Synergy Plus appoints administrators

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Synergy Plus appoints administrators

ASX-listed Synergy Plus has appointed adminstrators Richard Albarran, David Ingram and David Ross of Hall Chadwick to take control of the company.

The decision followed finance company GE Capital's demand that Synergy Plus repay its credit facility before April 22.

Trade was halted yesterday pending an announcement, and the systems integrator was suspended from offical quotation.

In a statement to the ASX, Synergy said it aimed to achieve a "speedy restructure" and the "lifting of the suspension".

It would not proceed with its February 28 announcement of fund raising in the form of a bond subscription of $30 million converted to shares from Pacific Alliance Asia Opportunity Fund LLP.

The subscription was to fund Synergy Plus' restructure from a vendor-centric product reseller to a "substantial customer solution focused provider whose services revenue will be the majority of its sales in 2011 and beyond".

For the half year ending December 31, the group incurred a loss of $5.9 million. 

On March 1 the board appointed Leanne Ralph as joint company secretary with chief financial officer Kobi Tsaban, replacing Shannon Caporn who resigned on that day. 

In April 2009 ComputerCorp bought Synergy Plus' assets for $9.3 million and rebranded the business to Synergy Plus.

 It also attempted to buy failed integrator Peter Mavridis’ S Central but later dropped that bid. S Central’s shell was eventually bought by Brennan IT.  

Timeline

2009

April 1 - ComputerCorp buys Synergy Plus and joins S Central

Nov 2 - Brennan IT buys S Central

Nov 3 - ComputerCorp to rebrand as Synergy Plus

Nov 16 - Synergy Plus buys Leading Solutions

 

2010

Feb 5 - Synergy Plus anticipates $1.5m profit

Feb 22 - Synergy exceeds profit expectations

Aug 5 - Synergy Plus flags multi-million dollar acquisition plan

Dec 17 - Synergy exits volume business

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