Briscoe to seek secondary listing on ASX to broaden investor base

Briscoe chairman Dame Roseanne Meo expects greater visibility from a second listing.

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)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7451 0.0000 0.00%
AUD 0.9417 0.0000 0.00%
EUR 0.6389 0.0000 0.00%
GBP 0.5734 0.0000 0.00%
HKD 5.8206 0.0000 0.00%
JPY 82.8030 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1254.9 12.220 2017-07-21T00:
Oil Brent 48.3 -1.290 2017-07-21T00:
Oil Nymex 45.8 -1.190 2017-07-21T00:
Silver Index 16.4 0.112 2017-07-21T00:

Indices

Symbol Open High Last %
NZX 50 7672.4 7675.2 7672.4 -0.02%
NASDAQ 6383.1 6388.8 6390.0 -0.04%
DAX 12424.8 12464.1 12447.2 -1.66%
DJI 21591.7 21592.6 21611.8 -0.15%
FTSE 7487.9 7515.1 7487.9 -0.47%
HKSE 26777.4 26778.4 26740.2 -0.13%
NI225 20089.9 20135.3 20144.6 -0.22%
ASX 5761.5 5761.5 5761.5 -0.67%