Harmoney to say goodbye to NZX

Consumer-direct personal lender Harmoney Corp will apply to delist from the main board of New Zealand’s Exchange (NZX) and consolidate its listings on the Australian Securities Exchange (ASX).

The decision was made by Harmoney’s board after determining that maintaining a dual listing on the ASX and NZX is no longer in the best interest of shareholders, given low levels of liquidity on the NZX.

Consolidating its listing on the ASX will also reduce the company’s compliance obligations and administrative and financial costs.

If its delisting is approved, Harmoney will announce the date on which the trading of its shares on the NZX will cease and the Harmoney shares listed on the NZX will be transferred to the ASX.

From the 2023 financial year onwards, Harmoney will change its reporting presentation currency from New Zealand dollars to Australian dollars to reflect the growth in the company’s Australian loan book and to provide better comparability with industry peers.

From the same time, Harmoney will only provide statutory financial reporting as it considers that supplementary pro forma financial reporting is no longer necessary due to warehouse funding comprising 94 per cent of its loan book at 30 June 2022.

Harmoney will also begin presenting its financial information in Australian dollars in its quarterly reports, commencing the quarter ended 30 September 2022. For comparative purposes, Harmoney’s historical information will be presented in AUD on a statutory basis.