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First listed broker huge supporter of NCM

Friday 30th June 2000

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The Stock Exchange's New Capital Market (NCM) should have 15-20 listings by the year's end, according to the director of its latest listing.

Principal director of Wellington broking house Reuhman and Co John Reuhman said when his company was bought by new NCM listing NZIJ.co.nz, of which he is also director, Reuhman and Co would become the only listed broker in the country.

Convinced the NCM will be a success, Reuhman and Co is organising brokers for two and possibly six further NCM listings.

"Far from being one of their lackeys, I must take my hat off to the Stock Exchange. This really has opened up a whole new area of investing for the public," Mr Reuhman said.

A reason for his confidence was the high likelihood of success he believed the small companies would have, given rigorous listing rules and constant analysis from brokers.

"The NCM listing will make our businesses more transparent than ever and we will be publicly scrutinised unlike any other broker in the country."

A successful capital raising for NZIJ.co.nz meant its $600,000 offer closed fully subscribed when the company listed on the NCM on Wednesday.

The third company to list on the NCM after rare book and stamp dealer Mowbray Collectables and shell company e-Opportunity, NZIJ.co.nz's three-week offer period attracted about 320 local investors.

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