Task completes reverse takeover of Plexure, shifts primary listing to ASX

McDonald's is Plexure's biggest customer. Photo / NZME

Plexure will shift its primary listing to the Australian stock exchange and be renamed Task Group Holdings, completing a reverse takeover that began last August.

Plexure acquired the Australia-based business Task for A$90 million (NZ$100m) of new shares and A$30m in cash in August last year. While technically an acquisition, Task executives took over management of the group and one analyst described it as a "reverse takeover".

Now, the company is refreshing its board and renaming the business to reflect the new direction. It will trade on the ASX, under the ticker TSK, with a foreign exempt listing on the NZX.

The group's headquarters will remain in Auckland. Non-executive directors Sharon Hunter, Brian Russell, Robert Bell and Jack Matthews will step down from the board at the company's annual shareholder meeting in September.

Chartered accountant Manda Trautwein and Aristocrat Leisure executive Mitchell Bowen have been nominated as independent directors and will stand for election at the meeting.

Current chairman Phil Norman will remain on the board but will hand his role to current director Bill Crichton.

Norman said the changes reflect the transformation of Plexure since the merger last year and will help the company focus on driving growth.

"We greatly value our New Zealand investors who have been supportive Plexure shareholders during our last 10 years as an NZX-listed company," he said.