Briscoe to seek secondary listing on ASX to broaden investor base
Brsicoe doesn't plan to raise new capital.
Briscoe Group, the country's biggest listed retailer, will pursue a secondary listing on the Australian Securities Exchange next week in a bid to broaden its investor base.
The Auckland-based company, which is about three-quarters owned by managing director Rod Duke, will apply to list on the ASX as a foreign exempt entity next week, but doesn't plan to raise new capital, it said in a statement.
"We believe that the greater visibility from a dual-listing will contribute to increased investor interest and a broader shareholder base which will increase our ability to take advantage of fresh opportunities that we identify," chair Rosanne Meo said.
The shares last traded at $4, valuing Briscoe at $880 million.
Briscoe boosted annual profit 26 percent to $59.4 million in the year ended Jan. 29, widening margins in a retail environment where rival companies have typically struggled to adapt to changing consumer behaviour. That marked the retailer's seventh year generating a record profit.
Duke sought to grow the company through a takeover of Kathmandu Holdings in 2015, but was rejected by the outdoor equipment chain's board who viewed the price as too low. Briscoe still owns a near-20 percent stake in Kathmandu and the two are set to square off in court over costs associated with the failed takeover.
(BusinessDesk)
Paul McBeth
Fri, 19 May 2017
Fri, 19 May 2017
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Briscoe to seek secondary listing on ASX to broaden investor base
67120