Turners Auctions to seek NZSE listing, capital raising

By NZPA

Thursday 13th June 2002

Car auction company Turners Auctions Ltd is to seek a full Stock Exchange listing with a "modest" capital raising later this year.

The company, recently spun-off from Guinness Peat Group subsidiary Turners and Growers, currently trades on the unlisted market.

Details of the capital raising, to be managed by broker JB Were, will be announced later this year in time for a fourth quarter listing. The company is understood to be looking to raise under $10 million.

"It's going to be modest. We're not to raise hundreds of millions," Turners chairman Tony Gibbs told NZPA.

Turners Auctions is New Zealand's biggest car seller with 300 employees and an annual turnover of just under $400 million. It auctions around 60,000 vehicles a year .

Turners Auctions was split from the fruit and vegetable side of the business earlier this year in a one in five share buyback.

Pre-separation, Turners Auctions was cited as one of the main drivers behind Turners and Growers' after-tax net surplus of $3.72 million for the half year to December.

Mr Gibbs also confirmed Turners Auctions' restructured board today. It comprises of himself, Denham Shale, Maurice Loomes, Michael Dossor and Auctions' managing director Jeff Wesley.

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