Summerset plans Australian listing
Retirement village operator Summerset is seeking to dual-list its shares on the Australian stock market but says it has no plans to start work across the Tasman.
Norah Barlow, head of the Wellington-based company, said there was a high level of Australian interest in stocks exposed to the ageing demographic trend, which are barely represented on the ASX.
But she said many of the institutions across the Tasman were limited by their mandates from investing outside of Australian, making the move to dual-list a logical one.
The upside for Summerset was a wider shareholder base and additional share liquidity, particularly as majority shareholder Quadrant Private Equity had signalled last week that it was considering divesting its 38 per cent stake.
"It just adds numbers, so hopefully people will invest in a solid company," Barlow said.
"We are a growth story and long-term story."
The process is expected to take at least three months, and it's unclear whether the firm would crack the benchmark ASX 200 Index due to QPE's majority stake.
Barlow said the firm wasn't looking to raise capital through the listing, nor was it looking at projects in Australia - a move being made by rival and sector leader Ryman Healthcare.
Summerset shares recently traded at $3.19, just below their record high of $3.25, giving the firm a market capitalisation of $688 million in New Zealand.
The shares listed on the NZX in November 2011 at $1.40 each.