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Powehouse aiming to dump Bryant from board

NZ Newswire logoNZ Newswire 28/06/2017 Jonathan Underhill

Powerhouse Ventures has called a special meeting of shareholders to vote on removing Blair Bryant from the board of the because its former chairman hasn't left voluntarily since it was made public that he failed to disclose his bankruptcy in the US.

The ASX-listed, Christchurch-based technology incubator's meeting will be held on July 21 in Sydney.

"The only item on the agenda for that meeting will be to put an ordinary resolution to a shareholder vote, to remove Blair Bryant as a director of Powerhouse," said Russell Yardley, who was named as the new chair when Mr Bryant was stood down two weeks ago.

"The board has asked Mr Bryant to resign from his position on the board. Mr Bryant has not resigned and so a shareholders meeting has been called to resolve the matter," the company said. It will be put as an ordinary resolution, meaning it can passed by a simple majority.

Mr Bryant was made to relinquish the chair after it emerged he hadn't disclosed that he had previously filed for bankruptcy in the US in 2007 before being discharged in 2008.

Powerhouse, which is based in Christchurch, raised $A10.2 million ($NZ10.7m) in an initial public offering, with the shares debuting on the ASX at the offer price of $A1.07.

It has since invested in a new ed-tech software company, EdPotential, spun out of Victoria University's Faculty of Education, and Objective Acuity, a spin-out from the University of Auckland that has developed a revolutionary eye technology.

Another investment is CropLogic,which allows farmers to more accurately control inputs such as fertiliser and water.

The biggest shareholder in Powerhouse is Christchurch City Council-owned Canterbury Development Corp (CDC) with 22.5 per cent.

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