MICHAEL HILL LISTS ON ASX

Written on the 7 July 2016 by Brisbane Business News

MICHAEL HILL LISTS ON ASX JEWELLERY retailer Michael Hill has listed on the Australian Stock Exchange.

Michael Hill International (ASX: MHJ) began trading at 11am at $1.15 per share, lifting to $1.25 in early trade. 

The company has been listed on the New Zealand Stock Exchange since 1987.

Independent advisor KordaMentha stated in a report last month that listing on the ASX would potentially deliver Michael Hill a one-off tax benefit where the tax base of some assets would reset.

Michael Hill chairperson Emma Hill, the daughter of founder Sir Michael Hill, rang the ASX bell this morning.

Emma says the ASX listing is a natural progression for the business since the executive team, head office of the company and manufacturing facilities are based in Australia and the international operations are all run from Brisbane.

"Over 60 per cent of our stores and revenue come from Australia. Over 80 per cent of our revenue and profits is generated outside of New Zealand," she says.

"We'll still be listed on the NZ stock exchange as well as here in Australia. It'll be a dual listing.

"This will make the company more accessible for Australian investors. Our figures are all in Australian dollars. New Zealand shareholders can still receive their dividends in NZ$. The ASX listing will complete the evolution and strengthen the company's positioning for future growth."

Michael Hill has more than 300 stores and is driven by 3000 staff across New Zealand, Australia, Canada and the United States.

Michael Hill achieved 8.9 per cent growth on total store sales in the 12 months to 30 June 2016, with its Emma & Roe charm store retailer alone growing at 91.1 per cent.

According to a recent trading update, all four of Michael Hill's markets are growing.

The jewellery chain comes from humble beginnings, Sir Michael Hill setting up shop after his house burnt down in 1979. Losing almost everything, Hill has previously spoken of this moment giving him clarity on what was most important in life.

Sir Michael Hill started with an aim for seven stores in seven years, this figure revised upwards to 70 stores in seven years upon listing on the NZX.


Author: Brisbane Business News Connect via: Twitter

Latest News

NVC PLAYS A DIFFERENT GAME, AND WINS

AS its profits rise, National Veterinary Care's (ASX: NVL) focus on training over retail is proving to be a wi...

SUPERLOOP $2M LOSS DOES LITTLE TO KILL SLATTERY'S CONFIDENCE

BEVAN Slattery (pictured) is optimistic that Superloop's (ASX: SLC) financial position is promising, despite t...

RAJ NARAN TO SUCCEED GREG KILMISTER AS ALS BOSS

GREG Kilmister (pictured) will retire as MD and CEO of ALS Limited (ASX: ALQ) after 36 years with the company and 12 ...

CROMWELL TRADES STEADILY IN FIRST HALF

CROMWELL Property Group has maintained a steady operating profit at $0.045 per security in the first half of FY17,...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter