- Personal finance lender Harmoney (HMY) is set to de-list from New Zealand stock exchange (NZX) and consolidate its listing on the ASX
- The company said the lack of “liquidity” of HMY shares on the NZX was the reason behind the decision
- If the de-listing is approved, all HMY shares on the NZX will transfer across to the ASX and shareholders in New Zealand will still be able to trade stocks through certain brokers
- Harmoney will now convert all currency reported in AUD instead of NZD, beginning in FY23
- HMY shares were down 2.94 per cent to trade at 66 cents nearing market close
Personal finance lender, Harmoney (HMY) has chosen to de-list from the New Zealand stock exchange (NZX) and consolidate its listing on the ASX.
The company said the lack of “liquidity” of HMY shares on the NZX was the reason behind the decision, which the company believes is in the best interest of shareholders.
The company says this decision was not made because of “concerns with the NZX,” but because it wants to “focus on a single exchange.”
If the de-listing goes ahead, Harmoney says all stocks on the NZX will automatically transfer across to the ASX.
The company advises NZX shareholders to ensure contact details are up to date to ensure they receive further information on the process of de-listing.
Shareholders in New Zealand will still be able to trade stocks through certain local brokers or Australian brokers.
Harmoney is now planning to convert its currency reporting to Australian dollars, beginning in FY23, which will be reflected in future quarterly reports.
In addition, the company says from FY2023, it will only provide statutory financial reporting, and no longer provide supplementary pro forma financial reporting, citing it’s “no longer necessary due to warehouse funding comprising 94 per cent of its loan book at 30 June 2022.”
HMY shares were down 2.94 per cent to trade at 66 cents nearing market close.