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Australian chicken farmer ProTen joins Unlisted market

By Paul McBeth

Wednesday 19th November 2008

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ProTen, an Australian-based poultry farming company, has joined unregistered securities market Unlisted.

The arrival of the chicken producer brings total companies on the bourse, a low-cost, less regulated alternative to the NZX, to 22, Unlisted manager Bruce Cossill said in a statement.

He anticipates more arrivals, including defections from the NZX by companies trying to reduce costs of compliance. Earlier this month, bio-technology company Botry-Zen said it will de-list from the NZX due to “ongoing costs” and move its shares to Unlisted.

“We're hoping ProTen is the first of a number of new issuers for Unlisted this financial year,” said Bruce Cossill, Unlisted manager. “We are seeing interest at the moment from a number of distinct categories.”

Formerly based in New Zealand, ProTen has about 255 mostly New Zealand-based shareholders. So far, there have been no trades.

Cossill expects some frozen mortgage trust funds to use Unlimited as they look to provide liquidity and transparency for their investors.

www.businesswire.co.nz

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