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

 

Proposed Initial Public Offering Of Trade Me

Proposed Initial Public Offering Of Trade Me

SYDNEY, 26 August, 2011: Fairfax Media Limited [ASX: FXJ] has commenced preparation for an Initial Public Offering (‘IPO’) of Trade Me - New Zealand’s largest online auctions and classifieds business.

The decision to pursue an IPO of Trade Me is a further initiative arising from the recent strategic review of Fairfax Media’s portfolio of assets. Fairfax intends to sell between 30% and 35% of Trade Me through the IPO and anticipates the proceeds from any IPO will be applied to reduce debt and provide the flexibility to increase dividends. Trade Me will be listed on the New Zealand Exchange with consideration to be given to a potential ASX listing."

Greg Hywood, CEO and Managing Director of Fairfax, said "The decision to pursue the IPO of Trade Me is a further step in reshaping the Fairfax portfolio and adopting a more flexible corporate structure to maximise shareholder value. Importantly, Fairfax will continue to benefit from the strong growth profile of Trade Me through a shareholding of at least 65%.

“The resultant corporate structure supporting Fairfax’s multi-platform strategy will retain portfolio benefits, whilst unlocking value for Trade Me and Fairfax shareholders.

“Trade Me is New Zealand’s largest auctions and classifieds business and its growth within the Fairfax portfolio has been dramatic - driven by its community of 2.8 million New Zealand members. The company is now of sufficient scale to operate as a standalone, separately listed company and we believe it will benefit from the increased public profile, independent access to capital, and opportunity for direct investment by New Zealand investors.”

David Kirk has agreed to be the non-executive Chairman of Trade Me and UBS has been appointed as Sole Lead Manager in relation to the IPO. The timing of the IPO has not been finalised and will depend on appropriate market conditions. Further details of the IPO will be announced in due course.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime Union: Deepening Supply Chain Crisis Requires Action

Maritime Union of New Zealand National Secretary Craig Harrison says the global COVID-19 pandemic exposed pre-existing weaknesses in our logistics sector, and created enormous problems... More>>



Air New Zealand: Employees Recognised With $1,000 Share Award

The efforts Air New Zealand employees made during one of the airline’s toughest years will be recognised via an award of $1,000 worth of company shares to all permanent employees... More>>

Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Mercury: Enters Into Binding Agreements To Acquire Trustpower’s Retail Business

Mercury NZ Limited (Mercury) has announced that it has entered into binding agreements with Trustpower Limited (Trustpower, NZX:TPW) to acquire Trustpower’s retail business for NZ$441 million... More>>

ALSO:


ASB: New Zealanders Missing Out On Hundreds Of Millions In KiwiSaver Government Contributions

New Zealanders have just over a week to ensure they’re eligible for the maximum annual government KiwiSaver contribution... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>