QEX announced on Thursday that it planned to delist from the NZX after the resignation of most of its board and a string of negative events. The company reported the theft of about $4m in stock from a Shanghai warehouse last year, and since then charges have been laid by the Ministry of Primary Industries under the Animal Products Act against QEX’s trading subsidiary, New Y Trading, and QEX chief executive Ronnie (Jingjie) Xue.
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Oliver Mander believes QEX leaving the NZX would be the “worst possible outcome” for shareholders. Now QEX, which exports infant formula and health products, is currently suspended from trading after all its directors except Xue resigned in February. Under NZX rules, the company must have a minimum number of directors.
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.
Equity raise was $30m oversubscribed.
Oceania Healthcare had plenty of interest in its $20 million retail offer, which closed oversubscribed.
The listed aged care operator received applications from retail investors of about $50m for the offer, which wasn’t underwritten.
Shareholders were able to apply for up to $50,000 new shares – and more than 5000 shareholders did, with an average application size of just under $10,000.
Investments will be scaled and the surplus returned to shareholders.
It is not clear how much in oversubscriptions the company will accept and
NBR has asked Oceania to clarify.
NZ Shareholders’ Association chief executive Oliver Mander said it was
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