Briscoe to seek secondary listing on ASX to broaden investor base
By Paul McBeth
May 19 (BusinessDesk) - Briscoe Group, the country's biggest listed retailer, will pursue a secondary listing on the
Australian Securities Exchange next week in a bid to broaden its investor base.
The Auckland-based company, which is about three-quarters owned by managing director Rod Duke, will apply to list on the
ASX as a foreign exempt entity next week, but doesn't plan to raise new capital, it said in a statement.
"We believe that the greater visibility from a dual-listing will contribute to increased investor interest and a broader
shareholder base which will increase our ability to take advantage of fresh opportunities that we identify," chair
Rosanne Meo said.
The shares last traded at $4, valuing Briscoe at $880 million.
Briscoe boosted annual profit 26 percent to $59.4 million in the year ended Jan. 29, widening margins in a retail
environment where rival companies have typically struggled to adapt to changing consumer behaviour. That marked the
retailer's seventh year generating a record profit.
Duke sought to grow the company through a takeover of Kathmandu Holdings in 2015, but was rejected by the outdoor
equipment chain's board who viewed the price as too low. Briscoe still owns a near-20 percent stake in Kathmandu and the
two are set to square off in court over costs associated with the failed takeover.
(BusinessDesk)