NZX markets development manager, Geoff Brown, said APN's listing was very significant to the New Zealand securities markets. “APN's size and its stable of well known New Zealand brands make it an important listing for NZX this year,” he said.
The company, which is listed on the ASX in Australia, is the first to use NZX's dual primary listing category in 2004.
“We introduced the dual primary listing category to give ASX listed companies that have substantial business operations in New Zealand the opportunity to list here more easily,” Brown said. “A dual primary listing in New Zealand can remove some of the barriers that New Zealand investors may find when investing in overseas companies, in terms of cost and accessibility. APN is also likely to occupy a prominent position in the NZSX 50 Index, which will give it good visibility among Kiwi investors and the media.”
APN chief executive Brendan Hopkins said listing on the NZSX Market recognised the importance of APN's New Zealand businesses, which generated just over half the company's revenue.
“APN has a long association with New Zealand through the media companies that were part of the Wilson & Horton group. We look forward to renewing relations with investors who once owned Wilson & Horton shares and making ourselves known to a variety of other investors.”
APN's New Zealand businesses comprise a number of media outlets including daily newspapers, non-daily publications, radio stations, outdoor advertising and commercial print operations.
APN's listing follows those of Promina Group Limited and Repco Corporation Limited, dual primary listed companies that listed on the NZSX Market last year.
NZX's dual primary listing category is for companies that have full listings on the NZSX Market as well as on the ASX in Australia. Dual primary listed companies are required to abide by the NZSX Listing Rules as well as the ASX's listing rules.
Shares in APN News and Media Limited will be quoted on the NZSX Market from 12pm today, to coincide with the opening of trading on the ASX.
