Balcatta-based technology investment company ST Synergy Ltd will buy the remaining 49 per cent of its major asset, Panorama Labs Pty Ltd, from the administrators of the company.
ST Synergy, which is currently suspended from trade, said in an announcement that it hoped to begin the process of re-listing its securities following the acquisition.
Panorama was placed into voluntary administration earlier this year after a series of major management and governance issues, including claims lodged by its former chief executive, J.L. Kehoe, and chief financial officer J.D. Urquhart for an alleged breach of contract in the termination of their consultancy.
The full text of a company announcement is pasted below
Further to the Company's request for voluntary suspension on 31 July 2007, we are now pleased to advise that ST Synergy Limited will be purchasing all of the assets of Panorama Labs Pty Ltd (in liquidation) from that Company's Administrators.
Following settlement, the Company hopes to begin the process of re-listing its securities for trading.
The Company will provide additional information as soon as possible.