CDL Investments would avoid a fourth waiver from listing rules if NZX lowered free-float boom

Wed, 11 Apr 2018

By Jonathan Underhill March 20 (BusinessDesk) - Listed-residential property developer CDL Investments New Zealand, controlled by hotel operator Millennium & Copthorne Hotels New Zealand, would be one of the biggest beneficiaries if NZX adopts a proposal to reduce the minimum free float to 20 percent. Last month CDL was granted its third straight waiver from the rules because members of the public held just 23.4 percent of the stock - below the current listing rule minimum of 25 percent. As at Feb. 28, CDL had 2,758 shareholders who were m...

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