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Possible IPO and stockmarket listing for Carters

14 August 2015

Possible IPO and stockmarket listing for Carters Building Supplies

Carter Holt Harvey (CHH) is considering an IPO of the New Zealand Carters building supplies distribution business through an offer of ordinary shares in Carters Building Supplies Group Limited (Carters) and listings on the NZX and ASX.

CHH said it expects to retain a significant stake in the company following its listing.

The announcement follows a review of an earlier proposal to list CHH’s New Zealand and Australian timber processing and building supplies businesses as a single entity. CHH’s Board announced in June that the earlier proposal was on hold, citing difficulties in forecasting the earnings outlook of its Australian timber business.

Carters is a leading supplier to the building trade, with 50 distribution outlets and nine frame and truss sites across the country. This well-established national network puts Carters in a strong position to capitalise on the continuing strong demand for new housing.

No money is currently being sought and ordinary shares in Carters Building Supplies cannot currently be applied for or acquired under the intended offer. If the offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013. Expressions of interest will not involve an obligation or commitment of any kind.

The joint lead managers to the intended offer are Credit Suisse, First NZ Capital, Deutsche Bank, Deutsche Craigs, and Forsyth Barr.

ends

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