Interregnum?s secondary sale collapses

The sale of technology merchant bank Interregnum plc’s portfolio to Greenpark Capital for £5m prior to expenses has collapsed. In a statement Interregnum said: “The agreement was conditional upon, amongst other things, concluding detailed arrangements in line with the original offer. It has unfortunately not been possible to agree these detailed terms on a mutually acceptable basis and regretfully it has been concluded that the sale cannot proceed, as originally intended. It is, however, the intention of the board of the company to pursue the sale of portfolio companies, either collectively or as individual businesses. Any such disposal will be subject to shareholder approval.”

Interregnum CEO Niall Doran said: “The board is committed to restructuring Interregnum plc to improve returns for its shareholders. The sale of the portfolio is a component part of this process and will proceed as soon as suitable purchasers are found.”

The portfolio includes: Respond group, a software company that helps companies and government bodies deliver customer services excellence and regulatory compliance through customer compliant handling and feedback; Audio Visual Machines, an audio visual solutions provider; Yospace Technologies, a multimedia messaging, personal storage and handset simulation software and services business to the mobile communications industry; Red-M Group, a software products and services provider focused on wireless infrastructure and security; Adaptive, a web-based enterprise architecture knowledge repository solution provider; Future Route, a company that commercialises machine learning technologies for automatic rules generation, pattern detection and accurate data modelling; Metapraxis, an international management consultancy and software group specialising in business performance visualisation; and Oilcats, a provider of content management solutions to the energy sector.