Complectus shelves IPO

Complectus owner Andrew Barnes

The planned sharemarket float of trustee company Complectus, expected to kick off this week, has been postponed.

In a statement, the company said it had made the decision “following advice regarding the volatility and uncertainty in capital markets following recent events, including the US presidential election.”

Complectus, owned by businessman Andrew Barnes, is the parent company of the Perpetual Guardian group.

Its IPO was announced in August and plans were well advanced. Analysts from sharebroking firms involved in the float published reports for institutional investors on November 3 and the prospectus was due to be registered today.

In its statement, Complectus said: “With such a short window remaining in 2016, we will defer the IPO beyond this year which will also allow Complectus to further add to its growth track record in the interim.”

It said it would inform the market with an updated timetable when the IPO process resumes.

Mr Barnes said although feedback from analysts and investors was positive, “we feel that the appropriate course of action is to postpone the IPO until markets have settled. We are mindful that market conditions can affect the listing process and don’t want to proceed in a window that creates uncertainty for investors and the company alike.”


5 · Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Post Comment

5 Comments & Questions

Commenter icon key: Subscriber Verified

Barnes needs to apply for a job with the NZ cricket team. They need a decent spinner.

Reply
Share
  • 0
  • 0

chuckle chuckle

Reply
Share
  • 0
  • 0

So what happens to the pgc payment ?

Reply
Share
  • 0
  • 0

The statement from PGC in September said its legal dispute with Andrew Barnes's Bath St Capital had been discontinued unconditionally. I'd guess that means PGC will have to wait for its money until the float happens 

Reply
Share
  • 0
  • 0

I hope my KiwiSaver fund is watching. Now is the ideal time to seek a further discount on those trustee fees. Bnz and the mezz provider won't be happy with this decision either.

Reply
Share
  • 0
  • 0

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7039 0.0012 0.17%
AUD 0.9220 0.0003 0.03%
EUR 0.6498 -0.0008 -0.12%
GBP 0.5633 -0.0002 -0.04%
HKD 5.4664 0.0089 0.16%
JPY 78.0520 -0.1770 -0.23%

Commods

Commodity Price Change Time
Gold Index 1225.8 -8.270 2017-02-13T00:
Oil Brent 55.6 -1.050 2017-02-13T00:
Oil Nymex 53.0 -0.900 2017-02-13T00:
Silver Index 17.8 -0.110 2017-02-13T00:

Indices

Symbol Open High Last %
NZX 50 7140.7 7174.6 7135.5 0.40%
NASDAQ 5753.2 5771.0 5734.1 0.52%
DAX 11698.0 11812.7 11667.0 0.92%
DJI 20338.5 20441.5 20269.4 0.70%
FTSE 7258.8 7298.5 7258.8 0.28%
HKSE 23695.3 23735.1 23711.0 0.02%
NI225 19478.9 19501.0 19459.2 -0.16%
ASX 5760.7 5794.9 5760.7 0.05%