Postie Plus shares debuted at $1 in the firm's 2003 initial public offering and hit an all-time high of $1.25 on their first day. Photo / Martin Sykes
The administrators of Postie Plus are staying tight-lipped on whether the struggling clothing chain's shareholders will receive any cash from the sale of the retailer to South African investment firm Pepkor, which was completed last week.
The NZX-listed company had 1690 shareholders on its register in September last year, according
to its annual report. Its largest investor was Kathmandu founder Jan Cameron, with an almost 20 per cent stake.
Acquisitions of listed companies are usually carried out in the open, with offer and sale prices made publicly available.
But Postie Plus administrator Colin McCloy, of PwC, said the voluntary administration process allowed a sale to take place behind closed doors.
"Once [administration] happens the whole thing changes," McCloy said. "We're in there trying to restructure the company, or in this case sell the assets, which is what we've done."
