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.”

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5 Comments & Questions

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

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chuckle chuckle

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So what happens to the pgc payment ?

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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 

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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.

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