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Jumbo Interactive cleared to wind up Manaccom

Jumbo Interactive cleared to wind up Manaccom

Jumbo Interactive (ASX:JIN) has revealed it has cleared the way to winding up its loss-making software distribution business Manaccom.

Creditors to the company have agreed to accept Jumbo's deed of company arrangement, which involves creating a $500,000 fund to help repay them.

Jumbo Interactive CEO Mike Veverka said that now that the deed has been accepted, “the process of closing this underperforming division is expected to be wrapped up quickly.”

One of Australia's oldest software distributors, Manaccom was founded in Brisbane in 1986. It was at one time the main distributor in Australia of games developed by Apogee, Epic and id Software.

Later in its life, the company switched to application software distribution, including at one point Trend Micro security products.

The parent company has since changed its focus to its internet lottery business, which Veverka said was unaffected by Manaccom entering administration.

Jumbo Interactive has meanwhile announced it will pay a fully franked interim dividend of 0.5 cents per share, while giving shareholders the option to plow the funds back into a dividend reinvestment plan at a 10% discount.

Arranging the Manaccom wind-up was a key factor in the decision to declare the dividend, Veverka said.

JIN shares stayed flat on Wednesday at $0.360.

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Tags distributionmanaccomJumbo Interactivesoftwarevoluntary administrationASX:JMB

More about Apogeeid SoftwareInteractiveManaccom CorporationTrend Micro Australia

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