Today, on 24th April 2019, Trade Me Group Limited (ASX: TME) announced the appointment of Mr. Anders Skoe as the new CEO of the company. Mr. Skoe has an engineering background and is currently working as Chief Executive Officer at Finn.no, as well as Executive Vice-President (VP) of Nordic marketplaces at Schibsted (Norway). Finn.no has a similar business as Trade Me, which is comprised of operations across real estate, automotive and employment classifieds, along with the general items marketplace. Finn.no is part of the large, diverse, Norway-based global marketplace and media company, Schibsted. Mr. Skoe worked at Google and Radiance Technologies, before joining Finn in the year 2010.
Mr. Skoe stated that he’s excited to be taking on this new challenge as Trade Me is a fantastic business with great potential to grow. He further added that it is exciting to be in the business when the business is moving back into the private ownership, and it is going through a significant moment in its history. He would soon be joining the Trade Me team in late July, after shifting to New Zealand with his family. Till then, Trade Me’s present CEO, Mr. Jon Macdonald will continue the position on the request of the Board, ensuring the smooth transitioning to the new CEO. Mr. Macdonald had earlier planned to leave by the end of 2018, but due to the scheme of arrangement between Trade Me and Titan AcquisitionCo New Zealand Limited, he postponed his decision.
In a previous update, the company announced a quarterly New Zealand job market release. The analysis of almost 62,000 vacancies listed on Trade Me Jobs for the quarter ending 31 March 2019, indicates that NZ’s job market has markedly weakened after some very strong years. Mr. Jeremy Wade, Head of Trade Me Jobs, stated that the new job listings were down 6.1% (y-o-y) this quarter, which is the first drop since the past 10 years.
In another update, S&P/ASX 200 announced on 17th April 2019, that it will remove TME from the S&P/ASX 200 effective at the open of trading on May 3, 2019. It is due to the scheme of arrangement, whereby the company will be acquired by Titan AcquisitionCo New Zealand Limited. TME will be replaced by NRW Holdings Ltd. (XASX: NWH) in the S&P/ASX 200 effective at the open on May 3, 2019.
On the stock information front, at market close on 24th April 2019, the stock of Trade Me was trading at $6.060, up 0.498% during the day’s trade with a market capitalisation of $2.39 billion. Its current PE multiple is at 26.91x, and its last EPS was noted at A$0.224. Its annual dividend yield has been noted at 3%. Today, it reached day’s high at $6.07 and day’s low at $6.02, with a daily volume of 2,855,209. Its 52 weeks high price stands at $6.24 and 52 weeks low at $3.95, with an average volume of 1,075,197. Its absolute returns for one year, six months and three months are 51.56%, 37.36%, and 0.17%, respectively.
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