Story image

Fliway edges up 1.7% in NZX debut

09 Apr 2015

Fliway Group shares rose 1.7 percent in their debut on the NZX, after the transport and logistics company's $34 million initial public offering, marking the first listing on the bourse for 2015.

The stock first traded at $1.22, before falling back to $1.21, or 1 cent above its offer price, and valuing the company at $55 million. Existing shareholders Duncan and Gretchen Hawkesby will retain 54 percent of the South Auckland-based company, after selling 20.9 million shares, below the 23.5 million minimum set out in the prospectus, to net $25 million.

A further 7.5 million of new shares were sold to raise $9 million in new capital, of which $6.5 million will be used to reduce the company's debt to $12.5 million, according to the prospectus.

The company's primary activities are transporting and warehousing freight throughout New Zealand and co-ordinating freight movements internationally, including customs clearance. It has 450 staff, 170 vehicles in its fleet, 11 branches and five warehouses around New Zealand.

Hawkesby will remain managing director of the company, which is forecast to have revenue of $85 million and net profit of $4.5 million in calendar 2015. The company expects to pay a dividend this financial year, amounting to between 50 percent and 70 percent of net profit, for a yield of or about 7.8 percent.

Craig Stobo is chairman of the company while Alan Isaac has been appointed as independent director.

NVIDIA announces Jetson Nano: A US$99 tiny, yet mighty AI computer 
“Jetson Nano makes AI more accessible to everyone, and is supported by the same underlying architecture and software that powers the world's supercomputers.”
Slack doubles down on enterprise key management
EKM adds an extra layer of protection so customers can share conversations, files, and data while still meeting their own risk mitigation requirements.
NVIDIA introduces a new breed of high-performance workstations
“Data science is one of the fastest growing fields of computer science and impacts every industry."
Apple says its new iMacs are "pretty freaking powerful"
The company has chosen the tagline “Pretty. Freaking powerful” as the tagline – and it’s not too hard to see why.
NZ ISPs issue open letter to social media giants to discuss censorship
Content sharing platforms have a duty of care to proactively monitor for harmful content, act expeditiously to remove content which is flagged to them as illegal.
Partnership brings AI maths tutor to NZ schools
“AMY can understand why students make a mistake, and then teach them what they need straight away so they don't get stuck."
Polycom & Plantronics rebrand to Poly, a new UC powerhouse
The name change comes after last year’s Plantronics acquisition of Polycom, a deal that was worth US $2 billion.
Unencrypted Gearbest database leaves over 1.5mil shoppers’ records exposed
Depending on the countries and information requirements, the data could give hackers access to online government portals, banking apps, and health insurance records.