Friday 8th December 2017
|Text too small?|
TIL Logistics Group took a day to close its first trade as a public company following yesterday's reverse listing, with a small transaction crossing at more than twice the price the deal put on the shares.
The New Plymouth-based trucking and logistics company, formerly known as Transport Investments, joined the bourse after completing a reverse listing through Bethunes Investments yesterday, although buyers and sellers didn't manage to meet on day one. Today 2,000 shares changed hands at $3.50 apiece, more than twice the $1.50 value implied by the reverse takeover, while another 1,250 shares traded at $2.80 apiece.
"TIL Logistics Group Ltd notes that there is a wide bid-ask spread in TLL’s shares, following the successful completion this week of TLL’s acquisition of the Transport Investments Ltd business and an $11.51 million private placement to part fund that acquisition," chief financial officer Greg Whitham said in a statement. "TLL encourages people who wish to trade in TLL shares at this stage, while there is a limited liquidity in the shares, to seek financial advice before doing so."
The latest trading price values TIL Logistics at $228 million. The reverse listing was funded through a $100 million banking facility, $11.5 million private placement, and share issue, which placed an implied equity value on the company of $122.2 million at the $1.50 share price.
The transport company had planned to list through an initial public offering, but gave up on those plans in mid-2017 after being advised "market conditions were not conducive, in part because of the New Zealand general election and likely resulting market uncertainty." It began discussions with Bethunes in August and completed the transaction earlier this week.
No comments yet
NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record