NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • Deloitte Fast 50
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In

Advertisement
Advertise with NZME.
Home / Technology

Brocker fighting Nasdaq delisting

22 Feb, 2001 09:08 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save
    Share this article

By PETER GRIFFIN it writer

The sweet success story of Brocker Technology has turned sour for shareholders and management alike.

Trading of the New Zealand company's shares on the Nasdaq and Toronto Stock Exchange has remained frozen for the past week as it investigates "accounting irregularities" at its Australian operations. But it
faces a bigger issue.

Brocker's share price has plunged from more than $US6 ($14) a year ago to around 50USc, threatening its Nasdaq listing.

The computer hardware and software distributor is probably best known for its Bloodhound service, which allows customers to have just one phone number, regardless of where they are.

The company experienced rapid growth last year, driven in part by its $37 million acquisition of Fiji-based IT company Datec.

When Brocker listed on the Nasdaq last August, it was only the second NZ company to do so, but a major concern for its shareholders is that Brocker has slipped below the Nasdaq National Board's requirement to maintain a minimum bid price of $US1.

The company now plans a one-for-four reverse share split to boost its shares above the Nasdaq threshold.

While the investigation in Australia is believed to be centred on Brocker's computer distribution division, share trading will remain suspended until Nasdaq and Toronto Stock Exchange officials are given more detailed information.

Brocker vice-chairman Michael Ridgway has travelled to Australia to oversee operations temporarily.

Brocker's communication manager, Nigel Murphy, said Stock Exchange officials were seeking confirmation that the situation was under control and details would be released to them in the next day or two.

"Our priority is obviously to resume trading as soon as we can, so our focus is on sorting out these issues."

Mr Murphy added that once trading restarted the price would reflect the market's reaction to how the probe was handled. He said a number of factors had contributed to the share-price nose-dive.

"The global slump in the market for tech stocks, coupled with our relatively small size and low profile in North America where most of the investors are, have added to our challenges. And our operating results have not met our expectations this year," he said.

How a potential share consolidation will affect Brocker's plans to buy 25 per cent of Korea-based internet technology company Littauer Technologies also remains unclear.

Brocker would acquire a $US45 million stake in Littauer, settled by way of a private placement for new Brocker shares issued to the Littauer Group.

John Cobb, head of retail brokering at JB Were, said technology companies on the Nasdaq had suffered badly from a lack of market confidence.

"It's got to a serious stage when a company is seeking to do a share reversal, but the move is usually in the interests of shareholders," he said.

Brocker's troubles mirror those of a range of IT companies that are suffering in the aftermath of last year's "tech wreck."

Telemedia, a company that began life in Auckland and specialises in service systems that typically generate around 30 per cent of telco revenue, has slumped from a high of $A7.53 ($9.20) to around 80c.

Despite Brocker's stock exchange hiccups, the company has continued to win large IT contracts. It recently signed a five-year agreement with IBM Global Services to provide IT services for Westpac in several South Pacific islands.

Brocker has also sealed a reseller agreement with Auckland-based Rocom Wireless for the Bloodhound service.

Rocom managing director Steve Borich said Rocom was aware of the situation with Brocker's Australian operations, but they were unlikely to affect the Bloodhound deal.

"While we do not expect any significant fallout for Brocker's new Zealand operation, we will continue to monitor the situation closely."

Brocker claims it will go ahead with the share consolidation only if absolutely necessary.

Shareholders will vote on the plan in April by way of special resolution which will require a two-thirds majority. Without their support Brocker's presence on the Nasdaq could disappear.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save
    Share this article

Latest from Technology

Premium
Lifestyle

Why AI should make parents rethink posting photos of their children online

Premium
Business

Streaming video: Survey reveals who’s up, who’s down

Premium
Technology

RUCs for all: Potential 'smart tag' cost on drawing board, privacy issues highlighted


Sponsored

Why NZ businesses lag on solar and the adoption of clean on-site renewable energy

Advertisement
Advertise with NZME.

Latest from Technology

Premium
Premium
Why AI should make parents rethink posting photos of their children online
Lifestyle

Why AI should make parents rethink posting photos of their children online

New York Times: AI apps generating fake nudes make "sharenting" far riskier these days.

15 Aug 06:00 AM
Premium
Premium
Streaming video: Survey reveals who’s up, who’s down
Business

Streaming video: Survey reveals who’s up, who’s down

15 Aug 03:36 AM
Premium
Premium
RUCs for all: Potential 'smart tag' cost on drawing board, privacy issues highlighted
Technology

RUCs for all: Potential 'smart tag' cost on drawing board, privacy issues highlighted

14 Aug 04:46 AM


Why NZ businesses lag on solar and the adoption of clean on-site renewable energy
Sponsored

Why NZ businesses lag on solar and the adoption of clean on-site renewable energy

14 Aug 09:40 PM
NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP