Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Jade Pushes Out Ipo Plans


Jade Pushes Out Ipo Plans

Christchurch, New Zealand. 28 January 2003. - Jade Software Corporation Limited announced today that it will delay its planned initial public offering (IPO) of shares on the New Zealand stock exchange.

Jade Software Corporation CEO Sir Gil Simpson said the Company would refocus on a possible IPO in late 2003 or early 2004. "Our progress towards an IPO has always been subject to prevailing equity market conditions, and those simply aren't conducive at the present time."

The market was still cautious about technology stocks, and there was some underlying nervousness about the possibility of major conflict in Iraq, said Sir Gil.

"Given this sentiment Jade Software Corporation's Board judged it unlikely that a share price would be obtained that appropriately reflected the value of the company," he said.

"We also felt that the Company's business prospects in the UK and US markets had the potential to add substantial value over the next 12 months." The focus of the Company for now was to build on the progress it had made in 2002.

"Operating in a very soft international IT market we achieved a 14% increase in gross revenue and a 31% increase in revenue based on our JADE-based product lines.

"We also substantially increased the proportion of business we do outside of New Zealand."

Sir Gil said the Company had put suitable alternative funding plans in place to continue with its expansion plans for 2003, and it had the ongoing support of investors.

He said that while the decision to delay was difficult, the disciplines of preparing for a possible IPO had still been beneficial for Jade. "It has given us the opportunity to thoroughly review our existing business processes, and it will leave us in a good position to prepare for a future IPO."


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>