MyMac’s former owner, Steve Bardel, has dropped legal action against holding company Broad Investments in return for ownership of the company.
Bardel will pay $150,000 and return 574 million shares to buy back MyMac, subject to shareholder approval. Bardel originally sold the company for those shares plus $200,000 cash.
The independent Apple reseller was acquired by Broad Investments in March 2015, who planned to roll it up with three other companies – managed services provider Mirrus, communications reseller Unified BCG and Apple wholesaler Monsta.
MyMac was one of the largest privately owned Apple premium resellers in Australia with a turnover of $14 million, according to Broad. Bardel joined Broad Investments' board of directors after the acquisition.
Problems with the partnership came to light in November when Bardel began legal proceedings against Broad’s other directors. As part of the legal proceedings, Bardel accused Broad’s director, Vaz Hovanessian, of breaching the Corporations Act.
He claimed that Broad's other directors breached the Corporations Act on multiple occasions by failing to act within the best interest of the company and withholding information on Broad’s other subsidiaries.
On 1 September, Broad Investments was suspended from trading on the Australian Securities Exchange for failing to lodge its 2015 financial year results. At the time, its shares were trading at 0.02 cents each.
A statement from Broad’s directors claimed that the financial results were not published due to confusion about which board member would lodge the information on the ASX.
According to Broad, it will use the money from the MyMac sale to fund another acquisition in the ICT industry. The company said it will start looking at potential targets after its ASX suspension is lifted.
CRN contacted Hovanessian and Broad Investment’s directors but had not received a response at the time of writing.
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