AFR: The Rich Lister who avoids risk at all costs
The Australian Financial Review writes: Richard White was almost 40 when he co-founded WiseTech Global, a ...
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GM: GAUGING RISKGXO: NEW BOT PARTNERWMT: CAPEX IN CHECKWMT: CFO ON AUTOMATION WMT: SPOTLIGHT ON AUTOMATIONHD: PRESSURE BUILDSFWRD: REVISED EBITDA MAERSK: TESTING ONE-MONTH HIGHFDX: UP UP AND AWAYRXO: COYOTE DEAL TAILWINDDSV: NEW REFI DEALR: WEAKENING AMZN: LIFESTYLE BATTLEKNIN: EXPANDED NETWORK OF CROSS-DECK FACILITIES
AFR reports:
WiseTech Global chief executive Richard White says a lack of appetite to list on the ASX belies the attractiveness of the local market, which he describes as a better opportunity for technology groups than the Nasdaq.
Speaking at The Australian Financial Review Entrepreneur Summit, Mr White said a shrinking sharemarket was a global phenomenon, with new listings scarce and takeovers reducing the number of public companies.
But the ASX remained a better option than the Nasdaq and other overseas sharemarkets for local technology groups. WiseTech listed in April 2016 and now has a market capitalisation of more than A$26 billion.
“If you are an Australian company with an Australian … office with your staff in Australia, and you’re trying to be on the Nasdaq, you’re going to spend a lot of your time in the US talking to US investors,” he told the summit in Sydney on Tuesday. “It’s very hard to resist and actually very painful.”
This month, The Australian Financial Review reported that the accelerating rate of takeovers of ASX-listed companies and a two-year drought of new floats means the local sharemarket will shrink this year for the first time since 2005, to the tune of…
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