Leading tech company farewells NZX

A global cloud accounting software provider has provided clarification as to when it intends to delist from the New Zealand Stock Exchange.

In a statement to the ASX, Xero has confirmed that the final day of trading for Xero on the NZX will be Wednesday, 31 January 2018.

The company will delist from the Main Board of the NZX on 2 February 2018, with its ordinary shares to cease to be quoted from close of business on the same day.

In November of last year, Xero announced it would consolidate its listing on the ASX as part of its next phase of growth.

Despite remaining headquartered in Wellington and domiciled in New Zealand, Xero said the decision to delist was the result of a lengthy strategic review.

"While more than half of Xero's people live and work in New Zealand, 80% of our revenue now comes from outside New Zealand. Our strategy is to drive further growth in markets like the UK, North America, and Southeast Asia," Xero founder and chief executive Rod Drury said at the time.

Since debuting on the NZX in 2007, Xero's market value has grown to about $3.9 billion. It will now be solely listed on the ASX, where it has traded since 2012.

Until it delists on 2 February, Xero stands as the 10th largest company listed on the NZX.

Read more: XeroNZXASXNew Zealand Stock ExchangeaccountingfintechRod Drury
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