13 Apr 2016

Michael Hill to switch to Aus stock exhange

11:50 am on 13 April 2016

One of the country's best known retailers, jeweller Michael Hill International, has confirmed it will push on with moving its primary stock exchange listing to Australia.

The company raised the prospect twice this year and has now said it will look to move across to the ASX by the start of July.

It's proposing to set up an Australian incorporated parent company, with existing shareholders swapping their current shares for shares in the new company. The new company would have a secondary listing on the New Zealand stock exchange.

"Over time this will provide the company with direct access to a wider group of investors than we currently enjoy and we believe this will be to the benefit of all of our shareholders," said company chair Emma Hill.

The company, founded by the high-profile jeweller Michael Hill in Whangarei 37 years ago, is already an Australian company in all but name.

It makes most of its sales there, and its head office and back room operations are based based there.