Janus Henderson to quit the ASX
Global asset manager Janus Henderson plans to de-list from the ASX on December 6, citing the decline in shares traded on the local exchange to just 5.5 per cent of its issued capital.
The $6 billion money manager, which posted a better-than-expected third quarter result overnight, said the drop was down from 44 per cent in January 2018 and 12 per cent in October 2022, when it obtained a foreign exchange exemption from ASX listing rules because its stock also trades on the New York Stock Exchange.
Janus Henderson CEO Ali Dibadj announced the move with the company’s third-quarter results. Eamon Gallagher
“The benefits to the company’s shareholders of maintaining the ASX listing no longer outweigh the financial, administrative and compliance obligations and cost,” it said in a statement.
The ASX-listed chess depository interests, or CDIs, in the company will be suspended on December 4, and the de-listing is expected to take effect on December 6.
ASX shareholders will be able to convert their interest to NYSE shares in Janus Henderson, or sell via the NYSE shares from December 13 to February 12. Any shares that are not sold or converted in that process will be traded to other investors in a compulsory sale process starting from February 13.
Janus Henderson said that after initial conversations with the ASX, it believed the delisting was likely to be approved by the market operator.
The announcement came with the company’s third-quarter result, which Citi analyst Nigel Pittaway said was a positive note to sign off on. Outflows of $US2.6 billion ($4.1 billion) in the quarter were below guidance of $US3.5 billion to $5 billion. Management fee margins expanded from 48.5 basis points to 48.7 basis points as well.
The company also
Read more on afr.com
