Harmos Horton Lusk advises on first direct listing on NZX Main Board under amended Listing Rules

Harmos Horton Lusk advised Radius Residential Care on its direct listing on the NZX Main Board in mid-December 2020. This was the first such listing to occur since NZX amended the Listing Rules to simplify the disclosure requirements for companies direct listing. The amendments removed the requirement for companies seeking a direct listing to include prospective financial information in their listing profile, which was one of the recommendations of the NZX and FMA-sponsored Capital Markets 2029 report.

Radius Care was able to rely on the new rules to prepare a listing profile that included earnings guidance for its current financial year in place of full form prospective financial information, which resulted in significant time and cost savings to Radius Care in the listing process.

The firm advised Radius Care on all New Zealand law aspects of its direct listing, including the preparation of its listing profile, regulator engagement and regulatory compliance and design and implementation of the due diligence processes.

The Harmos Horton Lusk team was led by director Tim Mitchelson and included director Nathanael Starrenburg and associates Emma Barnett, Michelle Van and Luke Sweeney.