MHI
08/01/2016 08:30
GENERAL
NOT PRICE SENSITIVE
REL: 0830 HRS Michael Hill International Limited
GENERAL: MHI: Michael Hill International considers ASX Listing
The Board of Michael Hill International Limited (NZX:MHI) advises that it is
considering listing the company on the Australian Securities Exchange (ASX).
Mike Parsell, the company's CEO said "Over the past decade we have
progressively migrated the majority of our key functions to Australia
including the global support centre, wholesale and manufacturing divisions
and executive team. The intellectual property in our retail systems was
transferred to Australia in 2008 and in the 2014 financial year the Group
moved to report in Australian currency as required by international financial
reporting standards".
Emma Hill, Michael Hill International's Chair commented that "The Michael
Hill brand is well recognised and supported in the Australian market and an
ASX listing could therefore build on our already strong Australian presence.
Our 166 Michael Hill and 10 Emma & Roe stores in Australia represent about
60% of our stores globally. We expect the dominance of Australia in our
operations to continue for the foreseeable future. Around 64% of the Group's
earnings before interest and tax were generated by these stores in the 2015
financial year and this is likely to climb as we build the Emma and Roe
brand. The Board believes an ASX listing may be a logical strategic move for
the company as we build on this base".
The Board expects to make further announcements with respect to the proposed
ASX listing in the coming months.
Contact:
Media & Investors:
Mike Parsell
Chief Executive Officer
+61 403 246655
About Michael Hill International
Michael Hill International was founded by Sir Michael Hill in 1979 when he
opened his first jewellery store in Whangarei, New Zealand. Michael Hill
Group currently has 293 Michael Hill branded stores in New Zealand,
Australia, Canada and the US and 11 Emma & Roe branded stores in New Zealand
and Australia. The company's global headquarters including its wholesale and
manufacturing divisions is located in Brisbane Australia. The company is
listed on NZX (NZX:MHI).
For more information: www.investor.michaelhill.com
End CA:00276128 For:MHI Type:GENERAL Time:2016-01-08 08:30:23
