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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news