1 May 2012

NZX anticipates further floats of Australian-owned firms

9:15 am on 1 May 2012

The successful share floats of Australian-owned firms on this side of the Tasman has the NZX wondering if more are on the cards.

NZX chairman Andrew Harmos says retirement and aged care provider Summerset and online auction site Trade Me have provided good returns since listing late last year.

While the focus has been on the Government's controversial plans to sell a stake in state assets, Mr Harmos says the decisions by Summerset and Trade Me's Australian owners to part-list their New Zealand business will prompt others to consider it.

"It will be interesting to see whether other Australian companies, in particular, follow Fairfax's lead and look to release capital invested in New Zealand through share and ownership of their New Zealand enterprises with New Zealand public investors."

The Capital Market Development Taskforce considered the major banks, all Australian-owned, could be prime candidates.

Shareholders back capital return plan

Separately, shareholders in NZX have overwhelmingly supported the stock market operator's plan to return $34.4 million to them.

At the company's annual meeting in Wellington on Monday nearly all those who voted passed the resolution, which involves the cancellation of some shares.

Investors also supported increasing the total annual pool of directors fees to $435,000.