Allan Hawkins is moving his listed finance company Cynotech Holdings to the NZX's alternative market the NZAX.Since his takeover of the company went unconditional late last month, Mr Hawkins has given little indication of his plans for the company as he a
Allan Hawkins is moving his listed finance company Cynotech Holdings to the NZX’s alternative market the NZAX.
Since his takeover of the company went unconditional late last month, Mr Hawkins has given little indication of his plans for the company as he approaches retirement.
But an announcement to the NZX today said the company would move its listing to the NZAX board of the New Zealand Exchange effective from April 28.
Mr Hawkins, 68, launched an official takeover notice for Cynotech Holdings, of which he is the chairman, in December, with his retirement in mind.
The former Equiticorp chief executive offered shareholders to swap their stock for securities in his private investment company Cynotech Securities, valuing Cynotech shares at 13.5 cents.
It was accepted by holders of 78.4% of ordinary shares, 51.4% of convertible preference shares and 71.9% of warrants.
Cynotech, formerly known as Rocom Wireless, was listed on the New Capital Market in August 2000.
It consists of a small finance arm with consumer finance company Budget Loans in its stable, alongside ice cream cone maker Snowdon and mobile satellite communications company Cynotech Satellite.
Two years ago Cynotech bought the loan book of failed finance company Western Bay Finance and, in 2006, the loan book of National Finance 2000 when it was in receivership.
