Firms ponder leaving the NZX

AUCKLAND: Future Mobility Solutions and Windflow Technology are among locally listed firms deciding their futures on the NZX.

Aucklandbased FMS, formerly Sealegs International, is less certain of plans to end its 24year NZX listing in favour of joining London’s AIM Market, due to the heightened uncertainty caused by Brexit. Meanwhile, NZX Alternative Market’s Windflow will quit its 15year run on the regulated bourse in November and plans to join the Unlisted Securities Exchange.

A number of NZXlisted firms have been considering their options in recent months as the stock market operator plans to collapse its three boards into a single platform, introduce a higher listing bar and looser reporting rules in a wider suite of initiatives to boost liquidity. Firms that have committed to moving to the main board include Just Water International, Solution Dynamics and Foley Family Wines.

FMS had planned to delist, saying NZX was too small with thin trading liquidity. However, when seeking funds in a oneforfive rights offer, the maker of amphibious vehicles yesterday said the uncertainty created by Brexit meant the shift to London’s AIM market was not a done deal and it was ‘‘also considering other options including the possibility of being duallisted’’.

The company is selling shares at 12.5c each to raise up to $3.7 million to repay debt and fund working capital. The shares last traded at 14.5c, with an average daily volume of 58,625 traded, or 0.04% of its issued stock.