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


Promina Listing Leads Way For Trans-Tasman Cos.

9 June 2003
Media Release

Promina Listing Leads The Way For Trans-Tasman Companies

The Promina float, the first ever dual primary listing by an Australian company on the NZX may have set a precedent for other trans-Tasman companies according to Simpson Grierson corporate partner Richard Nelson.

“In contrast to the raft of New Zealand companies that have sought a dual listing on the ASX such as Telecom, Fletcher Building and Sky City, Promina has shown that it is possible to gain a worthwhile dual primary listing on the NZX" he says.

Nelson also points out that Australian companies wanting a better index weighting in the NZSX-50 should seriously consider such a listing if they are driving a material proportion of revenue out of New Zealand, similar to Promina. "It’s worthwhile because a significant index weighting potentially attracts greater interest and research coverage from the financial community and a higher proportion of institutional funds flow" he says.

The dual listing however would have been more difficult to achieve without the support of the NZ Stock Exchange. "The NZX's approach was very constructive" says Nelson.

The listing is the biggest in the world to date this year raising a substantial NZD $2.1 billion – one third of the total value of all other IPOs worldwide this year. Simpson Grierson were appointed as the New Zealand solicitors to this landmark transaction.


Key Facts

- The offer was managed by the Joint Global Co-ordinators and Joint Bookrunners, Macquarie Bank and Goldman Sachs.

- The main benefit of a dual primary listing for an Australian company with New Zealand revenues is that it may be able to get an enhanced index weighting in the NZSX-50 index. Index weights for dual primary listed issuers in the NZSX-50 are based on total free-float shares multiplied by the proportion of revenue earned in New Zealand, whereas index weights for overseas or "secondary" listings are based solely on the total number of free-float shares on the New Zealand register.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>


CO2 And Water: Fonterra's Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>


Fisheries: Decision To Delay Monitoring ‘Fatally Flawed’

Conservation group representatives say a decision by the new Minister of Fisheries, Stuart Nash, to delay implementation of camera monitoring of fishing efforts in New Zealand is ‘fatally flawed’. More>>


Kaikōura Quakes: One Year On

State Highway One and the railway were blocked by damage and slips and the Inland Road suffered significant damage. Farms, homes and businesses suffered building and land damage. Power and internet went down, drinking water systems, sewage systems and local roads were all badly affected... More>>