Enprise Group increases iSell Pty Limited holding to 50.8%
Enprise Group increases iSell Pty Limited holding
AUCKLAND, 27 May 2020 - Enprise Group (NZX: ENS) has increased it’s
holding in iSell Pty Limited to 50.8%.
iSell Pty Limited (“iSell”), an associated entity of the Enprise Group,
completed a rights issue today raising new equity of A$1,168,710 including
A$435,000 cash from a new institutional investor. Funds are to be used to
accelerate international sales.
The Enprise Group Board decided to participate in the iSell rights issue and
increase its holding to a control position (50.8%). iSell is therefore no longer
classified as a joint venture for accounting purposes and has become a
subsidiary of Enprise Group.
Enprise Group subscribed A$708,834 pursuant to the iSell rights issue via the
conversion of funds previously lent to iSell. The iSell Board has as part of this
process agreed to appoint Enprise non-executive director, Nick Paul, to acting
CEO to work alongside iSell founder/CTO Richard Beresford.
iSell is a quoting system used by the information technology reseller market in
Australia, New Zealand, South Africa, U.K. & Ireland.
For and on behalf of the board,
Elliot Cooper
Chief Executive Officer
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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