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

 


Wool Equities to de-list from NZAX, trading suspended

Wool Equities to de-list from NZAX, trading suspended

March 10 (BusinessDesk) - Wool Equities, which processes wool for its grower shareholders, will de-list from the small-cap New Zealand Alternative Market, and has suspended share trading.

The company has been negotiating a potential merger with Primary Wool Cooperative, a farmer-owned joint venture with wool broker Elders, and one of the pre-requisites of the talks is for Wool Equities to quit the stock exchange, chairman Clifford Heath said in a statement.

The company decided it would be better to spend listing fee funds on direct communications with its 9,500 shareholders, and with limited trading on the bourse, its value was questionable, he said.

Once it leaves the stock exchange the company will manage its share register internally and offer a platform to allow investors to sell their holdings.

The boards of Wool Equities and Primary Wool Cooperative met last month to discuss the merger, and decided there were enough opportunities to continue talking, Heath said.

Milton, Otago-based Wool Equities operates in the finer end of the wool market for garments, using merino, mid-micron and crossbred lamb’s wool and Palmerston North-based Primary Wool handles all types of wool.

Heath said Wool Equities’ manufacturing plants at Milton and Palmerston North have good forward orders, though cash flow is still tight.

The NXAX-listed shares trade infrequently, last changing hands on March 4 at 2.2 cents apiece. That values the company at $681,000.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Three Months On: Quake Reciovery In Kaikōura And Elsewhere

Three months after the magnitude 7.8 earthquake on 14 November, encouraging recovery progress is being made in affected communities. More>>

ALSO:

Jetstar, Qantas For Govt Transport: Government Still In Talks With Air NZ

The government is still negotiating with national carrier Air New Zealand in a cross-agency air travel contract that will add a number of new airlines to the list of approved flyers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news