New Zealand Rural Land Company is broadening its investor base. Photo: 123rf
New Zealand Rural Land Company (NZL) has listed on Germany's Frankfurt stock exchange in response to demand from prospective European investors.
The dual listing followed the property investor's roadshow to investors in Munich, Luxembourg, Zurich and Geneva in late January, led by NZL chief executive Christopher Swasbrook.
He said the dual listing fitted with the company's plan to broaden its international investor base, and Europeans' preference to trade during the European day.
"It's all about boosting liquidity, boosting investor eyeballs and audience levels, because we are a growing company and we require capital to continue to build our portfolio," he said.
"(Frankfurt) is a very cost effective venue to list on. The administration is very streamlined. So when you look at dual listings around the world, the ease of doing it is quite attractive for us in terms of ongoing cost and the ongoing compliance levels that are required with it with a dual listing," he said.
Swasbrook said he will be back in Europe this month to support the company's $38.5 million capital raise by way of a one-for-three rights issue at $1 a share.
