Forex
Sena & Co Bid Gains Support From 2 Cheap Cars Directors
The directors of 2 Cheap Cars (2CC) have reaffirmed their support for a takeover bid from Sena & Co Ltd, led by David Sena.
The offer, currently at 90c per share and conditional on reaching 90% ownership, is supported by independent directors Michael Stiassny and Gordon Shaw.
In a recent annual shareholders' meeting, Stiassny explained that the company has faced challenges due to the New Zealand economy's volatility and regulatory uncertainty surrounding the clean car standard.
The company reported a net profit after tax of $3.2 million for the year ending March 30, 2026, with revenue steady at $81.7m.