Renaissance confirms possible subsidiary sale

The directors of Renaissance Corporation have informed shareholders of an approach by a party 'interested in acquiring' distribution subsidiary, Renaissance Limited.

In a note posted on the NZX website, Renaissance says it will consider selling the subsidiary if the price is right.

"The board of Renaissance has determined that if it received a proposal at the right price it would entertain sale of that business," the note reads.

"Such a sale would leave the company with Natcoll/Yoobee Education business and Yoobee retail and substantially reduced working capital requirements.

"No proposal has yet been received and under normal circumstances the board would make no announcement because it has nothing to announce. However, the representative of another potential buyer was given this information in confidence and now claims to be in possession of inside information.

Renaissance shares have risen slightly, to 13c.

Go here to read our story on Renaissance's latest trading report.