New Zealand-based transport and logistics firm Move Logistics Group has lodged an application for a secondary listing on the Australian Stock Exchange (ASX).
The application is currently under review by the ASX and, subject to acceptance, Move expects to be dual listed by the end of May 2022.
The company says it intends to retain its primary listing on the New Zealand Stock Exchange (NZX).
The board says the dual listing will be “a natural progression for the company”, to facilitate greater access to capital and provide alignment with Move’s growing Australian investor base.
“We remain committed to our New Zealand shareholder base and our intention is to remain a New Zealand domiciled business,” Move chair Lorraine Witten says.
“A number of Australian investors joined the register at the time of the October 2021 capital raise and we have seen continued interest since then.
“The re-set of the business is well underway and the board is confident in the company’s future prospects.
“The dual listing is a way of accessing a broader pool of institutional and retail investors, increasing liquidity and facilitating greater access to future capital to fund growth opportunities.”
Earlier this year, the firm posted a net loss of $1.4 million for its half year results.
That was down from a $2.6m profit on the same period last year and reflected the impact of the COVID lockdown and regional restrictions in New Zealand from August to December 2021.
A $40m capital raise was also completed during the period, introducing new shareholders to the register, including Australian investors.
In its outlook, the company said it’s expecting “sector and economic headwinds” to continue into the second half of the financial year.
It said high inflationary pressure and rising interest rates were expected and would raise freight rates to offset increasing costs.
