ABX files to list stock on Nasdaq
By James Pilcher, Cincinnati Enquirer, Thursday April 07, 2005
WILMINGTON, Ohio - ABX Air Inc., the company that operates the air cargo hub here for international shipping giant DHL, has made its much-anticipated filing to be listed on the Nasdaq stock exchange. The company, founded as a public company in August 2003 as a spinoff of DHL's purchase of Airborne Express, said Wednesday that it sent the appropriate paperwork and hopes to have an answer within six weeks. ABX Air president and chief executive officer Joe Hete said the company had been waiting for two key decisions by DHL. The first was DHL's decision last June to consolidate its hub operations at the Airborne site in Wilmington. It moved operations from its other hub at the Cincinnati/Northern Kentucky International Airport. The second decision came in November, when DHL said it was moving only 26 planes from Cincinnati (owned by Astar Air Cargo) to Wilmington. Hete said there was worry that DHL would move up to 40 planes, which would have displaced existing ABX Air operations. ABX trades as an over-the-counter stock, which is off-limits to many institutional investors. Its shares were selling at $7.65 at the close of the market Wednesday.
ABX Air chairman James H. Carey said the move could increase the company's liquidity. "And it certainly moves us to an exchange with more visibility," said Hete, who added that ABX does not plan to issue more stock. The application still needs Nasdaq approval, but Hete said he does not anticipate any problems since the company's corporate governance policies mirror those of Nasdaq and the stock price is well above the $5-per-share minimum. "From the get-go, we set this up around their rules with this in mind," Hete said.
By James Pilcher, Cincinnati Enquirer, Thursday April 07, 2005
WILMINGTON, Ohio - ABX Air Inc., the company that operates the air cargo hub here for international shipping giant DHL, has made its much-anticipated filing to be listed on the Nasdaq stock exchange. The company, founded as a public company in August 2003 as a spinoff of DHL's purchase of Airborne Express, said Wednesday that it sent the appropriate paperwork and hopes to have an answer within six weeks. ABX Air president and chief executive officer Joe Hete said the company had been waiting for two key decisions by DHL. The first was DHL's decision last June to consolidate its hub operations at the Airborne site in Wilmington. It moved operations from its other hub at the Cincinnati/Northern Kentucky International Airport. The second decision came in November, when DHL said it was moving only 26 planes from Cincinnati (owned by Astar Air Cargo) to Wilmington. Hete said there was worry that DHL would move up to 40 planes, which would have displaced existing ABX Air operations. ABX trades as an over-the-counter stock, which is off-limits to many institutional investors. Its shares were selling at $7.65 at the close of the market Wednesday.
ABX Air chairman James H. Carey said the move could increase the company's liquidity. "And it certainly moves us to an exchange with more visibility," said Hete, who added that ABX does not plan to issue more stock. The application still needs Nasdaq approval, but Hete said he does not anticipate any problems since the company's corporate governance policies mirror those of Nasdaq and the stock price is well above the $5-per-share minimum. "From the get-go, we set this up around their rules with this in mind," Hete said.