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Goodman Fielder Limited (Goodman Fielder) is to be added to the NZX 50 Index and NZX 50 Portfolio Index, subject to completion of its $2 billion Initial Public Offering (IPO), as expected later this month. As a Dual Listed Issuer, with primary listings in both New Zealand and Australia , Goodman Fielder's index weight will be derived from the proportion of its revenue generated in New Zealand. Based on the current prices of the other securities in the Index, Goodman Fielder will rank between 11th and 16th in the NZX 50 Index. It will have an index weight of between 1.6% and 2.2%.
In response to the addition of Goodman Fielder to the NZX 50 Index and NZX 50 Portfolio Index, Capital Properties New Zealand Limited (Capital Properties) will be transferred to the NZX SmallCap Index. Capital Properties will continue to hold a place in the NZX Property Sector Index, a widely-used benchmark for institutional property investors, for as long as it remains listed.
Vector Limited (Vector) will be promoted to the blue-chip NZX 10 Index, and so will be removed from the NZX MidCap Index. Vector listed via an IPO in August 2005, raising $589 million, and has moved up the ranks of listed companies such that it will rank around 8th in the NZX 10 Index.
Carter Holt Harvey Limited (Carter Holt Harvey) is to be transferred from the NZX 10 Index to the NZX MidCap Index where it will replace Vector. Carter Holt Harvey is subject to a takeover offer from Rank Group Investments Limited, which has reduced its number of free float shares such that it was the smallest constituent of the NZX 10 Index. Carter Holt Harvey is expected to retain a place in the NZX 50 Index for the foreseeable future, so long as it remains listed.
The index changes resulting from this Quarterly Index Review will take effect on 4 January 2006, the first trading day of the new year. The key changes are summarised below:
- NZX 50 Index, NZX 50 Portfolio Index
Goodman Fielder Limited (GFF) will be added to the above indices. Capital Properties New Zealand Limited (CNZ) will be deleted.
- NZX 10 Index
Vector Limited (VCT) will be added to the NZX 10 Index. Carter Holt Harvey Limited (CAH) will be deleted.
- NZX MidCap Index
Carter Holt Harvey Limited (CAH) will be added to the NZX MidCap Index. Vector Limited (VCT) and Capital Properties New Zealand Limited (CNZ) will be deleted.
Changes to the NZX Equity Indices in no way reflect an opinion on any NZX Listed Issuer – they are determined solely by the NZX Index Methodology. These index changes arise from NZX's regular Quarterly Index Review schedule. Quarterly Index Reviews are conducted in March, June, September and December of each year.
