By ELLEN READ
A stock exchange listing will help Green Acres achieve its aim of 15 per cent growth in franchise numbers over the coming year, says director Logan Sears.
Far from seeing opening the private company up to public scrutiny and regulation as onerous, he said a main board listing
would promote the brand and attract more interest.
"Ultimately we're doing it because we've got a planned growth strategy and this will assist that," Sears said.
Green Acres is expected to list on the exchange next year through a purchase deal with listed software company Selector Group.
Sears said the company had been considering a listing when Selector made the offer to buy and list it.
The approach offered a timely and cost-effective method of taking the company to market. Once the deal was completed the listed name would be changed to Green Acres.
He said this year was proving the biggest ever for the company, which had 776 franchisees and was aiming for 15 per cent growth.
Green Acres already has a public presence in the Green Acres Trade Services division, which trades on the unlisted market. This will be merged with the main company.
Due diligence must be completed by Monday and Selector shareholder and NZX approval is needed by January 30.
Sears said the legal battle Green Acres was having with founder and former owners Adrian and Sharon Kenny was "finding its way through the legal system" and was not a distraction.
Adrian Kenny has denied claims that he used intellectual property from Green Acres to set up a rival operation.
