Australian-listed Spotless Group - now New Zealand's seventh-largest employer with more than 12,000 staff - relisted on the New Zealand stock exchange yesterday, following its recent acquisition of dry cleaners Taylors Group Ltd.
Its shares were trading at $NZ3.55 on the ASX yesterday, but there were no NZX trades; with bidders offering $2.50 and sellers $3.87, Craigs Investment Partners broker Peter McIntyre said.
The company's New Zealand operations include 2068 cleaning and also 2068 laundry contracts spread over 2737 sites, including Dunedin International Airport, Air New Zealand, numerous health boards and three major rugby stadiums.
In November Spotless purchased the remaining 34% of Taylors shares it did not already own at $2.25 each; completing a 100% takeover, and in early-December delisted Taylors from the NZX.
Spotless was listed in New Zealand previously for three years until December 2003.
The Spotless group of companies employs more than 32,000 people in more than 30 countries and for the year to June reported revenue of $A2.4 billion ($NZ3 billion) and an after-tax profit of A$42.7 million (NZ$52.5 million), a 64.2% increase on the previous year's result.
