Allied Work Force first main board listing for 05

Allied Work Force first main board listing for 2005

Seven months into the year, the first main board listing for 2005 comes to market today when blue collar labour hire company, Allied Work Force Group Limited (AWF), makes its debut on the NZSX. AWF’s 7.6 million share Initial Public Offering closed last Friday July 1.

AWF chairman Ross Keenan said “the offer was fully taken up by firm allocations to NZX participants and staff and directors of AWF and an allocation of approximately 335,000 shares to Simon Hull.

“We believe that most of our new shareholders invested in anticipation of AWF’s high dividend and growth prospects, and because there was no public pool, today’s listing will be the first opportunity for most people to invest in the company,” he said.

Simon Hull now holds 68% of the AWF shares on issue in the enlarged company.

“This listing is all about positioning AWF for growth and we have achieved that result,” said Simon Hull.

“I am a natural long-term holder and happy with the stake I have retained in the business. Today’s listing is a significant milestone for the company in that we now have the capital we need to implement our growth plans.

“I am particularly pleased that management and staff of the company, many of whom have been with me for a number of years, have supported this IPO with their own money.”

Staff and management joined together to watch the listing this morning on a giant screen at the company’s headquarters in Penrose.

Allied is New Zealand’s largest specialist blue collar labour hire company. It provides on demand labour across an industrial spectrum that includes firms operating in the distribution, manufacturing, processing, infrastructure and construction industries.

The company has a “crew” of around 8000 skilled and semi-skilled workers who are available to be placed in client businesses.

Allied has 90 full-time staff and operates from 21 locations around New Zealand in addition to its labour pool.