Australian Securities Exchange-listed technology investor, ST Synergy Ltd, is looking to recover value from its investment in Panorama Labs Pty Ltd by buying the latter company’s assets from its administrator.
ST Synergy attracted keen investor support during 2005 and 2006 as its share price rocketed to a peak of nearly $4.
Punters were attracted by the potential of its New York-run subsidiary Panorama Labs, which says it is pioneering the development of magneto-photonic crystal technology.
The lack of hard news from Panorama Labs resulted in ST Synergy’s share price sliding to as little as 45 cents in July, when its shares were suspended from trading.
Soon after, it announced that Panorama Labs had been placed into voluntary administration, but did not explain why. It simply noted that ST Synergy “has not been able to satisfactorily resolve the administrative governance matter with the board of Panorama Labs”.
Before going into administration, Panorama Labs released a string of positive announcements regarding progress with its technology.
In May, for instance, Panorama said it had successfully operated the world’s first magneto-photonic projector, which could be used in digital cinemas.
ST Synergy chairman John Athans, a partner at Balcatta accounting firm Athans & Taylor, said earlier this year that its “financial investment and commitment to Panorama Labs is well vindicated”.
But behind the scenes, Panorama Labs was facing some major management and governance issues.
Its former chief executive, JL Kehoe, and chief financial officer JD Urquhart, lodged claims in the US earlier this year for an alleged breach of contract in the termination of their consultancy.
In July, ST Synergy sought to strengthen its links with Panorama by getting one of its directors, Leonard Taylor, appointed to the board of Panorama.
ST Synergy said in a statement this week that it hoped to begin the process of relisting its securities after settling the purchase of Panorama Labs’ assets.
WA Business News attempted to contact Mr Athans for comment.
