Cavotec is pleased to announce that the Board has granted a mandate to Sweden’s Handelsbanken to explore the possibilities surrounding a secondary listing on the Nasdaq OMX First North stock exchange (OMX). The application is subject to the normal approval process of OMX and is at the discretion of OMX.
Cavotec considers a secondary listing as an important step to further broadening its shareholder base internationally, and to provide additional ways of maximising shareholder value.
“Lower liquidity on the NZX, coupled with falls in overall trading volumes over the past year, has underlined the necessity of seeking alternative routes to capitalise on future opportunities,” says Ottonel Popesco, Cavotec CEO.
A secondary listing would also provide Cavotec with additional avenues to raise capital to support longer term growth strategies, while simultaneously closing the gap between a listing in New Zealand and the Company’s expanding manufacturing base outside the Pacific Rim region.
“Maximising returns for our shareholders, while creating a financially stable and growth- oriented operation, has always been our main focus. We see the move towards a secondary listing on the OMX First North as a natural development of this strategy,” adds Stefan Widegren, Cavotec Executive Chairman.
The First North bourse is operated by the several Nordic NASDAQ OMX exchanges in Copenhagen, Helsinki, Iceland and Stockholm.