Co-operative lists on alternative exchange

Wednesday 12th August 2009

Vehicle Inspection New Zealand (VINZ) has decided to list its securities on the alternative sharemarket, Unlisted.

"We are delighted that VINZ has chosen to use Unlisted to provide its shareholders with a flexible and cost-effective solution to meet its secondary trading needs," Unlisted Manager Bruce Cossill says.

"VINZ shareholders recently voted to de-register as a co-operative company and adopt a new constitution to allow the ordinary shares to be publicly traded for the first time. We see this as a path that other co-operatives may choose to follow in the future."

VINZ Chairman Ken Worsley said, "VINZ is pleased to deliver to shareholders a transparent and arms-length secondary market trading mechanism after such a lot of hard work by the company, and the directors are in no doubt that our shareholders will benefit greatly from having access to a cost-effective share trading facility."

VINZ, which has major contracts with NZ Transport Agency and provides a range of vehicle inspection-related services to the automotive industry in New Zealand, currently has about 125 customer or supplier-shareholders.

"Over time we expect these changes to allow new, non-customer or supplier shareholders to participate in the future growth of the company.

"The company recognises the value to investors of being able to see market prices for their shares and to have a simple trading option, and we look forward to working with Unlisted to deliver solutions that benefit our shareholders."

View details of companies on Unlisted and their share prices and trading history here http://www.sharechat.co.nz/unlisted.html

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