Sharechat Logo

Unlisted celebrates first $1 bln issue as Zespri resumes trading after 2018 Gold3 tender

Thursday 19th April 2018

Text too small?

Zespri Group's shares rose to a record when they resumed trading, after being halted for the 2018 allocation of Gold3 kiwifruit licences, pushing the kiwifruit exporter's market capitalisation to $1.1 billion and making it the first $1 billion company on the Unlisted platform.

 

Some 16,860 Zespri shares traded today, of which 2,440 changes hands at a record $8.35. The shares first traded at $1.75 after Zespri listed on the Unlisted Securities Exchange in February 2016.

 

This week, Zespri said corporate revenue from the 2018 allocation of the Gold3 license release will be $190 million to $195 million, or around $253,000-to-$260,000 per hectare, a figure that is up on the prior year. The range is the combined revenue estimate resulting from 700 hectares of Gold3 licence, and 50 hectares of Gold3 Organic new development licence, both released under a closed tender bid mechanism, New Zealand's statutory kiwifruit exporter said. The validation process for all bids is still ongoing and all bidders will be notified of their outcome from May 1.

 

Last month at a special meeting, shareholders voted in favour of constitutional changes including a cap on the number of shares they can hold relative to trays of kiwifruit produced, and phase out dividends for non-producing shareholders over seven years. The changes were aimed at strengthening grower ownership and control of Zespri.

 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Updated: NZ central bank cuts rates, signals more to come
Ardern, Macron to chair meeting to stop social media's use in terrorism
NZ commodity prices lift in March, led by dairy
Barfoot sees regained momentum in Auckland sales amid flat prices
House prices rose in February but sales volumes fell 9.5%
NZ commodity prices continue to lift in February
Rising house prices put pressure on affordability through tail-end of 2018
Standard & Poor's lifts NZ's outlook to positive
Fuel imports drive NZ's annual trade deficit to 11-year high
RBNZ plucks bank capital numbers out of the air: Reddell

IRG See IRG research reports