GuocoLeisure, the diversified investment company once known as Brierley Investments, plans to delist from the NZX, meaning its dwindling New Zealand shareholder base will have to use the Singapore Exchange (SGC) in future.
The Singapore-based company said New Zealanders now own just 4.2% of total shares on issue. So far in 2013, daily turnover on the NZX has been 22,567 shares compared with 2.3 million a day on the SGC.
"The board considers that the costs of remaining listed on the NZSX outweigh the benefits of maintaining that listing," the company said in a statement.
After delisting on June 27, New Zealand shareholders will continue to hold legal title to their shares, and will continue to be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.
GuocoLeisure is made up of four divisions. Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London's Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.
The shares fell 1.2% to 82 cents on the NZX and have climbed 28% this year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Zero Emission Vehicle's Andrew Rushworth says his company may have been naïve
- FMA markets oversight director Garth Stanish tells NBR improvements in professional scepticism are particularly needed
- Restaurant Brands general manager of sales and marketing Geraldine Oldham talks about the "salacious" Carl's Jr ad
- Westpac’s David Norman: a big job to be done but lifting Auckland’s building rate is achievable
- Head-to-head: Federated Farmers director Katie Milne and SAFE executive director Hans kriek debate dairy industry's treatment of bobby calves