Christchurch, New Zealan?d, 16 April 2018
Powerhouse Ventures Limited (?Powerhouse)? is pleased to confirm that Powerhouse portfolio company Motim Technologies Limited (?Motim?) has issued a Notice today calling a Special Meeting of Shareholders to be held on 30th April 2018.
The business of the meeting is to approve the the sale of substantially all of Motim’s assets to Motim Technologies LLC, a new limited liability company established in Massachusetts, USA.
The new entity is valued at approximately USD15m with Motim shareholders taking a 30% stake in the new business. Powerhouse currently holds a 41.8% shareholding in Motim, and also holds a further NZD0.7m as secured convertible notes.
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