RJI to delist in Aust.
PA Wellington Property owner, Robt Jones Investments, is delisting from the Australian Stock Exchange. Company secretary, Mr D. D. Twigg, said yesterday the sole reason for the company’s Australian listing in 1985 was the insistence of the Australian Treasury so as to allow the company to invest in Australia. Since that date, however, the Treasury had relaxed its rules on foreign property ownership making redundant the previous need for Australian listing. “Trading volume in the company’s shares in Australia is negligible, most transactions, including those involving
Australian shareholders, occurring on the principal New Zealand market company’s shares,” Mr Twigg told the Stock Exchange. “Additionally, the company is now firmly established in Australia with a staff of 16 and total investments of approximately SNZ9SO million.” Mr Twigg said the company had fewer than 700 Australian shareholders and the internationalisation of financial markets made multiple listings superfluous. The company was simply wasting funds paying fees to the Australian exchange and would terminate the arrangement. The Australian Stock Exchange was advised of this intention many months ago, he said.
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Press, 24 September 1988, Page 34
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181RJI to delist in Aust. Press, 24 September 1988, Page 34
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