NZX announces that it is reviewing its current equity market structure as it
responds to feedback from the broader market that the present structure is
not effectively meeting the needs of New Zealand''s smallest listed companies.
NZX wanted to communicate with the market now given a likely outcome of this
review will be to consolidate all NZX''s equity markets (NZSX, NZAX and NXT)
onto a single board. This follows ongoing discussions with NZX''s smallest
listed companies and their advisory teams.
NZX is considering whether differential requirements for smaller companies
should be part of the solution and if so how that may be achieved in the
context of a simplified equity board structure.
NZX CEO Mark Peterson commented: "The NXT Market hasn''t developed as quickly
or effectively as we had hoped. NZX has been speaking with the market for
some time about how we can look to simplify the structure and operation of
our equities markets to ensure its design meets the needs of everyone."
"The idea for NXT came out of the Capital Markets Development Taskforce and
its intent of supporting smaller listed companies remains very important for
NZX. We look forward to progressing conversations with all stakeholders over
the coming months, including working with current and potential listing
candidates to provide the right path for them."
NZX will commence a formal consultation process on the structure of its
broader market and a review of its Listing Rules for Main Board issuers, in
Q3 2017.
NZX will continue to engage with NXT/NZAX issuers and their advisory teams to
determine the best outcome for each business as part of the broader review.
For further information please contact:
Hannah Lynch
Communications Manager
T: 09 308 3710
M: 021 252 8990
E: hannah.lynch@nzx.com
About NZX Limited
NZX builds and operates capital, risk and commodity markets and the
infrastructure required to support them. We provide high quality information,
data and tools to support business decision making. We aim to make a
meaningful difference to wealth creation for our shareholders and the
individuals, businesses and economies in the countries in which we operate.
To learn more about NZX please visit: www.nzxgroup.com
End CA:00303149 For:NZX Type:GENERAL Time:2017-06-27 08:34:06