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

 

First NXT-listing G3 may quit the small-cap exchange

First NXT-listing G3 may quit the small-cap exchange

By Paul McBeth

June 23 (BusinessDesk) - G3 Group is considering a plan to quit the NZX's NXT just two years after joining the market for minnows in a compliance listing.

Auckland-based G3 today said its board had received a proposal from majority shareholder the Christian Family Trust to delist from NXT, and is considering the proposal before making a recommendation to other shareholders.

The Christian Family Trust is working with other major shareholders to finalise a privatisation plan, and has "indicated that it intends to work with the board to finalise its privatisation plan with the intention that the board present this proposal for the delisting and privatisation of G3 to its shareholders for approval at the annual shareholders’ meeting to be held before 30 September 2017," chairman Rob Campbell said in a statement. "The board will carefully consider CFT’s proposal and make a recommendation to shareholders when the proposal is finalised and notified to shareholders."

The mail operations and document management firm was the first company on NZX's NXT market, listing its 53.8 million shares at 75 cents apiece in a compliance listing. The shares last traded in February at 64 cents.

NXT was to replace the NZ Alternative Market (NZAX) for smaller firms, but has struggled to attract small and medium-sized businesses to the bourse. At NZX's annual meeting next week, shareholders will vote on whether to elect Just Water International's Tony Falkenstein to the board.

NZX's board has recommended investors reject Falkenstein, who has spoken out against the NXT market which aimed to target high-growth companies, and said the stock market operator had become too bureaucratic and didn't do enough to encourage new listings.

NZX shares rose 0.9 percent to $1.11 today.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: