Locate Technologies moves closer to shifting its listing from the ASX to the New Zealand Exchange, completing a NZ$1 million share offer as part of its capital restructure.
- Scheme of arrangement to transition listing to NZX
- NZ$1 million raised through new Locate NZ share offer
- Cancellation of collateral shares and new share issuance under ATM facility
- Shareholder and court approvals still pending
- Revised capital structure detailed ahead of implementation
Background to the Transition
Locate Technologies Limited (ASX, LOC), a player in AI-driven logistics and last-mile delivery solutions, has provided a significant update on its planned move from the Australian Securities Exchange (ASX) to the New Zealand Exchange (NZX). This transition is being executed through a 'top hat' scheme of arrangement involving a newly incorporated New Zealand entity, Locate NZ.
The scheme, first announced in September 2025, requires both shareholder and court approvals before it can be implemented. A detailed scheme booklet was distributed to shareholders in late October, outlining the terms and conditions of the arrangement.
Capital Raise and Share Structure Changes
Central to this update is the completion of a product disclosure statement (PDS) offer by Locate NZ, which successfully raised NZ$1 million by issuing 13.3 million new ordinary shares at NZ$0.075 each. This pricing was based on a conversion from the ASX-listed shares’ volume-weighted average price, adjusted for currency differences.
Alongside this, the company is undertaking a selective buy-back to cancel over 3.4 million collateral shares held by Novus Capital Limited, which were originally issued under an at-the-market (ATM) facility. Concurrently, Locate NZ has issued 45 million shares as collateral under a similar ATM facility arrangement, maintaining continuity with the previous Australian structure.
Implications for Investors and Market Position
The revised capital structure post-implementation will see Locate NZ holding nearly 90% of the shares on issue, with options mirroring those held by Locate Technologies option holders. This restructuring aims to streamline the company’s listing and capital base in New Zealand, potentially positioning it for greater market alignment and investor engagement in that jurisdiction.
However, the transition remains contingent on final approvals, and the company has cautioned that further shares may be issued under the ATM facility before the scheme’s implementation date, which could affect the capital structure.
Strategic Outlook
Locate Technologies continues to leverage its AI, cloud, and SaaS platforms; Locate2u, Zoom2u, and Shred2u; to innovate in logistics management. The move to NZX could reflect a strategic pivot to tap into New Zealand’s capital markets and investor base, potentially unlocking new growth opportunities and operational synergies.
Bottom Line?
With approvals pending, Locate Technologies’ NZX listing and capital restructure mark a pivotal step in its growth journey.
Questions in the middle?
- Will shareholder and court approvals be secured without delay?
- How might further ATM facility issuances impact shareholder dilution?
- What strategic benefits will the NZX listing deliver compared to ASX?