22 Nov 2012

Interim payment to be paid to Zintel shareholders

7:07 am on 22 November 2012

Shareholders in Zintel will receive an interim payment of 25 cents per share before Christmas, after the company confirmed it is appointing a liquidator and is delisting from the low cost alternative exchange, the NZAX.

The company says all creditors will be paid in full.

Zintel Communications, which was sold to j2 Global in August, is not affected and continues to trade under new ownership.

Zintel says the latest forecast would anticipate the company holding cash of about $22 million after all final expenses are paid.

The company says it expects the liquidator to make an interim capital payment to shareholders of $11 million, or 25 cents per share, just before Christmas.

It says the liquidator should will pay the rest next year.