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- Powerhouse Ventures (PVL) will sell its stake in Orbis Diagnostics to Pacific Channel for around NZ$360,000 (approximately A$334,000)
- The intellectual property commercialisation company initially invested in Orbis when it spun out from the University of Auckland
- Given all approvals are met and the sale goes through, Powerhouse will allocate the proceeds to working capital
- Additionally, Executive Director Geoffrey Gander has exercised 2.5 million options, bringing his voting power to 5.06 per cent
- Likewise, Executive Chairman Robert Yardley exercised around 2.8 million options at 7 cents, securing a 6.08 per cent voting power
- Shares have jumped 21.4 per cent to 17 cents
Powerhouse Ventures (PVL) will sell its stake in Orbis Diagnostics to Pacific Channel for around NZ$360,000 (approximately A$334,000).
The intellectual property commercialisation company initially invested in Orbis when it spun out from the University of Auckland in 2016.
Orbis’ technology is used to measure variables in milk to provide farmers with specific information on each cow in a herd.
According to Powerhouse, the decision to sell its interest in Orbis follows an ongoing review of the PVL portfolio by the board.
Given all approvals are met and the sale goes through, Powerhouse will allocate the proceeds to working capital.
The company noted the carrying value of Orbis at the end of 2020 was in line with its initial investment of NZ$50,000 (approximately A$46,380).
Exercise of options
Additionally, Executive Director Geoffrey Gander has exercised 2.5 million options, at 7 cents each, bringing his voting power to 5.06 per cent.
Likewise, Executive Chairman Robert Yardley exercised around 2.8 million options at 7 cents, securing him a 6.08 per cent voting power.
Shares have jumped 21.4 per cent to 17 cents at 1:16 pm AEST.
