🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

UPDATE 1-Xero plans to de-list from NZX in 2018 to focus on Australian listing

Published 09/11/2017, 07:33 am
Updated 09/11/2017, 07:40 am
© Reuters.  UPDATE 1-Xero plans to de-list from NZX in 2018 to focus on Australian listing

* Xero to de-list from NZX in 2018

* Firm will consolidate its existing ASX listing

* Announces HY18 half-year loss narrowed to NZ$21.1 mln (Adds CEO comment, details on half-year performance)

By Charlotte Greenfield

WELLINGTON, Nov 9 (Reuters) - Accounting software firm Xero XRO.NZ said on Thursday that it would delist from the New Zealand stock exchange as it sought to focus on its listing on the Australian bourse.

Xero said in an emailed statement that the last day its shares would be traded on NZX NZX.NZ would be Jan. 31, 2018.

The New Zealand firm would transfer its shares from the NZX to the Australian Securities Exchange ASX.NZ , where it is already listed.

Despite being headquartered in the New Zealand capital Wellington, Xero said 80 percent of its revenue came from elsewhere and it wanted to focus on consolidating its Australian listing to support its increased drive into international markets.

"Our strategy is to drive further growth in markets like UK, North America and Southeast Asia," chief executive Rod Drury said in a statement.

"As Xero continues to grow, gaining enhanced access to deeper capital markets, increased liquidity and a broader base of potential investors is critical."

The firm will formally de-list from the NZX on Feb. 2.

The announcement came as the company reported its half-year results for the financial year ending in 2018. Xero's net loss after tax for the six months to the end of September narrowed to NZ$21.1 million ($14.7 million), from NZ$43.9 million for the same period the previous year. ($1 = 1.4393 New Zealand dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.