of Moore Australasia (Holdings) were Leo Moio, John Lee and David Patterson.
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Wow.. with comments like this, (I snipped it for brevity) how can they not succeed ?!
He said the investment group had no print experience,…… “… we can reach out and possibly rehire some of the senior people if necessary,….”.
Obviously they are extremely serious about using the valuable and well respected Moore name.. All that brand equity, coupled with those successful senior people, match made in heaven.
Extended warranty? How can i lose?!?!?!?!?!