It is, however it just goes to show, NZ companies don't get the love or support here that they need, and as a result share prices languish and get picked off.
I reckon if they were to turn around and list this in the states that make a pretty handsome sum in a short time
It is, however it just goes to show, NZ companies don't get the love or support here that they need, and as a result share prices languish and get picked off.
I agree - particularly after PPH had been bid up strongly and they (or rather people around it) scored some own goals and that killed sentiment. Too harshly in my view per below
A big issue is Kiwis are unforgiving of mistakes and risk taking in entrepreneurialism. We love a good success story but business is rarely linear and we tend to cut down those who take a step back after taking two forward. A bit of tall poppy mixed with a strong sense of ‘fool me twice’ suspicion.
Anyway its a shame to see so many businesses leaving and bypassing the NZX, and entrepreneurs leaving the country.
I guess its natural that when you get big its often by growing outside of NZ and it makes sense to some to list it closer to the home market.
But that hasnt hurt mainfreight and fph by staying.
We need stronger and deeper capital markets no doubt.
PPH requests a trading halt to be applied to its securities under ASX Listing Rule 17.1 and NZX Listing Rule 9.9.1(a) and sets out below details of the request as per the rules of each of ASX and NZX.
We would like the ASX trading halt to commence from the commencement of trading on 24 May 2022. We would like the current NZX trading halt to remain in place.
Reasons for trading halt: On 26 April 2022, PPH announced the following to ASX and NZX: “Pushpay Holdings Limited advises it has recently received unsolicited, non-binding and conditional expressions of interest or approaches from third parties looking to acquire the Company.
The Board has appointed Goldman Sachs to assist as financial advisor.
There is no certainty that these expressions of interest or approaches will result in any transaction.”
This morning, before market open, associated interests of BGH Capital and Sixth Street released substantial product holder notices to NZX under which those parties disclosed an aggregate relevant interest in PPH shares of 20.343% as a result of an agreement between them under which they have agreed to co-operate in respect of a potential acquisition of PPH.
The request for the trading halt is to provide PPH with sufficient time to review the co-operation agreement and prepare an appropriate update to the market.
How long we want the trading halt to last: PPH requests that the trading halt remain in place until PPH releases an announcement in response to the BGH Capital/Sixth Street co-operation agreement.
The event we expect to happen that will end the trading halt: Release of the above announcement.
Other information necessary to inform the market about the trading halt or that ASX or NZX have requested: N/A
Information to include in any market memorandum relating to the halt: The trading halt has been requested pending release of a material announcement.
We confirm that we are not aware of any reason why the trading halt should not be granted.
Yours sincerely, **rielle Wilson Investor Relations Pushpay Holdings Limited
https://www.nzherald.co.nz/business/...USWNLSOYHFI4CU
" BGH's investment vehicle, Oceania Trust, and Sixth Street's entities together own 20.3 per cent of Pushpay. New Zealand law generally prevents groups from building a stake above the 20 per cent threshold without making a takeover bid."
Very pleased to read this today. Like the “multiple parties” bit. Will be interesting to see where this ends up. Could be a lot better than the $1.80 that has been talked about. Shame to loose another company from the NZX though.
Originally Posted by jimdog31
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