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

 


Scales Signals Intention to List

Scales Signals Intention to List

The directors of Christchurch-based Scales Corporation have announced the company is considering an initial public offering and a listing on the NZX Main Board.

Scales is currently 84 per cent owned by private equity investor Direct Capital, through its Direct Capital IV and Pohutukawa II funds along with co-investment partners New Zealand Superannuation Fund and ACC, with the balance held by senior management team members and some 400 external investors.

The proposed offer will comprise the sale of existing shares, to the extent any of these shareholders elect to sell the shares which they currently hold, and the issue of new shares by the company. Direct Capital intends to sell down a portion of its current shareholding in Scales, but is looking to retain a cornerstone shareholding.

A prospectus is expected to be available in mid-June and the company expects the shares to be quoted on the NZX Main Board in late July.

Preliminary indications of interest may be registered by contacting one of the Joint Lead Managers for the offer, Deutsche Craig and First NZ Capital, or an authorised financial adviser. Contact information for the Joint Lead Managers is as follows:

Deutsche Craigs 0800 226 263 First NZ Capital 0800 320 200.

No indications of interest will involve an obligation or commitment of any kind. No money is currently being sought and no applications for securities will be accepted or money received unless the subscriber has received an investment statement.

NOTE: It is intended that an application will be made to NZX Limited for permission to list Scales and to quote its shares on the NZX Main Board. However, NZX accepts no responsibility for any statement in this announcement. The NZX Main Board is a registered market operated by NZX Limited, which is a registered exchange, regulated under the Securities Markets Act 1988.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

The Price Of Cheese: Cheddar At Eight-Year Low

Food prices decreased 0.5 percent in the year to June 2016, influenced by lower grocery food prices (down 2.3 percent), Statistics New Zealand said today. Compared with June 2015, cheese prices were down 9.5 percent, fresh milk was down 3.9 percent, and yoghurt was down 9.2 percent. More>>

ALSO:

Financial Advisers: New 'Customer-First' Obligations

Goldsmith plans to do away with the current adviser designations which he says have been "unsatisfactory" in that some advisers are obliged to disclose potential conflicts of interest and act in their customers' best interests, but others are not. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news