Trading halted for Renaissance announcement

Embattled technology distributor and retailer Renaissance Corporation's shares were briefly halted this afternoon by the NZX while an announcement was made. The announcement, which came at 3:47pm, confirmed that the corporation has received a further $1,000,000 towards its insurance claims relating to the Christchurch earthquake.

The short statement reads:

"The Board of Directors of Renaissance Corporation Limited advises that it's insurers (sic) today paid another progress payment of $1,000,000 including GST toward losses incurred in and after the February Christchurch earthquake."

It is also understood that a number of redundancies have been made in the last two weeks. In particular, the company has abandoned further development of previous CEO Richard Webb's pet project, Engage. The original engage vision is explained here. The other key area affected is the disestablishment of the entire Yoobee marketing team, including general manager - marketing - advertising, Emma Henaghan.

Is acting CEO Shaun Rendell cleaning the decks and getting the ship heading back in the right direction? Let us know your thoughts.

Image: Shaun Rendell.