)
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.
)
)
)
)
)
