Largest listed Kiwi to pursue ASX tilt

BriscoesBriscoe Group, New Zealand’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.

It 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,” chairwoman Rosanne Meo said.

The shares last traded at $NZ4, valuing Briscoe at $NZ880 million ($A817 million).

Briscoe boosted annual profit 26 per cent to $NZ59.4 million in the year ended January 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 per cent stake in Kathmandu and the two are set to square off in court over costs associated with the failed takeover.

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