<i>NZ stocks:</i> Down-time listings hold some interest

26 Sep, 2004 10:13 AM2 mins to read

By IRENE CHAPPLE

Despite the seasonal lull in company activities - between results and annual meetings - the NZX is keeping investors interested with a small flurry of listings over the week ahead.

On Monday, Contact Energy shareholders will get more detail on the takeover offer from Australian company Origin Energy.

This month, Contact had a takeover offer from Origin, which bought a cornerstone 51.2 per cent in the company in July.

Under takeover law, Origin was obliged to offer the same $5.67 a share to Contact's remaining shareholders.

The takeover bid is not expected to succeed, given that the share price cracked $6 on Friday.

Today's target company statement will include a recommendation from Contact's independent directors and an independent appraisal of the offer.

Also today, the MOZY - also known as the NZX Australian MidCap Index Fund - will make its debut.

While it came in short of the ambitious $40 million it was seeking, the fund is still open.

It is likely to grow as fund managers make their regular portfolio reassessment over coming months.

On Wednesday, Kiwi Income Property Trust has its annual meeting at the Ellerslie Convention Centre.

The company had a bumper year, with its $49 million profit 9.7 per cent ahead of last year.

The good result has been attributed to improved leasing, income from a Hamilton shopping centre and a reduction in interest costs.

On the same day, Turners and Growers will list on the NZX.

The fruit and vegetable wholesaler's chairman, Tony Gibbs, said the listing would provide a more sophisticated market for shares and allow for more liquid trading.

The company had traded on the unlisted market before its closure in June.

In its listing profile, the company said it would separate its juice manufacturing arm, ENZA Foods, sometime after listing.

On Friday, Southern Travel Holdings will list on the NZAX.

The Australasian tourism company, which organises customised tours for mainly Japanese visitors, is looking to raise almost $6 million.