NZX has installed a stock ticker board above the Square Cafe in QEII Square. Photograph by Dean Purcell.
NZX has installed a stock ticker board above the Square Cafe in QEII Square. Photograph by Dean Purcell.
GuocoLeisure, the diversified investment company once known as Brierley Investments, plans to delist from the NZX, meaning its dwindling New Zealand shareholder base will have to use the Singapore Exchange in future.
The Singapore-based company said New Zealanders now own just 4.2 percent of total shares on issue. So farin 2013, daily turnover on the NZX has been 22,567 shares compared with 2.3 million a day on the SGC.
"The board considers that the costs of remaining listed on the NZSX outweigh the benefits of maintaining that listing," the company said in a statement.
After delisting on June 27, New Zealand shareholders will continue to hold legal title to their shares, and will continue to be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.
GuocoLeisure is made up of four divisions. Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London's Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.
