A2 gets approval for ASX listing
A2 Milk Co, the milk marketing company chasing a dual-listing across the Tasman, has issued an information memorandum to would-be Australian investors after gaining preliminary approval to list on the Australian stock exchange.
The Auckland-based company's application to list on the ASX has been approved in principle but is yet to finalise a date for its Australian debut, it said in a statement. A2 isn't planning to raise any new capital in a float on the ASX and will keep its New Zealand incorporation and NZX listing.
A2 is gunning for a dual-listing in Australia in the first three months of this year, where it claims to have 9 percent of the fresh milk market sold in grocery stores. Last August, managing director Geoffrey Babidge called the Australian market A2's "big cash generator", and said it will bankroll its push into new markets.
Shares of A2 last traded at 54 cents, and have fallen 6.9 percent since the start of the year.