Shell companies to list on the NZAX

Two publicly unlisted shell companies, Vistron and Holly Spring Investments, will list on the NZAX.

They have not previously traded on the exchange and have about 1700 shareholders each.

The directors said they plan to use Vistron and Holly Spring as vehicles for friendly takeovers of other companies wanting to list on the NZAX market.

This would be done by issuing scrip and raising funds in a reverse takeover.

Chairman of both companies Jim Bracknell said the shells were clean and would be attractive to any parties looking to list.

- NZPA