Menu
Resellers await Tennyson’s fate

Resellers await Tennyson’s fate

NEW Zealand’s 17 resellers of the Sox telephony brand could be waiting until June for a decision on which company will save its ailing vendor.

Melbourne-based Tennyson Networks went into voluntary administration in October, after private company Neoside failed to deliver on the terms of an $A9.8 million bid to buy nearly 70% of its shares. Reseller News reported last month that this allowed Ascent Capital, another Australian investor, to have its bid for majority ownership of Tennyson approved in December.

PriceWaterhouseCoopers administrator Nicholas Brooke says no funds have arrived from Neoside and the administrators are “pursuing the recapitalisation of Tennyson through Ascent”. This is despite saying the Neoside agreement is a better deal for shareholders and creditors. “At least Ascent Capital has delivered the money,” Brooke says. “But the door is still open [for Neoside].”

The battle to save Tennyson should be resolved in three to four months, Brooke says. But Simon Hepburn, director of distributor Sox New Zealand, has received a letter from Neoside’s directors last week saying funds are on their way.

“I know what [the administrators] have been saying about Neoside: ‘yeah, yeah, we’ll believe it when we see it’. But I’ve got a letter from Geoffrey [Rubython] and John [Fletcher] and they’ve given it to me in writing that the transaction is certainly on the way.”

He says the Neoside bid is being financed from the US and Philippines. Australian tax laws relating to overseas money coming into the country are behind the delay.

Hepburn says his business “has been through the mill” during Tennyson’s administration. “We’re just living off services revenue, and bits and pieces.”

Sox has chalked up 120 site installations in its two-and-a-half-year New Zealand history. Rubython could not be contacted at presstime.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments