Xero plans to de-list from New Zealand stock exchange
- 09 November, 2017 08:44
Accounting software firm Xero said on Thursday that it would delist from the New Zealand stock exchange as it sought to focus on its listing on the Australian bourse.
Xero said in an emailed statement that the last day its shares would be traded on NZX would be Jan. 31, 2018.
The New Zealand firm would transfer its shares from the NZX to the Australian Securities Exchange, where it is already listed.
Despite being headquartered in the New Zealand capital Wellington, Xero said 80 percent of its revenue came from elsewhere and it wanted to focus on consolidating its Australian listing to support its increased drive into international markets.
"Our strategy is to drive further growth in markets like UK, North America and Southeast Asia," chief executive Rod Drury said in a statement.
"As Xero continues to grow, gaining enhanced access to deeper capital markets, increased liquidity and a broader base of potential investors is critical."
The firm will formally de-list from the NZX on Feb. 2.
The announcement came as the company reported its half-year results for the financial year ending in 2018. Xero's net loss after tax for the six months to the end of September narrowed to NZ$21.1 million from NZ$43.9 million for the same period the previous year.