Published 17 January 2006
Asian Growth Properties Ltd began trading on the London Stock Exchange’s Aim (alternative investment market) on Monday at a premium to pro forma net asset value, but early trading on Tuesday took the price below asset backing.
Asian Growth comprises the 75% of New Zealand-listed Trans Tasman Properties Ltd’s assets which are in Hong Kong. Trans Tasman was left as a net $100 million company with assets in New Zealand & Australia, and a small percentage of the new Hong Kong company.
Initial trading was in a range of 62-65p/share, compared to asset backing of 54p. But the first trade on Tuesday (London time) was at 55p, followed by trades at 53.87p.
Website: Asian Growth page at LSE
19 December 2005: Trans Tasman stake in HK sister only 2.5%
15 December 2005: Full Asian Growth split approved
26 November 2005: Trans Tasman split documents in the post
12 November 2005: 25 November record date to set Trans Tasman reconstruction rolling
5 November 2005: SEA will keep majority in both Trans Tasman companies
23 October 2005: Trans Tasman sets course for Asian split
29 September 2005: Trans Tasman proposes splitting Asian assets into new company
Attribution: Company statement to LSE, Aim trading, story written by Bob Dey for this website.