5 Oct 2010

Smart Pay considers Australian exchange listing

8:08 am on 5 October 2010

Eftpos and merchant services firm Smart Pay is considering floating on the Australian stock exchange.

The company, which is already listed in New Zealand, says it is reviewing growth opportunities in the Australian market.

Smart Pay has a presence in Australia through its subsidiary Cadmus but says it wants to grow to at least the same size as its New Zealand business.

The company's managing director, Ian Bailey, says an Australian listing is a logical next step as it will provide access to a larger capital market and a greater number of acquisition targets.

He says the board will report back to shareholders with a recommendation and a timetable before the end of the year, and undertake a possible listing in Australia before the middle of next year.

Mr Bailey says the board's review will examine where it thinks the best place for Smart Pay is to be listed, and headquartered, in the future.

At this point, he says, the company doesn't plan to move the entire operation out of New Zealand, and it would remain as a dual listing for a period of time, though he hasn't ruled out delisting from the New Zealand stock exchange.