Photo: NZX / Supplied
QEX said the move was in the best interests of its shareholders because negative publicity surrounding the business in recent months had made it difficult to find independent directors after they all resigned in February, citing issues with chief executive Ronnie Xue.
Shareholders Association chief executive Oliver Mander said it was in the best interest of shareholders for the company to remain, as it would still be required to comply with the NZX s transparency and accountability rules. We do not believe that there will be an enhanced opportunity for accountability if the company were to delist, he said, adding the lack of transparency could increase the risk of further losses to shareholders.
Stock Takes: Shareholders Association will fight unprecedented de-listing of QEX Logistics
23 Apr, 2021 05:40 AM
4 minutes to read
Tony Falkenstein, chair and chief executive of Just Life Group. Photo / Brett Phibbs
NZ Herald
The NZ Shareholders Association will vote proxies against the de-listing of QEX Logistics (QEX) in any upcoming vote of shareholders.
The association believes the move by the company is unprecedented on the NZX. NZSA believes the future of the company is best decided within the transparency provided by a public listing and the accountability provided by the NZX listing rules, it says. The company has stated that it wishes to prepare itself for sale once it de-lists. Should the company de-list, NZSA believes there is an increased risk of further loss of value for shareholders.
Stock Takes: Contact, Meridian cleared; Cavalier CEO resigns
22 Apr, 2021 05:30 AM
6 minutes to read
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
Meridian and Contact have been cleared following an investigation into the spilling of water from their South Island dams. Photo / Grant Bradley
The Electricity Authority said it had found that neither Meridian nor Contact had breached trading provisions following an undesirable trading situation (UTS) complaint made by group of power companies. Haast Energy Trading, Ecotricity, Electric Kiwi, Flick Electric, Oji Fibre, Pulse Energy Alliance and Vocus claimed that a UTS involving the spilling of water from November 2019 through to January 2020.
Photo: Supplied / NZX
The company, which was put in a trading halt by the NZX in February when its independent directors resigned en masse, said delisting was a necessary step to deliver the best possible outcome for its shareholders. QEX appreciates that the trading suspension and negative publicity surrounding the company in recent months has caused a high level of uncertainly and it is focused on achieving an outcome that is in the best interests of all shareholders, the company said in an announcement to the market.
The move was subject to approval from the market operator and shareholders. If the delisting proceeds, a process will be undertaken to prepare and position the group for a third-party business sale, the company said in an announcement to the stock exchange.