Haventec’s technology itself was purported to be a password-less system for a one-click credit card payment system. It piqued the interest of Macquarie Capital. In 2020, The Australian Financial Review’s Street Talk column reported Macquarie held around 30 per cent of the company.
But a letter to investors this week reveals Haventec has failed to raise $3 million in capital after Macquarie declined to participate in the offer in April.
“The board has resolved to close this capital raise in the context of the precondition of raising $3 million has not been met. Further, the offer price of 32 cents per share based on previous opportunistic offers for Haventec as a going concern are no longer an appropriate reference point for the value of Haventec, following the restructuring undertaken,” the letter reads.
“In consideration of the failed capital raising and the forecast cash outflows in the business, the board made the decision to conserve working capital and put the business into care and maintenance to preserve shareholder value.”
Mr Castagna did not respond to requests for comment. Merchant Advisory was appointed liquidator of Haventec Group Services earlier this month.
The letter also suggests the company received a takeover offer valuing it at $2 million in the past, and that the company had enough capital to continue operating until the end of the year. That would be significantly below a valuation of $50 million given to the company in 2020, when Highbury Partnership was engaged to raise $12 million in private funding.
“We are currently engaged in the process of strategising the repositioning [Haventec] and its assets in short order and will welcome your continuing support and contribution should you wish to share it with Tony and/or I,” wrote the company’s chairman, David Drummond.
