The nation’s largest rail freight group QR National Limited today announced a proposal to change the company’s name to Aurizon Limited.
Shareholders will be asked to approve the name change at the Company’s Annual General Meeting (AGM) in Brisbane on November 7.
QR National Managing Director & CEO Lance Hockridge said the name change was the logical next step in the company’s transformation to becoming a world-class operator.
The new name is a combination of Australia and Horizon. It conveys the geographical scope of our expanding operations, as well as the extraordinary growth opportunities that are on the horizon for the company.
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,” he 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.
A Notice of Meeting outlining the items of business for the AGM will be sent to shareholders this week.