Wednesday 22nd May 2019 |
Text too small? |
NZX has wrapped up the sale of its FundSource research house to Australia's Zenith Investment Partners for an undisclosed sum.
The stock market operator has been restructuring to put a greater emphasis on its core markets business, selling assets it no longer sees as a right fit.
The FundSource unit, which supplies analysis to financial advisers and fund managers, was the last of those businesses on the block. NZX today said it's signed a conditional sale and purchase agreement with Zenith, which provides research to more than 140 Australian financial advice practices
NZX said the price is confidential, but not material. The company's auditor KPMG set materiality at $900,000 in the 2018 annual report based on NZX's pre-tax profit of $19.7 million.
The stock market operator committed to selling FundSource in 2017, valuing its assets at the end of that year at $435,000. In 2018, it wrote down the value of goodwill and other intangible assets by $352,000, and held it as a $20,000 liability as at Dec. 31.
The transaction is expected to settle this month.
NZX shares last traded at $1.05 and have increased 4 percent so far this year.
(BusinessDesk)
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes