Tower spin off debuts on ASX
Australian Wealth Management (AWM) began life positively today with early trading on the Australian Stock Exchange (ASX) seeing its share price jump 16 per cent before levelling out to around 10 per cent above its $1 issue price.
The separation of AWM from its Tower parent was formally completed this morning, with the wealth management business debuting on the ASX.
The listing ended three months of meeting both legal and shareholder obligations on the project, after NZ-based Tower first unveiled its plans to spin-off its Australian wealth management business in mid-November 2004.
AWM chief executive Andrew Barnes, at the ASX in Sydney for the launch, said he was pleased with the initial market reaction but stressed the focus now was to grow the business and come to terms with life as a stand alone business.
“We listed at 10 O’clock this morning and the fully paid shares are now trading, albeit a little thin when I left the floor just a few moments ago.
“It’s a good encouraging debut without getting away from the fact we will have to adjust to life as a new listed company as we look to grow the business,” Barnes said.
AWM also unveiled its new board this morning with Citigroup Australia senior advisor, Robert Thomas appointed as non-executive chairman.
Three non-executive members were also been appointed. These included Guinness Peat Group executive director Gary Weiss, alternate director of Tower Limited, Michael Jeffries and Victorian-based Peter Lewinsky.
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