ProTen joins Unlisted market
Australian chicken farmer ProTen joins Unlisted market
By Paul McBeth
Nov. 19 – ProTen Ltd., an Australian-based poultry farming company, has joined unregistered securities market Unlisted.
The arrival of the chicken producer brings total companies on the bourse, a low-cost, less regulated alternative to the NZX, to 22, Unlisted manager Bruce Cossill said in a statement.
He anticipates more arrivals, including defections from the NZX by companies trying to reduce costs of compliance. Earlier this month, bio-technology company Botry-Zen said it will de-list from the NZX due to “ongoing costs” and move its shares to Unlisted.
“We're hoping ProTen is the first of a number of new issuers for Unlisted this financial year,” said Bruce Cossill, Unlisted manager. “We are seeing interest at the moment from a number of distinct categories.”
Formerly based in New Zealand, ProTen has about 255 mostly New Zealand-based shareholders. So far, there have been no trades.
Cossill expects some frozen mortgage trust funds to use Unlimited as they look to provide liquidity and transparency for their investors.