5 May 2011

Australian listing sought by eftpos company

12:25 pm on 5 May 2011

SmartPay is pushing ahead with a listing on the Australian stock market, but will remain on the New Zealand exchange.

The eftpos and merchant services company says listing on the ASX will improve liquidity for shareholders and provide access to larger scale capital markets, which will help with its planned growth.

One of the conditions of the ASX listing is that the company's share price must remain above 20 cents, so it plans to consolidate shares at a rate of ten to one.

It hopes the listing will be completed by the end of August.