VTL Group, the parent company of failed Nathans Finance, says it has agreed to sell its 24seven Australasian vending business for $NZ3 million ($A2.52 million).
The operation was being bought by Provender NZ, a New Zealand-based vending franchise business, and Vending Direct NZ, VTL said.
The consortium had extensive experience in franchise management, vending machine asset management and a broad range of information technology skill.
The agreement was unconditional, and the sale was in accordance with a waiver granted by NZX in March which enabled VTL to complete the sale without shareholder approval, VTL said.
Nathans Finance went into receivership last August, owing $NZ166 million ($A139.45 million) to investors.
VTL shares were last traded on April 11 at 2.5c, having been as high at $1.05 last July.
© 2008 AAP
