Wellington, July 17 NZPA - ProvencoCadmus (PVO) shareholders Todd Capital and Peter Maire will underwrite extra working capital facilities of up to $8 million following NZX approval for a waiver.

The additional funding, to be provided by existing bankers ANZ National Bank, is needed by the company after it formed from the merger of eftpos companies Provenco Group and Cadmus Technologies.

"The costs associated with the business realignment are significant and it is pleasing to have the unquestioned support of our major shareholders during these difficult times," said chief executive Jim Doyle.

Navman founder Mr Maire is a director and major shareholder.

The company has previously forecast a loss of around $10m in earnings before interest, tax, depreciation and amortisation for the year ended June 30, on the back of restructuring costs and poor trading conditions.

Directors would continue with a recapitalisation of the company, with options including raising equity and the sale of non-core assets.

Shares in PVO were placed on a trading halt yesterday pending the announcement.

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