The decision to sell its remaining 51% stake in New Zealand
online auction site Trade Me was a sad indictment on the
state of Australian publisher Fairfax Media, Craigs
Investment Partners broker Chris Timms said yesterday.
Trade Me investors were yesterday rewarded with a
higher-than-forecast dividend, but some still abandoned the
company, believing the increased profit was not good enough.
TradeMe shares debuted successfully on the New Zealand and
Australian sharemarkets yesterday, offering a 5c premium to
the $2.70 issue price on opening, and then racing briefly to
The much-anticipated float of online auction company Trade Me
is likely to come before Christmas with up to $500 million
worth of shares expected to be offered to investors.
Fairfax Media is preparing for a sale of between 30 and 35
percent of online auction website TradeMe in an initial
public offering (IPO).
An online car dealer which placed bids on its own TradeMe
auctions to artificially raise prices has been fined $45,000
for breaching the Fair Trading Act.
A partial float of the Trade Me online auction business on
NZX seems the most likely outcome of a review of the business
by owners Fairfax Media, analysts say.
Scammers are targeting the internet trading website TradeMe
by copying listed items and marketing them on different
websites, duping one unsuspecting woman of $750.
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