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NZ tech company gets Chapman treatment

NZ tech company gets Chapman treatment

NEW ZEALAND firm Chapman Tripp has advised Provenco Group on its merger with Cadmus Technology to establish one of NZ’s largest technology companies. The $65 million merger has created a…

NEW ZEALAND firm Chapman Tripp has advised Provenco Group on its merger with Cadmus Technology to establish one of NZ’s largest technology companies.

The $65 million merger has created a significant payment and transaction solutions provider to be known in the interim as ProvencoCadmus, now listed on the NZ stock market.

Chapman Tripp partner Roger Wallis and solicitor Renee Holmes acted for Provenco on the deal, while partners Dermot Ross and Derek Parker have since advised the new ProvencoCadmus on banking facilities with ANZ National Bank. Wallis said that given the current global crisis, the successful merge was a pleasing result: “We were pleased to be able to assist ProvencoCadmus to navigate these conditions to a successful conclusion, despite the credit crunch and other trading pressures faced by both companies.”

Both groups of shareholders from the companies required approval for the deal, while NZ Commerce Act clearance and consent from both companies’ trustees for capital note holder and confirmation of continued bank facilities from ANZ National Bank were also required.

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