10 Jun 2010

Allied Farmers still doesn't cut it for NZX50 listing

6:09 am on 10 June 2010

Allied Farmers has again been rejected from trading alongside the 50 largest listed companies on the sharemarket.

NZX has decided against including the company's stock in the NZX50, because of concerns about its ability to retain a top-50 ranking.

Shares in the company have lost more than three quarters of their value since it took over Hanover and United Finance's assets in December. They closed at 4.5 cents on Wednesday.

NZX says it will consider including Allied Farmers in the index at a review in March next year, so long as it meets inclusion criteria at all the quarterly reviews before then.

As of Monday, Abano Healthcare Group will replace Pan Pacific Petroleum on the NZX50.

Nuplex will replace Freightways on the NZX15 index, and Ecoya, a luxury candle and fragrance company which listed last month, will be added to the NZX Small Cap index.