Sovereign early market casualty

Sharemarket turmoil has impacted on the float plans of Sovereign and Trans-Tasman Properties.

Tuesday, October 28th 1997, 12:00AM

Sharemarket turmoil has foiled Sovereign's plans for listing for the second time in three years.
"In light of the extreme volatility of New Zealand and world markets over the last few days the board at Sovereign, after taking advice from its professional advisers, has decided to delay its listing process," chairman Bruce Bornholdt says.
The Takapuna-based financial services company originally sought to list in 1994, but pulled back then because of a market downturn.Several weeks ago the company announced that it intended to issue a prospectus next month and to list on the New Zealand Stock Exchange by December.

Joint managing director Ian Hendry says it is now unlikely the company will list before Christmas.
However, the company remains committed to listing and a decision on timing will be made as soon as practicable after world markets stabilise.
Hendry says a prospectus is ready to go and much of other preparatory listing work has been done.
Delaying the listing won't have any real impact on the business. Hendry says if the company needed to raise capital, options other than listing were available.
Founders and joint managing directors Hendry and Chris Coon own 35 per cent of the company, United States fund manager Grantham Mayo van Otterloo has an 18 per cent stake, Hambro-Grantham, the Australian branch of British bank Hambros owns 7 per cent and the balance is held by staff, financial intermediaries and others.
Trans-Tasman Properties has also confirmed that its proposed $300 million float was on hold for the same reasons.
The company said it was assessing the markets and would announce a revised timetable as soon as market conditions stabilised.
Trans-Tasman had planned to float its New Zealand Growth Property Trust before Christmas.

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Sovereign early market casualty

Sharemarket turmoil has impacted on the float plans of Sovereign and Trans-Tasman Properties.

Tuesday, October 28th 1997, 12:00AM

Commenting is closed