The Stock Exchange has suspended trading in VTL Group. Photo / Dean Purcell
The Stock Exchange has suspended trading in VTL Group. Photo / Dean Purcell
KEY POINTS:
VTL Group - whose fully owned finance company Nathans Finance went into receivership last week - said it was close to securing new funding and should be able to restart trading from Monday.
The vending machine company stopped trading last week after Nathans Finance went into receivership.
Thecompany said it had an agreement with the receivers of Nathans Finance - John Waller and Colin McCloy of PricewaterhouseCoopers - to aim to sell its businesses "as a going concern in a controlled manner to preserve the value for all stakeholders".
"VTL's chairman, Gary Stevens, is currently in the USA discussing options with interested parties to sell all or part of the businesses," the company said. "This includes VTL's 24seven and Shop24 brands as well as its proprietary vending management software and franchise business system."
VTL owes Nathans Finance about $110 million.
Waller said "it's very much in the Nathans Finance investors' best interests that we try to preserve value and enhance value and the only way to really do that is by trading and then hopefully selling the business in an orderly manner over time."
He said it was too early to comment on how much money might be returned to Nathans Finance investors.
VTL said it would continue to be suspended from trading on the NZX.
