QR National proposes name change
The nation’s largest rail freight company, QR National, has announced a proposal to change the company’s name to Aurizon Limited.
Shareholders will be asked to put the proposal to a vote in the company’s forthcoming Annual General Meeting In Brisbane on November 7.
The new name, a portmanteau of ‘Australia’ and ‘horizon’, is the next logical step in advancing the company towards a global leadership position said QR’s CEO Lance Hockridge.
Mr Hockridge said the use of the “QR” prefix had been critical to the success of QR National’s structural separation from Queensland Rail and the subsequent listing on the ASX in 2010, however significant confusion had persisted among stakeholders of the two organisations.
“The similarities in our company names have made it difficult for financial market participants, different levels of government, the media and the general public to distinguish between the services offered by each company,” Mr Hockridge said.
“We believe changing the company name will help address this problem and signify a symbolic break from legacy issues of the past, while still retaining the history and knowledge that has served our company so well over the past 147 years.
“While our Queensland operations will always be the company’s foundation asset, and intrinsically tied to our future success, this new name makes a clear statement about our growing Australia-wide footprint and growth aspirations.”
Under the proposal the company’s logo and corporate colours would remain unchanged to preserve brand equity.
If shareholders approve the name change at the AGM, the company’s ASX code will become AZJ as at December 1, 2012.