14 Mar 2017

Energy Mad seems close to being sold

2:45 pm on 14 March 2017

Struggling light bulb company Energy Mad is up for sale, and a deal might be close.

The Christchurch-based maker of Ecobulbs said its board was pursuing a sale.

It gave no hint of the identity of the potential buyer nor of any terms, but said any sale would need shareholder approval.

The company has been struggling for some time.

It reported a $500,000 loss for the six months ended September, on revenue of about $3.7 million, most of which was earned in Australia.

In November, it said it had borrowed $1m from NZX-owned Smartshares, with an equivalent annual interest rate of 20 percent.

The company last traded at two cents a share and has a market capitalisation of $1.9m.