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Home / Business

Fliway gears up for growth after listing

NZ Herald
6 Mar, 2015 04:00 PM3 mins to read

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Duncan Hawkesby and his wife Gretchen will remain major shareholders in Fliway. Photo / Jason Oxenham
Duncan Hawkesby and his wife Gretchen will remain major shareholders in Fliway. Photo / Jason Oxenham

Duncan Hawkesby and his wife Gretchen will remain major shareholders in Fliway. Photo / Jason Oxenham

Transport operator aiming to raise up to $44m in IPO before floating next month

Transport and logistics operator Fliway is eyeing potential acquisitions as it gears up for a new phase of growth following its NZX listing next month.

The Auckland-based company yesterday registered a prospectus for its initial public offering (IPO), which will raise between $27.3 million and $44.5 million, including about $9 million of new capital that will be used to pay down debt and cover the cost of the April 9 float.

Fliway is expected to have a market capitalisation of $54.5 million to $63.6 million upon listing.

Managing director Duncan Hawkesby, the son of high-profile former newsman and winemaker John Hawkesby, owns the transport firm with his wife Gretchen, the daughter of packaging magnate Graeme Hart, New Zealand's richest man.

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The couple are expected to retain a 30 per cent to 50 per cent shareholding in the company - which is forecasting profit of $4.5 million on revenue of $85.6 million in the current financial year - following the float.

Hawkesby said New Zealand's freight and logistics sector was highly fragmented and potential acquisitions could take the company into new industry segments such as dangerous goods and bulk liquid transportation.

The company, whose debt is expected to reduce from $19 million to $12.5 million following the IPO, had a strong track record of growth and cash generation, he said.

Fliway's board, chaired by Craig Stobo, is aiming to pay out 50 per cent to 70 per cent of earnings in dividends. At the top end of that range, the company is expected to have a gross dividend yield of 7 to 8 per cent.

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Fliway, which has a 50/50 joint venture with US-based freight giant UPS, operates five warehouses and 11 branches around New Zealand.

It has a client base of more than 1000 customers, 400 staff and roughly 170 vehicles.

Hawkesby said it was the "right time" to carry out an IPO and the listing would help increase Fliway's public profile.

Hart's "seed funding" for his 2006 acquisition of Fliway, had been repaid, but the Rank Group billionaire didn't have any direct involvement with the business, he said.

Discover more

Freight and logistics

Fliway moves towards NZX listing

06 Mar 01:21 AM
Opinion

Fliway float first chance in sector

09 Mar 06:00 PM

The final pricing of the offer will be set through a book-build process with brokers and institutions on March 17.

The broker firm offer to retail investors will open on March 18 and close on April 1. There won't be a public pool of shares.

Meanwhile, a former Fliway customer intends to pursue a $985,815 claim over alleged overcharging for warehouse storage services between July 2008 and August 2012, according to the prospectus. Fliway will contest the claim.

Fliway said selling shareholder indemnity was likely to cover any costs and liability it may incur as a result of the claim.

"The claim is not therefore expected to have any adverse financial effect on Fliway."

Freight float

• Will raise up to $44.5m, including roughly $9m in new capital.

• Existing shareholders Duncan and Gretchen Hawkesby will retain a 30% to 50% stake after the float.

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• Fliway expected to have a market value of up to $63.6m upon listing.

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