Kirkcaldie & Stains Stock Exchange Listing
The directors of Kirkcaldie & Stains Limited are pleased to announce that the company is progressing from the unlisted market to the main board of the New Zealand Stock Exchange on Monday, 14 May 2001.
“It was a move that had been under consideration for a number of years and was part of the strategy of the company when its shares were first issued to the public in 1995,” said Denis Tait, Chairman.
The board identified several benefits to shareholders. These include making more investment information available, primarily through the quotation of share prices and relevant indicators in the national daily press. Dividend dates will be better publicised to clarify share pricing around the record date when shares begin to trade ex-dividend. Inclusion on the FASTER share trading system will remove the need for paper share certificates making transfers easier to achieve for shareholders. The FASTER share code will be KRK.
“The company’s shareholder base is centred in Wellington where it enjoys great loyalty and interest from many private investors. Whilst acknowledging that local allegiance, the directors recognise that the best interest of shareholders will be in raising the profile of the company in the general marketplace. A national quotation will broaden investor interest and heighten general awareness of the company’s investment potential. Full listing will enable institutional investors who are restricted to investing in listed companies, to purchase Kirkcaldie & Stains shares,” Mr. Tait said.
At this stage, there is no intention to raise additional capital and there will be no increase in the number of shares on issue as a consequence of the listing.
In time, opportunities may present themselves which require more funds and the listing will enable Kirkcaldie & Stains to take full advantage of an established market in its shares as a potential source of capital.
In applying for a full listing on the New Zealand Stock Exchange, the directors place on record their confidence in the future of the company.