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Briscoe to seek secondary listing on ASX

NZ Newswire logoNZ Newswire 19/05/2017 Paul McBeth

Briscoes Homeware of the Briscoe Group © Hannah Peters/Getty Images Briscoes Homeware of the Briscoe Group Briscoe Group, the country's biggest listed retailer, will pursue a secondary listing on the Australian Securities Exchange next week in a bid to broaden its investor base.

The Auckland-based company, which is about three-quarters owned by managing director Rod Duke, will apply to list on the ASX as a foreign exempt entity next week, but doesn't plan to raise new capital, it said in a statement.

"We believe that the greater visibility from a dual-listing will contribute to increased investor interest and a broader shareholder base which will increase our ability to take advantage of fresh opportunities that we identify," chairwoman Rosanne Meo said.

The shares last traded at $4, valuing Briscoe at $880 million.

Briscoe boosted annual profit 26 per cent to $59.4m in the year ended January 29, widening margins in a retail environment where rival companies have typically struggled to adapt to changing consumer behaviour. That marked the retailer's seventh year generating a record profit.

Mr Duke sought to grow the company through a takeover of Kathmandu Holdings in 2015, but was rejected by the outdoor equipment chain's board who viewed the price as too low. Briscoe still owns a near-20 percent stake in Kathmandu and the two are set to square off in court over costs associated with the failed takeover.

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