Michael Hill restructures board prior to ASX listing

Michael HillJewellery retailer Michael Hill, has appointed Mike Parsell and Phil Taylor as new company directors, replacing Sir Michael Hill, Ann Christine Lady Hill and Gary Gwynne.

The board now comprises five directors, two of whom are independent directors, Rob Fyfe and Gary Smith.

The changes made reflect it is now a subsidiary of the new Australian-incorporated parent company, currently referred to as MHI Australia, the company announced in a statement.

Michael Hill earlier announced its plans to shift its primary share market listing from the NZX in New Zealand to the ASX. The jewellery retailer made the decision citing that most of its operations are based in Australia, which is also its largest market.

MHI Australia will shortly be renamed Michael Hill International Limited ahead of its listing on ASX and NZX on July 7. The company will remain listed on the NZX main board until market will close on July 6.

Trading is suspended until market will open on July 7, when it is expected MHI Australia will become listed and have its shares quoted on the ASX. It will also be listed and have its shares quoted on the NZX main board as a dual listed issuer.

The jewellery retailer also said that the Hill family succession plan announced to the market on June 23 has been completed.

The founder of the jewellery chain, Michael Hill, has earlier outlined a ‘succession plan’ ahead of the move to list on the ASX.

Hill instigated a restructure of his family’s controlling stake in the company, stating 10 per cent would be transferred to trusts for daughter Emma and son Mark.

The restructuring involves reducing the economic interest of the Boxer Hill Trust in the shares of Michael Hill International Limited (held through Michael Hill International Limited Australia and Durante) from 52.89 per cent to 42.89 per cent while trusts established for Mark and Emma would get five per cent each.

Michael Hill New Zealand Limited stated that the scheme of arrangement approved by shareholders at the special meeting held on June 23 and later that day by the High Court was implemented last night.

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