| Overall positioning |
- NZAX is a lower cost marketplace, designed for small to
medium-sized, fast-growth businesses seeking a safe and efficient
alternative capital raising facility.
- NZAX also allows for ‘tailored use’ by non-traditional entities (eg
co-operatives) seeking a mechanism for trading and price discovery.
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- NZSX is an established marketplace, designed for mature
corporations seeking a full listing on the New Zealand securities
market.
- The NZSX market is home to some of New Zealand’s premium brands,
the NZSX 50 (and other indices) and is NZX's heritage market,
encompassing a best practice global market infrastructure and
regulatory regime.
|
| Who should list? |
- Small to medium sized businesses with existing board and governance procedures in place.
- While no minimum size criteria has been stipulated, NZAX
listings are most suited to companies with turnover of more than $5m
per annum.
- Minimum spread of 50 shareholders required.
|
- Large New Zealand enterprises and established businesses.
- Ideally suited to companies with existing boards, large numbers of shareholders, and revenue in excess of $50m per annum.
- Minimum spread of 500 shareholders holding at least 25% of the company's
shares.
|
| Who to partner with to list |
- Accredited NZX Sponsors can assist companies through listing process.
- No requirement for an organising broker but an NZX Firm may assist with distribution at IPO.
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- All listings to be arranged through an NZX Firm (organising broker).
|
| Trading and liquidity |
- Client-order matching environment
- Qualification for SciTech Index
|
- Client-order matching environment.
- Qualification for NZX Indices and ETFs
|
| Listing rules and regulations |
- Two exemptions have been granted from the Securities Act 1978; to
enable a simplified offering document and to enable more efficient
ongoing capital raising options.
- No prospective financial statements are required.
- Single accounting standard (minimising duplication of effort).
- Greater capital raising flexibility by introduction of all pre-break announcement.
- More flexible corporate governance standard -no requirement for
independent directors
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- Full Securities Act regulations apply.
- Full Prospectus and Investment Statement required for listing.
- Globally aligned corporate governance standards including requirements
for independent directors
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Exchange fees
|
- Minimum entry fee of $7,500.
- Annual fees limited to $5,000 for companies up to $15m market capitalisation.
- Annual fees for companies over $15m market capitalisation are priced as per NZSX Market.
- These fees are exclusive of GST and subject to change.
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- Minimum entry fee of $10,000.
- Annual fees dependent on market capitalisation, ranging from $15,000
to $75,000.
- These fees are exclusive of GST and subject to change.
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| Data and Information |
- Simplified access to critical information (hosted by NZX website).
- Profiling at NZX forums specifically for NZAX Companies
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- Future improvements to website information planned.
- Analyst coverage by NZX Firms.
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| Company Support |
- Dedicated help-desk and Listed Companies Relationship manager provided for NZAX issuers.
- Listing checklists to assist companies through compliance process.
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- Dedicated Listed Company Relations manager for each firm.
- Investor education planned and marketing initiatives to profile NZSX issuers.
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