Mitel Networks Looks to List on the TSX
Mitel Networks announced today that it intends to opt into the Toronto Stock Exchange.
The Ottawa supplier of telephone and communications methods for companies might be around the Nasdaq within the usa inside the final two many years.
Within a statement Wednesday, Mitel stated the move is aimed at attracting additional Canadian investment and gaining the focus from the nearby base of analysts. It stated it has planned to locate a Toronto listing because 2010.
The business would not usually comment additional on Wednesday.
Mark Thompson, an insider trader following Mitel Networks, stated that this decision will certainly grab numerous and increase Canadian spotlight on the business. Shuttleworth stated Mitel is generally ignored by monetary analysts around the Nasdaq because of its comparatively little marketplace capitalization.
Mitel’s marketplace cap, worth of all shares excellent, is about $225 million U.S. concerning the Nasdaq.
“There is a lot interest amongst Canadian institutional traders, as well as retail traders, for that Mitel story,” stated Shuttleworth. “By listing around the TSX it is simpler for Canadian institutions to take part in (in trading). U.S. analysts do not truly care because the marketplace cap isn’t that large. Right here in Toronto Mitel is really a pretty large deal. They’re likely to get much more analyst coverage comprehending that indicates tons much more individuals speaking.”
Mitel was founded in 1973. Within the company’s most current quarter, ended Jan. 31, Mitel reported operating revenue of $8.eight million U.S., in comparison to a sensible loss of $1.Two million U.S. to get a comparable period 2009. Revenue more than the exact same period jumped 5 % year-over-year to $150.five million U.S.
The company will report its fourth quarter earnings on June 19. The business has previously forecast that revenue will most likely be in between $152 million and $157 million U.S. in comparison with $152.two million U.S. within the exact same period 2009.
The company’s share cost closed at $4.18 around the Nasdaq Wednesday, down four cents.