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12:54pm, 31 Aug 2012 | S/HOLDER Zintel Group plans to return shareholder funds. Auckland NZ 31 August 2012
Following the recent sale of its New Zealand communications business, Zintel Group Limited directors have resolved to progress towards selling the groups remaining business and returning funds to shareholders.
Zintel currently has cash in bank of 43 cents per share. Earlier this year the Company distributed the equivalent of approximately 20 cents per share to shareholders via a special dividend and share buy back.
Overall we believe we have achieved good value for shareholders, certainly well in excess of the share price of 22 cents prior to the sale of our Australian business earlier this year. Says Zintel chairman Nick Gordon. At this stage we believe that it is best to return funds to shareholders so they can make their own investment decisions in future. We will proceed with the orderly sale of our remaining business, Commit Services Limited and will continue to pursue our claim against VeriFone. In due course we will look to de-list Zintel Group Limited and to liquidate the parent company.
Zintel will hold its annual meeting on Wednesday 26 September 2012. Formal notice of the annual meeting will be sent to shareholders shortly. This announcement by Zintel Group Limited does not relate to Cogent Limited or Zintel Communications Limited which have been divested and continue to operate under new ownership.
For further information: Nick Gordon, Chairman on +64 21 930568