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NZX to launch new market

LAURA WALTERS
Last updated 12:34 17/03/2014

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NZX plans to launch a new market designed to provide small-to-medium-sized businesses with an easier and lower-cost alternative to accessing investor capital.

The New Zealand stock exchange said today it had started a consultation process on the proposed market .

The market would provide an opportunity for investors to access up-and-coming New Zealand businesses, NZX said.

Some of the target businesses were in an earlier stage of development than many investors had previously had access to.

The market was aimed at businesses with an expected market capitalisation of between $10 million and $100m.

The market would also reduce costs and complexity associated with the listing process, and would give more support for companies listed on the market, NZX said.

Regulatory requirements would also be streamlined with a set of simpler, template-based rules and procedures.

And it would have market makers and research to improve the liquidity of shares.

NZX spokeswoman Kate McLaughlin said the yet to be named new market would not immediately replace the existing NZX Alternative Market (NZAX).

"The NZAX will remain open for the near term but high-growth listings will be directed to the new market [once it's up and running]."

NZX was seeking submissions and input from interested parties into the underlying rules and procedures to underpin the new market.

A consultation memorandum and drafts of the market's rules have been released.

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