Bridgecorp reported to be eyeing RetailX for backdoor listing

11.00am

Bridgecorp, the company owned by former 80s high-flyer Rod Petricevic, is reported to be eyeing ailing AX-listed RetailX for a backdoor stock exchange listing.

The National Business Review today reported Bridgecorp was understood to be the party with which listed shell RetailX was "completing meaningful negotiations".

Shareholders at the September 30 annual meeting were told talks were taking place with a number of parties and managing director Mark Taylor said he would report back by the end of this month.

RetailX was officially put up for sale after the AGM where Mr Taylor agreed to try and find a buyer.

RetailX's shares tumbled 80 per cent from 20c to 4c in September after its main asset, The Building Depot was was put in receivership and its other asset, a management contract for Stirling Sports was terminated.

Bridgecorp has three times had a go at listing on NZX, most lately when it tried to buy a controlling stake in investment company Dorchester Pacific.

However, the Takeovers Panel forced Bridgecorp to sell part of its holding because it had a problem with a "lock- up" agreement Bridgecorp had with Dorchester managing director Brent King.

Bridgecorp applied to list on NZX in 1999 and 2000 but was turned down on each occasion with no reason supplied other than a comment that its listing rules were "to protect investors and set standards".

Mr Petricevic rode a wave of success in the 1980s, first as a partner of merchant bank Fay, Richwhite & Co, and then as chairman of EuroNational, until the sharemarket crash in 1987.

Ironically, one of his close cohorts of the 1980s, Bruce Judge, whose companies Judge Corp and Ariadne had close cross shareholders with EuroNational, was yestereday revealed to have taken over Australian listed basket case company Big Kev's for a backdoor listing.

Another 1980s high flier, Allan Hawkins, who spent time in jail for fraud involving Equiticorp, has also recently resurected his corporate careers. He is chairman and chief executive of listed Rocom Wireless.

- NZPA