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| Last 20 companies delisted from NZX | ||
| COMPANY | DATE DELISTED | REASON |
| THE CITY OF LONDON INVESTMENT TRUST PLC (TCL) | 21 Mar 24 | we understand holdings of shareholders on the New Zealand register represent only 1.2% of the Company’s total shares in issue and trading in TCL shares on the NZX Main Board has been decreasing in recent years - the board considers that the administrative and compliance burdens of maintaining the secondary listing in New Zealand have become disproportionate to the benefits of maintaining that listing (the company has its primary listing on the London Stock Exchange (LSE)) |
| MHM AUTOMATION LIMITED (MHM) | 06 Mar 24 | we understand that the scheme of arrangement in relation to the acquisition of 100% of the shares in MHM by Bettcher Industries Inc., through its wholly-owned subsidiary Merlin NZD Bidco Limited, was implemented; the scheme consideration of NZ$1.70 per share in cash was paid to shareholders today |
| GEO LIMITED (GEO) | 12 Feb 24 | we understand the company delisted as it was too small to continue to maintain a stock market listing, it was not providing liquidity for shareholders, the NZX listing is prohibitively costly and time consuming to manage and it is the board’s intention to delist to reduce costs, save time and continue to seek buyer interest |
| TASK GROUP HOLDINGS (TSK) | 26 Oct 23 | we understand the company delisted from the NZX Main Board as a foreign exempt issuer and its current primary listing on the Australian Securities Exchange (ASX) will be its sole listing - this delisting process is being undertaken in connection with TASK’s migration of incorporation from New Zealand to Australia |
| EMBARK EDUCATION GROUP LIMITED (EVO) | 06 Jul 23 | we understand the company delisted from NZX to achieve a re-domiciliation and listing on ASX through a court approved scheme of arrangement under part 15 of the Companies Act 1993 |
| JPMORGAN GLOBAL GROWTH & INCOME PLC (JPG) | 23 Jun 23 | we understand the company delisted because holdings of shareholders on the NZ register represented only 1.25% of the Company's total outstanding shares in issue, trading has been decreasing on NZX in recent years and the board considered that the administrative and compliance burdens of maintaining a secondary listing in New Zealand had become disproportionate to the benefits |
| PUSHPAY HOLDINGS LIMITED (PPH) | 19 May 23 | we understand Pegasus Bidco Limited was successful with an offer of NZ$1.42 (other than certain excluded shares held by entities associated with BGH Capital and Sixth Street) - a group of 10 sophisticated, professional offshore event-driven funds agreed to take "specified shares" for $1.34 a share |
| SMITHS CITY GROUP LIMITED (SCY) | 09 Feb 23 | we understand the company was in receivership and had been suspended from trading on NZX since Monday, 18 May 2020 |
| HARMONEY CORP LIMITED (HMY) | 28 Oct 22 | we understand the company had low trading volumes on NZX and with its primary listing being on the ASX could reduce its compliance obligations, and administrative and financial costs, by consolidating its listings on its primary exchange |
| DGL GROUP LIMITED (DGC) | 30 Jun 22 | we understand there was no value for shareholders in the NZX listing and to streamline administration and save costs it was decided to delist |
| SMW GROUP (SMW) | 31 May 22 | we understand reduced profitability left SMW unable to reduce debt as it had originally planned and this meant that SMW using its listed status as a platform for making new acquisitions had not been commercially feasible. |
